https://www.kiro7.com/news/local/boeing-announces-voluntary-layoffs/NWUYWCGD6ZEZLBQ375JBM2GIL4/
This is just the beginning. Honeyhell will be much more brutal...
6 replies (most recent on top)
Heard rumor at SH ALT looking at 35% RIF.... then cut medical benefits contribution to 10/90. 90 on the FTE. That will allow them to keep 401K match.
I believe Boeing is hurting even w/o the virus. Aero is cyclical and the cycle has been straight up for 9 years - longest I know. How many planes does the world need? The 737Max issue started their slowdown, and now the virus is good excuse to try to mask that orders really are slowing. I think we are entering a "slow" cycle - including Bomb., Embr., Gulf., Cess. Yes, I agree the list is already made, there will be RIF coming. Old guys at top of list.
@1mz - Um, 250% is not 250x salary. Try 2.5x salary.
Early retirement and severance would make TOO MUCH SENSE ! Honeywell would NEVER do that, they need to save money and MAXIMIZE for their Management MIP's and bonuses ! Management "feels out pain", with a 10% salary cut, but note their MIP's that START at 250% for Directors, Yes, 250X their base salary, do not get effected. Directors with 10 years at the job average 350% their base salary. VP's average 800% their base salary. Ooh and THEN, they don't tell you about the Restricted stock they get, usually equal to the MIP amount in dollars, but can only redeem in 3 years. Any of you peons ever get any restricted stock, yea, me neither. Same story, we fight over the crumb shavings, as they chuckle and laugh at us, they KNOW what they all get for compensation, and know that the employees are too STUPID to do anything about it. We get a furlough, they are still at work , and they demand WE get all the work done in the same period of time, as THEY don't want any impact to THEIR Bonuses .
I would happily take early retirement. But I bet it won’t be offered at honeywell.
True. There will be massive layoffs at HON. My guess is 30% to start and then it will go from there.