GE's market capital has decreased over $40 Billion within the past 3 weeks. That's 40 Billion with a "B". Good luck to all as there is more pain on the near horizon. Layoffs always come to GE. Now it's a sure bet layoffs will be sooner rather than later.
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It’s really shocking to see some of the incredible talent GE Greenville has lost recently. Their expertise cannot be replaced. The new generation does not have their heart in it because of leaderships back stabbing culture. GE leadership knows not what they have done.
Power will be trimming 15% of EB positions, and looking for 1000 or so heads (in total) across the business. Cuts will not be broad but targeted based on realignment of leadership, structure and business plan. Based on info from the all hands today, we’ll likely see a 5% to 10% reduction in the US, depending on how many volunteers they can get outside the US. Based on my own intuition, this will not be enough and they will be back for more in the late summer and fall. I would say “get out now” but there’s nowhere to go for most. Get those surgeries and braces done ASAP is my only advice.
Layoffs, layoffs, Blah blah...blah!
GE lives & dies by this ongoing "threat" and the "Bigwigs" @ the top don't really care. It's All about the Benjamin$ (.)
GE has set the precedent by hiring non-specialised employees while "encouraging" experienced laborers (& even Engineers in their unique field of expertise) to retire sooner than they planned, thus weakening the overall workforce,
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k.a., "You get what you paid for", end result being lack of leadership, production, delivery and even quality.
Many new hires are just using GE for the revolving door that it has become, and getting valuable OJT experience @ GE's expense, thus its no problem for them to move on in a year or two to greener pastures.
So to pass on some words of wisdom to any 20+ year EE's...
Get Out While the Gettins' Good !
If we don’t make our numbers GE’s poor leaders cannot make as many $Millions. So sad for these poor leaders.
Almost a guarantee, its the fastest way to reduce expenses. Unfortunately, they will make cuts in the wrong places instead of trimming the real fat.