Anybody else thinks General Electric will implement major layoffs immediately after results for Q3 are announced? We know that it's going to be really bad, and I see them having a knee-jerk reaction to try and appease the shareholders. We know layoffs are coming, but I think this will speed up their arrival.
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I can tell you the Edison Program is in full swing at non US locations. Dozens on-boarded in the last month (probably to replace the 6-figure 50-something engineers being layed off). Short-sighted and dangerous, but hey this is GE, right?
You forgot the Financial Management Program (FMP) which is the granddaddy of them all (100+ years). I've heard in Canada no new hires into any of the leadership programs this year, don't know about other regions.
Good point about the OMLP program, here are a few others. While attempting to rightsize the workforce, does it make sense to continue to recruit new "leaders?"
The Commercial Leadership Program (CLP)
The Digital Technology Leadership Program (DTLP)
The Edison Engineering Development Program (EEDP)
The Human Resource Leadership Program (HRLP)
The Junior Officer Leadership Program (JOLP)
The Manufacturing Excellence Professional Program (MEPP)
The Operations Management Leadership Program (OMLP)
Good question, @4fsh. Unfortunately, they are too arrogant to ever see the forest for the trees. The so called "leadership's" inability to see the redundancies of so many management layers, including OMLP, will ensure that they are never able to make the decisions necessary to stop the death spiral. This is why the company is ultimately doomed to being torn apart by jackals like Trian. Layoffs will happen because they know no other course of action. It's as if they were trying to stop a runaway car with no brake fluid by stomping on the pedal harder.
Why so many layers of management to over see production??? Dump the OMLP program and cut costs big time on the seven layer salad end.
If you have a positive impact on the Company and your Customers feel good. If you help carry the daily workload feel good. At the end of the pay period you get a check, feel good. Dwell on what 'might be' and you will be dismal. I feel good and empowered. If I am affected by change in the near future, I will find another job in some other company. I refuse to dwell on something that I cannot change.
@1uzr "Why is it that so many posters here can barely write in English?"
Maybe because GE is a global company, English isn't everybody's first language, and layoffs are bound to hit people around the world?
Why is it that so many posters here can barely write in English? Professionals are not posting here. Guessing barely educated blue collar union workers are the people who keep posting on this site complaining and starting rumors. For instance "Loose vs Lose" and "Their vs They're", people, these are not white collar workers posting on this site. /mic drop
Very sad, that poor management and anything for a dollar puts so many people's lives in jeopardy. I was never laid off from GE because of seniority. But I saw many get laid off. Very traumatizing for the people being laid off but also for the people watching their friends and coworkers go! Very Sad.
Layoffs will happen dependant on the notice period they have to give you. If its 30 days then it will be a horrible early Xmas present. The second factor is how close they are to their targets of $1 billion this year and how easy or difficult the see the billion next year. People are leaving through being laid off and others are through natural attrition either through retirement or better opportunities.
We've heard Temp layoff first Quater in 2018,a lot of people going to be moving around the plant to cover the busy areas Forcast for 4th Quater in 2018 and 1QT 2019 should be busy..
Earnings will be reported Friday, October 20th, before the opening bell on Wall Street. So we'll see what happens after that.
Earnings will not be announced at Q3 call. Those are typically to explain just 3rd quarter results. Layoffs have already been going on but anything major will not be made for salary employees until they have a transition plan that has been vetted and in place. Basically will not announce anything until they make sure all work is covered. The November call will basically be about guidance for earnings in 2018 and how we plan to achieve the EPS estimate given. They will not mention number of layoffs just how they plan to cut cost in general. Any actual numbers will come from the media , WARN notices, etc. They have told us there will painful restructuring numerous times. But we won't know anything before they actual make them known in media.
Wishing everyone gets layed off is immature.
Good GE s---s anyways they treat their employees like rotten dog crap. I hope everyone looses their job. (NOTE- No Longer A Carrer Based Company Like It Was In The Past) GE is a false company that is full of propaganda and ran by a bunch of Special Olympic Kids! Ha Ha Ha See You All in The Unemployment Line!
Cosmetically I would have thought layoffs before 3Q. That way Flannery can walk in and say massive cost reduction already. Or even better, during the 3Q call so that he can say by the end of this earnings call massive cost cuts will have taken place.