Lenovo is aiming to reduce its run rate operational expenses by approximately $150 million to achieve a medium-term goal of doubling net margin, its chief financial officer, Wong Wai Ming, added.
"This includes overall reduction in operational spending as well as workforce adjustments where necessary and appropriate." he said.
Wong did not elaborate on whether this would involve layoffs.
https://www.reuters.com/technology/chinas-lenovo-q3-revenue-tumbles-24-pc-demand-slumps-2023-02-17/
And the inept mid-management team ( don’t call them leaders because they are NOT) and all the highly paid execs in the Global vertical structure who simply fly around and wine and dine with no quota responsibility - will be the last to go.
Meanwhile the folks doing the work- the ISRs, field sellers, etc will be cut back even further- and will be expected to pick up additional workload and quota as they watch their co-workers get laid off.
But the April Sales Kickoff Meetings and all those costs will still be spent- etc.
Have been in this industry my entire career- spent time at each of the big 3 OEMs and Lenovo is by far the most toxic workplace I have ever worked. Antiquated tools across the board and no end in sight. Sales teams still complaining about accurate reporting, and nothing ever changes. Hope my name is on the next list. I’ve had enough of the favoritism and smoke and mirrors. See ya
That’s about 50% of the current workforce
People may be blindly thinking this is only ~750 job reductions. That is wrong. It will be about 2-3,000 people in the US while hiring about 1000-2000 in China. Don't sit around RTP thinking and counting, you are a target. Just look in a mirror and see how stained the lips are. There are far better places to work and no reason living in fear.
The best thing that ever happened was being laid off. Teaches you your real worth, that it is no longer a master/slave mentality. There are still a large number of workers that believe in loyalty to a company. It is awakening to know that the company has 0 loyalty to them. Unless you have that Golden Parachute contract, you are nothing more than an expense to them. Find a job where you only work 40 hours per week, no mental stress, make about the same amount with better benefits, a real path to retirement. Don't let them back you into a corner out of fear. Find that job, 2 weeks before your start date tell HR you quit on the spot, hand them the laptop, corporate card, and badge because you are taking a 2-week mental leave anyway. They can inform the garbage manager and you can have 2 weeks living in peace before starting that much better job.