If we enter a recession, I'm afraid of what that would mean for HW. Total crash?
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We have been in a recession since last year.
Corporations rarely lose .. they sacrifice workers and find a way.
So no... honeywell is nowhere near a crash.
You on the other hand are always a spreadsheet away from unemployment.
Honeywell RIF'd 40,000 US employees over the last ten years more or less based on 10k reports.
Now comes the backlash as asia becomes too risky and jobs flow back to the west.. not US mind you.. but the americas. Some businesses will shift entirely to india but those are the ones hit the worst by economic decline. This decline is different too.. it was triggered by covid but is really about demographics. Ie.. a long term might as well be permanent economic contraction... see Japan.
Honeywell knows this better than anyone. They will exit businesses and start new ventures as a result.
Honeywell is a vampire that survives on the blood of workers.
Tens of thousands of dried up husks would be sent home in a recession ... you and me that is... but honeywell will just keeping searching for the next aquisition.
Expect Puerto Rico and Mexicana to have lots of jobs in the aerospace field. I expect Minneapolis to be heading that way.
The only way you're going to survive the crash of the economy and still make record profits.
You don't need to worry about furloughs, RIFs, or layoffs because you won't have a job
Boeing does business with us because we're just like Boeing. Our management has already caused us to crash. When in a nose dive and stuck to the back of our chairs. You know it's going to end.
When the economy finally collapses, we will hit the ground. You better have a new job or have a parachute.
Expectations are everything.
https://techcrunch.com/2022/06/11/startup-layoffs-continue-2022-questions-we-have/
Techcrunch now posting layoff advice and how to articles.
Visualize it and make it real. Thannks.
Real domestic product is the inflation adjusted version of gdp. You can see the chart here:
https://fred.stlouisfed.org/series/GDPC1
Yes indeed we have clocked the first quarter of decline already and are working on the second. Recession is a given as the fed has been forced to try and curb inflation by quelling demand. Why do you think they are allowing gas prices to be so high? Do you believe the bs victim story of “there is nothing else we can do”… no me.
Meanwhile consider the impact on oil price due to the Chinese coal shortages resulting from childish political bans on Australian coal. With no coal how are they driving those power plants again?
Strange times… agree.
The layoffs that come from this time around will likely be from bigger trends driven by the aging work force and the broken relations with Chinese manufacturing due to spying and war mongering about Taiwan.
This will be more about products that cease to be relevant and other products that become critical.
For instance— looking like those empty oil pipelines will be needed for water pretty soon. Western US could be uninhabitable in 50 years. That is a big macro change that must be addressed soon. Who knows maybe the government already knows this and is preparing for the evacuation.
Duh, definition of a recession is two consecutive quarters of contractions which often takes a year to recognize. I am saying we are in the second quarter of contraction today. All indicators point to this. The comment about inflation is to put truth to the manipulated gdp and inflation formulas which routinely change to paint a prettier picture.
They overcharged the world by printing years worth of gdp in cash.. now the bubble pops and it won’t end until that cash is destroyed or normal economic growth catches up with the expanded supply of money. Open your eyes and look … are those for sale signs dropping as fast? Did you run out and buy that 100” tv for a Father’s Day present? Planning a cross country road trip? Or just check out those much publicized conversations with strippers talking about how tips are down. Recession.
Inflation is not the definition of a recession. In fact, it is usually high during good economies and expansion. Now, with that said, this is a strange type of recession coming. One where the economy cannot meet demand because of a lack of raw materials and a shrinking work force. So it contracts and forces prices higher. I'm not sure, in all honesty, that this will be a recession that drives layoffs as much as previous ones.
Headed ? Sorry folks but we are rip roaring in a recession. Remember that everything is 20% more expensive. If the stats say we grew gdp by 2percent that really means 18% percent decline in stuff and services bought and sold.
DA says he believes it’s an 80% chance of a recession this year, not looking too good overall
HBT commercial security Europe is already in a recession. Order intake is dropping big time. But this is mainly caused by poor leadership. Never seen such a poor GM in Honeywell.
Your compensation with plummet: Furloughs will effectively cut your salary. Pension restructuring and 401k match "suspension" (that will never be restored) will cut your retirement savings. Reductions in employer paid premiums will reduce take home pay. Massive increases in deductibles and co-pays will cut into your discretionary funds. Managers will be groomed to assume you will become a rebellious teenager due to the compensation cuts, thus must be carefully micromanaged at all times. They'll probably install punch clocks in every cube/station and every conference room. Management will pay a consulting firm millions of dollars to tell them why they still have an inventory problem. At least three ISC VP's will be fired for not reducing inventory. They will be the same VP's hired to replace the previously fired VP's who couldn't reduce inventory. A 10% RIF will be executed as quickly as possible. Severances will be in the millions. But, unlike salaries, severances are below the line, preserve margins (and bonus payouts). A year later they'll hire many of those folks back. Gimmicks and more gimmicks.
Well said by many./ Also lived through other recessions at the big red H. Hiring freeze absolutely. More unpaid OT yes more please. RDE, cut. B&P cut. Travel cut. Then if the recession happens and if USG cuts programs. Look out! I had my pay cut 10% and furloughs. They are drooling to do this anyway. All this crying about WFH and more pay will stop soon. Big H is gonna show you who's in charge.
If you worked here in 2008-2009 you know exactly how it will go down. Anyone in the elbow is gone immediately. Company wide furloughs 1 week each quarter back then and all employees even hourly were furloughed. And definitely no raises which given how things are going what good is a 2% raise anyway. We had multiple years of no raises following the GFC.
I certainly feel like it's all about to happen again. This time I prepared. I learned a hard lesson back then. Best thing you can do is be prepared for a layoff at all times.
Upper echelons oh HI leadership would have to buy $500 wine from Costco as a 6-pack, good news is it's
buy 5 get one free deal.
All the plebians will have to do another round of PIPs, no MIB (bonus), no raise, more benefit cutbacks, higher EEI.
- E. more of the same.
Most probably they will increase pricing of our products until there are no customers left.
Aren’t handouts great!!!.
Free money forever….
Oops gotta get back to work.
Honeywell gig was okay but this job is better.
“Welcome to Good Burger,
home of the good burger,
can I take your order”?
@tyg..
You mean rich people like the red hatter in charge? Yep, they will overthrow the constitution for their own benefit.
And give Putin a seat in the oval office. I mean him being a "good guy".
Agree with you. Votes matter.
It means you loose your job and executive rich people get richer on bonuses given for firing you. Votes matter.
Standard Honeywell recession playbook is to act proactively. First with hiring freeze, followed by wage freeze, followed by unpaid furlough, followed by layoffs. Recessions are the only time Honeywell is proactive about anything. Of course, these are not normal times and people have been leaving in droves. So perhaps minimal layoffs.... unless the chit really hits the fan.
It depends on how much Honeywell’s customers can price gouge their customers. Plane tickets are doubling in price. All time high oil/gas prices. Honeywell’s monopoly positions will see large profits but the software fluff forge may die on the vine.