The speculation is that people will be put on the outer L. Then they can fire people and not have to pay severance.
The bonuses for Mgrs and Directors are going to be reduced YOY by 25% until it's 50% of their current level.
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Still not an accurate picture of who gets bonus pay in Honeywell. Only senior level engineers, Program Managers and people who have direct reports get bonus pay. There are many highly experienced people in Tier 1 up to Senior Planners, Senior Buyers, Project & Program Managers, highly skilled Technicians - some who have been at Honeywell for 15+ years who do not get bonus pay, 2-4% raises (when they are not cut altogether) and face much higher healthcare expenses.
These are also the people getting caught up in the RIF - decades of experience being cut (lost) and not replaced. One massive trend I have seen first-hand too - HON swoops in and buys a company and within 3-4 years upwards of 50% of the original employees leave. I just say a lady whose Dad started at a company, got her an internship which translated into full time work and she went all the way to a senior management position leave with 1 week notice because she could not take the HOS garbage which replaced a management system which had worked perfectly for decades.
I can personally confirm MIP cut by 50% and I don't know if this is across all AERO
I hope Cote is enjoying my money, jerk
They can put everyone on a block 9 (worst performer) and still they can fire all the employees. Specially the ones doing the work for our Directors and Vice Presidents. Funny to hear the motivational speech after the furlough was " I hope that you are all rested and are ready meet our goals" They didn't change any projects or goals for the furloughs, they just took 5 days from each project / program and expect us to work long days and weekends to meet the goals." We need to look at the broader picture and see how aweful other companies are doing"..this is total BS!!!
Aerospace Recap:
- Furlough 6/26 - 7/1
*50 % cut on Band 4 employee Bonuses claiming these are above the current Market.
*Outsource of multiple Groups to India
*another furlough scheduled for September 2016
*another furlough scheduled for December 2016
Honeywell's CEO reductions:
- 36 + Millions sold in Hw Stock, kazaaaaam!!!!
*named his successor to step out as Company CEO for another Millions in 3/31/17
*He will be part of the board of directors to make sure the stock value remains as high as he can before cashing in his stocks.
*This is the best part and the one that does not make justice to the people doing the actual work, Mr. Cote will be a consultant for the company for five years....this is quite a deal...
*Did anyone catch a real reductions for our CEO vs the rest of the employees???
I work at Honeywell Aerospace and I met with my Manager to talk about my bonus cut in half, no merit, furlough and people leaving our group. He told me" I understand all the challenges but you need to be grateful you still have a job". Coming from a Senior Director I was surprised, but at the same time really sad to see how the company is mistreating their employees regardless if we have been working very hard for this company for more than 20 years.... :-(
The 9 block is a process where managers rate each employee and rank them based on performance and behaviors. They are placed in one of the blocks 1,2,3 on the top segment, 4,5,6 in the middle segment, 7,8,9 on the bottom segment. Employees who are put in the 'outer L" (blocks 3,6,9) are the ones who will be targeted. Is this a fair process? No! Managers are not required to provide any detailed objective information for placing an employee in a block, so be a kiss-assand stroke your managers ego and you'll get a good rating. There is a required percentage of employees who must be ranked in the "outer L". Managers who don't know how to perform the work or evaluate the employees work are ranking them and affecting their pay and their lives...
Yes, this is true.
what is 9 Blocked?
Sorry, anyone receiving a bonus is not really "lower level". The actual lower level (hourly) employees get their same crap pay and no chance of even the very meager 2-4% merit increases for top performers, which didn't even keep up with annual cost of living and health insurance premium increases. All of this citing downturn in aerospace field. Funny how major aerospace companies like Boeing and Lockheed are still hiring (full-time, not contract). At least there's still some job security (if only week by week) until they figure out a loophole with trade restriction laws.
My husband said he had a meeting with his director and his bonus was permanently cut in half from 10% to 5%. He said this was happening for all the lower level employees who receive bonuses.