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Megacorp restructuring resulting in layoffs of up to 30k people
05-17-2012, 03:05 PM
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#1
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Full time employment: Posting here.
Join Date: Aug 2010
Location: DFW
Posts: 855
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Megacorp restructuring resulting in layoffs of up to 30k people
Last year that announcement would have struck fear into my heart.
They also announced that an early retirement package is being structured. No idea what the package will look like, but it is usually offered to anyone over 50 with at least 10 years of service, which I fit into.
So the coming weeks and months are going to be interesting to see how this all unfolds (my manager would wring my neck, but hey, I'm willing to walk away with a few bruises) 
HP Layoffs Looming: Company Said To Be Eliminating Up To 30,000 Jobs
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05-17-2012, 03:16 PM
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#2
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Moderator
Join Date: Jan 2008
Location: The northernmost tip of Latin America
Posts: 10,644
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Someone said luck is what happens when preparation meets opportunity. If this is your case, hope it work well for you - you certainly have prepared.
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It's not the cards you're dealt in life but what you do with them that matters
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05-17-2012, 03:58 PM
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#3
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Moderator
Join Date: Oct 2005
Location: Texas
Posts: 13,423
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 Quote:
Originally Posted by MichaelB
Someone said luck is what happens when preparation meets opportunity.
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That is one of my favorite quotes.
I'm not quite as close as Lisa is to having a chance to seize the moment -- but getting close -- but it won't be long before I'd be the first in line to volunteer if the severance package is sweet enough. If it included a several months pay (especially if there was health insurance for a little while, too), it would start getting tempting.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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05-17-2012, 04:36 PM
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#4
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Full time employment: Posting here.
Join Date: Aug 2010
Location: DFW
Posts: 855
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Quote:
Originally Posted by ziggy29
That is one of my favorite quotes.
I'm not quite as close as Lisa is to having a chance to seize the moment -- but getting close -- but it won't be long before I'd be the first in line to volunteer if the severance package is sweet enough. If it included a several months pay (especially if there was health insurance for a little while, too), it would start getting tempting.
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Regardless of what the package is I wouldn't be able to quit working completely...there is that NUMBER after all that we haven't hit yet. 
However, I had a one woman consulting gig back a few years ago and I could definitely do that again since DH carries health insurance on both of us.
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05-17-2012, 04:40 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2006
Posts: 6,537
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Quote:
Originally Posted by MichaelB
Someone said luck is what happens when preparation meets opportunity. If this is your case, hope it work well for you - you certainly have prepared.
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+1 Yes, keep your fingers crossed. And remember, your acceptance saves someone else's job.
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Every man is, or hopes to be, an Idler. -- Samuel Johnson
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05-17-2012, 11:09 PM
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#6
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,262
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Quote:
Originally Posted by Lisa99
They also announced that an early retirement package is being structured. No idea what the package will look like, but it is usually offered to anyone over 50 with at least 10 years of service, which I fit into.
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If you're reading the same business press about HP that ClifP and I are reading, I'd expect knife fights in the lines of people queuing up for the ER packages.
Taking a package now beats the heck out of hanging on for a few more months and then having to wait for the bankruptcy court to decide the numbers.
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05-18-2012, 02:07 AM
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#7
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Full time employment: Posting here.
Join Date: Aug 2010
Location: DFW
Posts: 855
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Quote:
Originally Posted by Nords
If you're reading the same business press about HP that ClifP and I are reading, I'd expect knife fights in the lines of people queuing up for the ER packages.
Taking a package now beats the heck out of hanging on for a few more months and then having to wait for the bankruptcy court to decide the numbers.
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when this whole thing hit the press, my gut reaction was 'here we go again'. I came from EDS which HP bought, so I'm way too familiar with the services side of IT outsourcing.
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05-18-2012, 08:03 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: Laurel, MD
Posts: 1,531
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Quote:
Originally Posted by Lisa99
when this whole thing hit the press, my gut reaction was 'here we go again'. I came from EDS which HP bought, so I'm way too familiar with the services side of IT outsourcing.
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What I don't get is why "diminishing demand for PCs" would prompt layoffs in the contract services groups which I understand are quite profitable, except SIL and other that came over from EDS have told me the cultures never quite merged.
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...with no reasonable expectation for ER, I'm just here auditing the AP class.
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05-18-2012, 08:18 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Nov 2010
Posts: 3,770
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Quote:
Originally Posted by jazz4cash
What I don't get is why "diminishing demand for PCs" would prompt layoffs in the contract services groups which I understand are quite profitable, except SIL and other that came over from EDS have told me the cultures never quite merged.
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You are really trying to find logic/common sense at HP?
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05-18-2012, 10:12 PM
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#10
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Full time employment: Posting here.
Join Date: May 2008
Posts: 788
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HP is still profitable, isn't it?
Or is Whitman trying to make the balance sheet look better to please Wall Street?
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05-19-2012, 12:35 AM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2006
Posts: 5,832
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Quote:
Originally Posted by pb4uski
You are really trying to find logic/common sense at HP?
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I wonder if reversion to the mean applies to management, if so HP is pretty good example.
I am surprised that they are still profitable.
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05-19-2012, 07:52 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 2,584
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Quote:
Originally Posted by clifp
I wonder if reversion to the mean applies to management, if so HP is pretty good example.
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I'm pretty convinced it does. I have a theory called "A Random Walk to the Corner Office" that fits in somehow.
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05-19-2012, 07:28 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2006
Posts: 5,832
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Quote:
Originally Posted by Independent
I'm pretty convinced it does. I have a theory called "A Random Walk to the Corner Office" that fits in somehow.
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I am also thinking of Buffett's quote. "Invest in businesses any idiot could run, because someday one will"
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05-20-2012, 03:41 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 3,511
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Welcome to capitalism.
Quote:
Originally Posted by explanade
HP is still profitable, isn't it?
Or is Whitman trying to make the balance sheet look better to please Wall Street?
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Very conservative with investments. Not ER'd yet, 48 years old, about 98-99% in cash, CDs, munis, sizeable nest egg, WR < 3.5%, pensions, annuities, no debt, and 47-year planning horizon. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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