HP Layoffs to Impact Up to 6,000 Workers Through 2025 (2024)

FAQs

HP Layoffs to Impact Up to 6,000 Workers Through 2025? ›

The layoffs are part of a restructuring plan. HP plans to initiate layoffs that will impact as many as 6,000 employees globally over the next three years. HP made the announcement Tuesday while reporting its fiscal year 2022 and fourth quarter earnings.

HP Will Cut Up to 6,000 Jobs to Reduce Costs. Earnings Edged Street Estimates.

Some companies are seeking to cut costs amid the rise in interest rates, while others are shedding workers after a hiring binge during the pandemic. Other businesses are refocusing to invest in artificial intelligence, which has prompted job cuts in some of their non-AI business units.

Layoffs usually result in leaner organizations where fewer employees do more work and hold more intellectual capital and historical knowledge. These are the top employees you will need to rebuild your organization when things improve. They are also the people your competitors will try to poach at the first opportunity.

Who Usually Gets Laid Off First and When? Newer employees are at risk of getting laid off in the early round of downsizing, as the "last in, first out" saying goes. In some cases, recruiters and higher earners are let go as well.

⬇️ Slower Growth, Slower Demand: Consulting and transaction services, major revenue drivers for Big Four firms, are facing a slowdown. This has led to cuts in both partner and staff positions, with EY laying off dozens of US partners and KPMG seeing reductions in advisory, tax, and back-office staff.

Which department get laid off first? ›

Who Is Most Likely to Get Laid Off? In most cases, the non-essential departments are most vulnerable. When business slows down, departmental projects are diverted to another department, and business is focused away from your team, it might be another one of the signs that a company is failing and a layoff is coming.

The tech industry is leading the way when it comes to layoffs, though firings are economy-wide. The workers who feel most at risk include those in product management, quality assurance, marketing, finance and IT roles.

Last year's job cuts weren't the end of layoffs. Further reductions continue in 2024. Companies like Goldman Sachs, Tesla, Google, Microsoft, Nike, and Dell have announced plans for cuts. See the list of companies reducing their worker numbers in 2024.

Seniority-Based Selection

This is one of the simplest methods. The last employees to be hired become the first people to be let go. This makes sense logically. If they were recently hired, they probably haven't become as strong of organizational assets yet.

Remote Workers, Middle Managers. Firms in industries ranging from tech and finance to furniture and media have announced layoffs this year, causing anxiety for people who wonder if they'll be next.

In cases where an entire part of the business closes, there are teams with no low performers that get cut.] But, in any sizable layoff, there are going to be good people, strong performers, who were just in the wrong place at the wrong time. You shouldn't tar everyone with the same brush.

That is because Texas offers the best business climate in the nation. Our low taxes, high quality of life, top-notch workforce, and tier one universities create an environment where innovative companies like HPE can flourish.

Hewlett-Packard announced the split in October 2014 after years of struggling to adjust to the post-PC computing era. Hewlett-Packard said it expected Hewlett Packard Enterprise to start trading on a "when issued" basis on or around Oct. 19 under the ticker symbol "HPE WI".

“Ultimately, it's just not sustainable to grow your workforce as rapidly as we've seen tech grow over the last few years, if the economy is going to end up being slower than expected and if some of those pandemic trends don't really end up bearing out,” he added.

Companies figure out how much they would need to cut costs to extend their runway by a certain number of months, and then use that figure to decide the number of staff they need to lay off.