Let's get real. With results the way they are, we know there'll be some immediate action to try and "fix" the problem. The easiest way to do it is by cutting operating costs, which equals layoffs. The only question right now is not "will we have layoffs" but "how bad will it get?"
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HCE just hired back someone who’s part of VK’s “mafia”, so I’m just waiting for that to turn into an offshored body shop and a bad copy of the consulting/MSP companies
Must read: https://www.simonandschuster.com/books/The-Man-Who-Broke-Capitalism/David-Gelles/9781982176440
It will walk you through all CEO trained by Jack, it also quotes Honeywell several places.
Delarius is just running the cut & past strategy from Jack
Please. Please. Please lay off people at Minneapolis, Minnesota.
Layoff about 20% of the production staff. I'll take a volunteer layoff. I'll get my severance package and leave with a big smile!
You guys can leave ONT around. They can help build parts. All I care. They can also take care of their supporting roles.
Remember, I'll bend over and do anything they tell me. I want the company to move me up the corporate ladder.
You know what Honeywell reminds me of. You ever play the game shoots and ladders. You go up and then you slide right back down to the bottom. Sometimes you slide right down to the unemployment line and then they call you back. Yes you're d-mb enough to come back. So you can play the game all over, a heck of a deal.
Any word on HBT? HON keeps moving to software-based company, so expect field personnel to shrink a lot. HON wants to be "the apple of the industrial world". So why do you need technicians if everything can be handled behind a desk with software? I think they will outsource on-site service in the future. It is just a matter of time.
Please please please let me be one of the 20%... come take me!
I will take that severance package in a heartbeat!! Unfortunately I think I’ll be the last to go in my group. And we have tons of work to do and not enough resources already…
They will split the company in 3 entities. That will create in the end most shareholder value. Sps will be sold.
Anything about Aero? It's been a bit strange that we haven't heard about RIFS yet.
For the first time in a while I'm starting to hear that parts of Aero may be sold. Of course that could just be nerves talking.
SPS is certainly hurting and if they are losing another 20% they may be the first to be sold off. I certainly don't know what is going to happen but I agree with whoever said 2024 will surely look different for Hon
If SPS is laying off 20% then that means me! Yay! My hand has been up for at least a year. I am completely sick of Honeywell and its taking and lies.
SPS honchos are looking at 20% cuts across the board.
One out of every five will be let go shortly.
HR is working on the packages now.
I $hit you not.
I left hon around 1 month ago. How are things currently faring for SPS?
More likely to see a wage freeze or reduction, especially since Intel just led the way. HON employed a wage reduction gimmick in 2009 (although you theoretically put in less hours...nod nod wink wink), so there's precedent. Kiss your increase goodbye unless you're in a low cost region. It was also telling how the "big guys" tried to sell the huge backlog on the analyst call as a good thing when in reality it's simply continued poor supply chain management. Expect those in that group to feel even more pressure this year if that's possible.
That's an incredibly convenient and charitable take on GE. In May of 2001 GE's market cap was more than 486 billion. Today it's market cap is hovering at around 90 billion. This means that GE has shrank as a company more than 5 times over in the past 20 years. GE is now a shriveled husk compared to what it once was.
It is not uncommon for companies to fade away while their name is kept around for decades for branding and marketing purposes. Just look at who makes GE appliances right now ... hint: it's not GE but a Chinese company called Haier ...
Offshoring to the mediocrities and stooges.
I don’t see it, TBH. There could be more M&A/spinoff activity but Honeywell as a whole isn’t going anywhere. Just look at how dinosaurs like GE are still around.
Stock buy back should be banned, I mean it was until the eighties... that's when corps really started to buy our government out right beneath our noses.
Honeywell stock buy back is further price manipulation which yet again signifies how desperate they our to short term prop the price for executive gain whilst signaling loud and clear the business is hard failing. My bet is that there will be no Honeywell within a decade.
My group already had 2 people get cut
SPS may have had some cuts but more layoffs are coming within 45 days supposedly.
We keep offshoring and it keeps getting worse
@OP+1l0kKdLG You must not be in SPS. For us this is the yearly dialogue. We didn’t meet goals =cutting.
If you want to not worry leave Hiney ho-e.
For sure, Honeywell will NOT be the same company come 2024. There are many wheels in motion, how obvious can it get.
Yup it is coming soon before raise and matching, bonus giving out like clockwork
Uhm we already had major layoffs in SPS.
Oh look! Chicke little is back! The sky is falling! the sky is falling!!
The pension headwind is people are NOT croaking fastest enough for them.
Yep, and with the news of the lowest unemployment rates in 50 years, they (and other large corporations) will definitely be making layoffs. Can't have low unemployment or they may actually have to pay a living wage.
Look at the numbers folks.
$9.2B of 4th quarter sales, and $7.9B of stock buy backs (to pad the numbers), they really don’t care about anything except making themselves rich.
Share repurchases do ‘nothing’ for the business.
How about investing in the employees to fix the 20% attrition?
What about the Pension ‘headwind’ b s? They moved the management to conduent who offshored it, and now the pension website is dead, and no one answers the phone.
What is this headwind you speak of?
How about they invest in the employees & business?!?
Definitely time to spin off some more business….. The SPS boots left last year
Now it’s time for SPS warehouse automation group to go since we ruined them!!
HW like to take companies with a great future, pull some profit forward and then gut and drop them