So I have seen for the last couple of weeks new faces at the site and realised that we are in a recruitment drive. Guys that were retrenched last year and given a severence package are being re-employed back. Although, I am happy to see those guys again after a tearful farewell last year, I fail to fathom the logic in this method where LT talks about cost controls but at the same time retrenches and rehires which costs more. If there is a guy in finance reading this, can you please explain as to how is this actually saving cost and why didn't we just sit last year out without the RIF for I am sure recruiting fees plus the severence packages would have costs a pretty penny.
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Offshoring we will go ... all the way to India.
Since when at Honeywell does the left hand know what the right hand is doing and if it makes sense for the business? Honeywell only looks as far as a month or two out, long term planning is a joke.
Cuts were made based on where your salary level was and what departments or job roles could be eliminated and if you were in the 5 or lower area of the 9 block. It was also a once in a lifetime opportunity for Honeywell to get rid of older employees who received a pension. Yes, younger people were let go, but hired back into "different" positions to stay under the radar of age discrimination laws. Now that 365 days have passed since the last RIF, they can post the jobs again that were eliminated, and yes, sometimes people come back into them.
If they do bring you back to Honeywell it's without the pension benefit and the offer letter emphatically states that you will not be grandfathered back in. Still, it's a job if you need one and they certainly can use the help of people with the tribal knowledge as the brand new folks have no idea what to do or how to get things done.
They just didn’t know how bad or how long the downturn was going to be. The playbook said act fast and go as deep as they might likely need, then claw back. The downturn was severe, but started bouncing back sooner than they conservatively thought. They probably waited until they were sure the upturn wasn’t a blip before turning the faucets back on. If they had a crystal ball they might have done things differently, but the playbook was all they could really rely on. Lastly, the costs for severance are likely treated differently by IRS than other investment costs- but I’m not an expert- you’d need the finance guy. But again, even if they were treated the same, they just didn’t know how long it would last, and made the decision to control costs early vs wait and find out it would last even longer than it did.
The sign on bonus is a bottle of wine from D’s cellar.
Imagine how stupid you have to be to go work for Honeywell again. Imagine working for a company that defers to costs of running its business, such as paying employees, onto its own employees by demanding they work free overtime or else they get laid off.
A company that is so cheap it wants you to effectively pay its workforce by working for free. A company that on top of that, will threaten you with layoffs and retaliation if you dont do it.
What kind of company is this?
Honeywell took people of the books for a year and the average severance must have been 3 months. That’s 9 months of short terms savings. Finally, I bet all these people are coming back at lower titles so at least 20% long term savings for all the people they are hiring back. Make perfect financial sense at Honeywell.
You expect logical and financially sound decisions from HON? Come on!