Could someone please provide information about whether layoffs are still occurring? I've begun to wonder about the current job security for many of our colleagues from Poly. It seems that some of them might not be feeling entirely secure in their current positions. Additionally, if there are any layoffs planned, is it likely that they will happen around November as the year comes to a close? Your insights would be greatly appreciated.
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"What is the layoff package like if it's in line with the HP Way?"
Usually 60 days if you are lucky. If you have worked for over 10 years you may get early retirement.
"At present, salaries are being disbursed to those who are not actively engaged and wish to move forward with their careers, seeking new opportunities in different companies rather than being in a state of anticipation. "
HP is full of such people: the do nothings who are part of the club due to the toxic peer review system. There is a reason that revenue is falling so massively, especially in personal printers division which is run by highly incompetent managers with very good internal contacts to hide their incompetence. Customers now absolutely hate HP printers, even a judge in a recent class action lawsuit who joked why cancelling InstantInk would disable the scanner as well.
What is the layoff package like if it's in line with the HP Way? Many individuals are eagerly anticipating this information and are currently in a holding pattern. Hopefully, something will transpire in November since it marks the end of the fiscal year. At present, salaries are being disbursed to those who are not actively engaged and wish to move forward with their careers, seeking new opportunities in different companies rather than being in a state of anticipation. Can anyone provide insight into the typical months when HP typically conducts layoffs?
You must be a newbie. This is HP, so certainly layoffs will continue to happen. It’s par for the course, it’s the “HP Way”.
Poly is the result of a merger between two prominent companies, Plantronics and Polycom. In March 2018, Plantronics successfully acquired Polycom at a value of 2 billion dollars. Notably, this journey has taken an unexpected turn, with HP recently becoming the new owner of Poly. This transition occurred shortly after the acquisition by Polycom, a period which also witnessed a significant downsizing of the workforce at Plantronics.
Former employees of Poly, who now find themselves under the banner of HP, are grappling with uncertainties surrounding their future within the company. There's a growing sentiment that the treatment meted out to them by HP is less than ideal, with employees feeling as if they're mere statistics in the equation. Regrettably, crucial inquiries posed to management are left unanswered, leaving these employees in a state of ambiguity. The unsettling reality is that individuals who have invested considerable time and effort into their roles, some even spanning over 15 years, are now confronted with an unsettling lack of clarity.
As these ex-Poly employees await potential severance pay packages, there is a prevailing sense of anticipation and apprehension. The hope is that the compensation offered will provide some solace amidst the ongoing uncertainty. For many, the commitment and dedication displayed throughout their tenure deserve more than being reduced to mere numbers on a balance sheet. The current scenario raises questions not only about the future trajectories of these seasoned employees but also about the ethical responsibilities that HP holds as their new steward.
CW chiming in here.
I was told by my agency that I was safe until November. That is when the new budgets for the year come out at HP. After the first of November it is anyone's guess.
Thankfully Covid will save us once more. Lockdowns till 11/24 means no layoffs.
"HP’s Personal Systems Group, the company’s PC business, had quarterly revenue of $8.9 billion, down 11% from a year earlier and slightly above the Street consensus at $8.7 billion. Commercial PC revenue was down 11%, while consumer PCs were down 12%.
As for printers, Lores said, demand was particularly soft for consumer models, while commercial printers were down modestly. Demand was soft in China, “which did not recover in Q3 as we had expected,” he said.
Printing group revenue was $4.3 billion, down 7% from a year ago and shy of the Street consensus at $4.7 billion. Commercial print revenue was down 6% from a year ago, while consumer was off 28%."
These are the results that you get by having a peer review system where incompetent managers and employees stay and force other good employees out. Look at the printer revenue disaster, and you can draw a straight line to consumer complaints against InstantInk and HP+. But those same managers get promoted.
The company is a one trick pony on cost cutting by workforce reduction. Their objective has always been increasing shareholder value ( increase dividend and share buyback) by cost cutting I.e. reduce headcount, despite falling revenue and sunset industry (print). Instead of finding new revenue stream by inventing new stuff, it buys other failing business and continue to increase dividend payment to uphold share price so as to reward their C suite.
Poly folks, welcome to HP. In HP you will always be living under the layoff cloud.
Nobody knows what Poly does or why HP bought it. The same as with Autonomy before that. Other than the ELT needed to be seen "doing something". Historically HP does not fire people between Thanksgiving and New Year. The FY ends in October and if you are still here, you'll likely last till January. Now, the 2024 is the Drupa year. Nobody buys stuff before the fair, so the industrial print sales will be down and people will be gone. Guaranteed. But Poly? What's that?