Buckle up, everybody, this is going to be a bumpy ride. Most of these will be done by the end of this year, so the next few months will be trying, mildly put. I just wonder if they will let us know right away who stays and who goes, or if we will have to stress and wonder for months.
https://www.cnbc.com/2017/10/18/ge-expected-to-release-plan-to-cut-thousands-of-corporate-level-jobs-next-month-wsj.html
Great points from some of the above comments, bonuses and raises being delayed, vacation, sick, and personal time rolled into the new permissive time off plan, rising health costs, reduced benefits, all the while getting rid of GE career minded individuals. Selling businesses that were making money, buying businesses that aren't, creating the GE Digital without separating it into it's only profit center and passing those costs along to the rest of the businesses. You see the senior most leadership whom have created this mess still getting their perks. If you are going to lead, then you should walk the walk before you talk the talk. It's not rocket science that the stock price is tanking and Wall Street has no confidence. Lets hope whatever is going to happen, happens soon so we can attempt to salvage whatever is left, to us whom remain.
Do we have any more info on timing?
21vx - GE is meeting the contract terms, non paying customers are not
Why should customers pay GE per contract when GE screws vendor payments with random discounts and 150 day + a quarter terms? Oh and the new 3% delay for employees in 2018?. Great ethics there.
SP Band just came off a 2 year span of no raises and finally got a tiny one in 2018. The 2 year 'no raise' was a trade-off for transition to the new, bonus structure. Now the bonus & raises are both gone...maybe our jobs too. JI left with a $200M retirement package, and got bonuses every year as CEO, flying the world with his spare jet behind him. He led us into this, then bailed before it hit the fan. Can we claw back his compensation and save a few jobs?
let's not forget a portion of (or over and above) the $2 billion cost out will burden the employees ... higher share of healthcare costs, reduced or zero bonuses and reduced or zero pay increases all while the execs still get rewarded. all this from leaders who care deeply for the employees and have integrity ... BS
customers are not paying due to poor quality and invoicing issues. these remain issues that have been known at GE for years. time for another initiative to address this latest round, make someone the hero for fixing it, wait a few years for it to break again and then have someone else be the hero. ridiculous cycle and nowhere close to the stable ops model that was lauded years ago
How is it possible that we can't get customers to pay us per the contract? Is this not a legal matter?
I think they should hire more MBAs into another layer of leadership, to guide us to success.
See Nemesis Prime was right! I think they should consolidate the cell leaders job with production managers job, and combine plant managers job with a-- plant managers job. Big cost savings right there. Why is there so many HR personal? They should knock that down to 2 or 3! Should have one operator leader per shift for whole areas! Also combine those jobs with methods and engineering! The way it is running now quality is completely in the crapper.My Resume is ready to send! Is yours?
This is such a sad and hurtful situation for many who put everything they have for this company and people in management get to stay while others lose. John should consider a major management change across all businesses and rather have managers apply for new jobs by firing them.
Global Research falls under "Corporate" and so does much of finance, legal, and large swaths of HR...I'm sure there are other areas but those are the big ones. We already know GR is closing all but 2 facilities, so they are taking another massive cut.
GE has actually been telling us where the 2 billion cost outs will come from. Each group was given their number. Transportation, Digital, Power, etc. Most of the layoffs will be in non-revenue generating areas. Corporate, Global Research, HR, Recruiting and IT at the veritcals. Factory layoffs will be based on typical business market slumps as always has been the case.
Good paying jobs are on the way out with technology gains and cheap foreign labor. Good luck to all as we transistion to new roles whether we are laidoff or not.
Yes, there have been layoffs in G'ville since March. White collar though, not production. If I was in manufacturing, I'd be very concerned with the lack of orders. I'm guessing more cuts in engineering, purchasing, HR, finance...probably before Christmas.
Not sure what layoffs you're referring to here at Greenville. Haven't seen any since March, but that being said, the work load is winding down quickly, so preparation is definitely the mind set.T-low is already being discussed with some production areas.
Hourly in Greenville is about to get their turn with layoffs very soon. Extremely low turbine sales for next year. The “the good old boy” buddies will be scurrying around like roaches trying to place their buddies in a “protected” essential status. I am turning in an ombudsman report next week and naming names.
When you see the email from HR, don't respond...go out on your 20 days of sick leave (take your laptop), then take as much 'Permissive Time' as you need to prepare for the HR meeting. In the meeting, ask HR if it's because you are g--, black, muslim or whatever minority status you can claim or pretend to be. Ask them if you can still drop by and use the weight room or cafe. Make them as uncomfortable as they are making you. At least have some fun with it. Remember, all they'll give your next employer is name, rank, and serial# so don't worry about a bad job reference!
All layoffs in Greenville were salaried employees...is this website run by CNN?
Yes, GE layed off many Greenville employees and contractors are still there. GE prefers to layoff direct employees. They cost more.
There's not much work to do. Not many orders to work on, either. And with such a low volume, they can justify sending the contractors home and putting hourly shlubs on a path to the exits.
yep, and if they lay off contractors there will not be anyone to do any work.
It didn't stop them in GVL and it won't stop them in SDY.
There can't be layoff for hourly in Schenectady because they will have to get rid of contractors and offer seros and a few other things before they can layoff hourly
There are many GE employees currently living in very nice gated communities. Very soon these houses will be on the foreclosure market. For those of us who already left GE this will present a good buying opportunity. I don’t feel sorry for these GE employees because they chose to ride the sinking ship. You have been warned for at least a year.
Let's stay united, let's not in-fight
Need to lay off all these incompetent engineers. They design things that cannot be made, then complain when we cannot make them. We'd be better off without their idiocy.
Let's get rid of these whiney a-- tier two employees already. They are really weighing us down!
Typical for blue collar...not letting pure ignorance of the subject stop you from commenting, lol.
Sounds like to me youre over paid... hows that for a blue collar comeback
Even in elementary search will show that GE employees just around 300,000 employees. Millions. Ha.
Layoffs to be in the 10s of millions I heard?
You are hallicinating if you think taxes in the US are anywhere near that high. I make $110k and pay an effective rate of around 10% income tax, after deductions for mortgage interest, etc. Add 7% for SSI and 1% for HI. My health insurance costs me ~$6500/year, or another 6% of my income.
"I feel very sad being an American worker, who today has little to no heads up, let alone any sort of protection. May be the high taxes in EU are worth it after all??"
I pay less than 50% on my wage from a EUR 55k bracket, 35% below that, get to deduct all my mortgage interest, pay 19% VAT and my real estate / city tax for my house is less than EUR 500 per year. For that I basically get free schools, free healthcare after an EUR 120 premium per month and EUR 500 own risk. Trust me, us Europeans have way better yield from our taxes than you guys in the US --- you pay nearly as much tax, and get nothing in return.
who cares about corporate layoffs when will the hourly layoffs be
I guess the only ones who get to know ahead of the time will be the EU employees, because of their strong trade unions and Labor laws. I feel very sad being an American worker, who today has little to no heads up, let alone any sort of protection. May be the high taxes in EU are worth it after all??