“Additionally, our businesses have, in some locations, initiated a rotating-schedule reduced work weeks or eliminated work weeks. All executives, up through including senior staff and the Board of Directors, have also reduced base pay this year and eliminated or substantially lower incentive payouts in 2020. We are also taking proactive steps to preserve jobs at our manufacturing sites including shortened or stagnant work schedules to match production volumes of demand. The expeditious completions of Phase 1 cost plan previously described is enabling us to complete a Phase 2 cost action plan which should be developed within 30 days. We believe that these cost controls will enable Honeywell to respond to deteriorating market and economic condition as the full impact of the COVID-19 pandemic becomes apparent.” DA, Q1-2020 Earnings Call
17 replies (most recent on top)
Just another opportunity to get rid of more of the continental U.S. employees. When work comes back it will all go to Honeywell employees in India, Mexicali and Puerto Rico. If the Coronavirus doesn’t get you then Honeywell will.
Makes sense we all got the email about the fleet reduction (for cost reasons) More to come in the near future.
What happens when the EMs call for answers and only the 10 bucks an hour security guy answers. Don't fly and move atleast 17 miles from you local non-nuclear power plant.
So we're being sent back to the office in Q2, then getting terminated in Q3 or Q4 after we're forcibly exposed to COVID-19 in closed, confined, and recirculated contaminated air when work is getting done remotely.
The lower cases and deaths is lowering because we're all staying apart. When getting back together, completely different curves coming.
Think the posting with RIFs may time frame!! I hear people say will be OEM in aero! It will be R& O too! Airlines are not flying!! Nothing needs to be repaired or overhauled if you don’t add any hours
Hold tight everyone! Tomorrow will be a new day! Think listening to the all hands is a good Idea!! Just don’t be surprised!!
As many great Honeywell employees have stated on here! There is life after Honeywell! Everything happens for a reason. We all need to just accept the fate, we can be angry she frustrated. No matter what happens - don’t look back and realize there is something better
Stay safe in a crazy time
We just had riffs last year in aero engineering via the re-org. That was during a good economy and new airplanes were in demand. We're screwed. GAME OVER
What? RIFs? Can’t grow without the people!! LOL
This is an opportunity for the people who are still with Honeywell to grow! Just like putting people on PIPs because management says “this is to give you an opportunity for more responsibilities” All so laughable!
For every one person left, they have an opportunity to do two jobs! More responsibility, means more personal growth for that individual! It is the best training opportunity!
Layoffs coming for sure unless Honeywell wants to go bankrupt even sooner. With only $9B in cash they better start making moves quickly. Good luck everyone!
Mass layoffd.
I have low confidence in additional furloughs for aerospace.
Takes a lot of work to plan furloughs ( although.. we have gotten pretty good at it)
Phase 2 "permanent cost reductions" will likely consume management.
Actions I would expect:
- May:Everyone away from a hub is notified (again).
- May: Voluntary RIF/buyout offers 1:1 to high comp/older employees, probably under NDA.
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May/June: Return to onsite work ordered. non-hub employees released.
(did you think we would have a new WFH policy ?, LOL ) - June: PIPs end ... most will be separated with no chance to have improved. (SOP anyway)
- June: Attrition. Defense contractors (Raytheon, Lockheed, L3Harris) still recruiting even now.
- June/July : Stop, count heads, gap analysis. Manager consolidations.
- Aug/Sep: New footprint actions. Mechanical and R&O targets. pure speculation at this point.
__rinse, lather, repeat...__
Sounds like many will not recieve any 401K match this year...I am sure they finish all the RIFs before Dec15th. And forget that IOU for the raises they took back...The Corona virus has given HW the perfect chance to make major cuts in an Aerosoace business that was going nowhere before Covid 19 and look like they had no choice.
1xkd:
I totally agree. Just before this COVID mess started, our branch was ramping up due to understaffing in the US. I heard from a reliable source, that the RIFs will be severe. We cannot sustain growth when no one is left to do the work. If it hasn’t already happened yet, this will be the proverbial “game over”.
From another thread someone calculated that furloughs maxes out at 330M in cost reductions for the two weeks so far. Reality is probably much lower. That points to a huge RIF. I would put site closures aside as those actually cost money to relocate the work so more likely a big hit to anyone making aerospace stuff. Given how thin the ranks are today it is certainly NOT possible to maintain product continuity with a further staff cuts.
DA said The following in the earnings call last Friday
“Our cost reduction efforts will reduce cost by at least $1.1 billion to $1.3 billion in 2020 and will be more heavily weighted in the third and fourth quarters of the year.“
Sounds like continuing furloughs and accelerated layoffs in Q3 and Q4.
There will mass layoffs.
See the thread with the note from DA
When was that email sent out?
Is everyone thinking another 2 week furlough, or do you think they will start mass layoffs?