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HP Announces Global Payments Reduction for its Workers and Staff

Discussion in 'News' started by malware, Feb 23, 2009.

  1. malware New Member

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    Hewlett-Packard CEO Mark Hurd announced last week that all of its workers or around 100,000 employees will have their month payments reduced for an indefinite period of time. Also some of the bonuses the workers receive will be reduced. HP thinks that's the only right decission in order to survive the global economic drop, without throwing roughly 20% of its employees on the street. Mark Hurd will have his base pay reduced by 20 percent. The base pay of Executive Council members will be reduced by 15 percent, while other executives will have their month payments reduced by 10 percent. The base pay of all other exempt employees will be reduced by 5 percent. For non-exempt employees, base pay will be reduced by two-and-a-half percent. Below is the memo sent to employees that announces the "good news".

    Source: WebGuild
    Last edited: Feb 23, 2009
  2. btarunr

    btarunr Editor & Senior Moderator Staff Member

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    Salary reduction is at least better than workforce reduction. At least people have their jobs. Good move.
  3. Triprift

    Triprift

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    Indeed would much rather take a pay cut then lose your job altogether. Will most likely see alot of this in the next couple of years.
  4. jagass New Member

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    Here comes the global crisis...:(
  5. pentastar111

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    If only more companies would follow this example. Less lay-offs and more people working. Good move.
  6. Johnytxtc

    Johnytxtc New Member

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    Booooooo
  7. PVTCaboose1337

    PVTCaboose1337 Graphical Hacker

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    Better than firing them I guess.
  8. Haytch

    Haytch New Member

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    I agree that it is better to have a pay reduction as oppossed to having lost the position all together. These HP staff are most likely being overpaid anyways.
    Too many people have jobs they shouldnt, and too many people dont have a job they should. The money always goes to the wrong people.
  9. jpierce55

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    I am glad they cut more out of the executives and management.
  10. brumik New Member

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    I suppose

    this is only first step. Crisis will be crued and many people from HP will lost their job.

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