Is layoff target 8% again this year?
It is amazing how executives know how many people Need Significant Improvement prior to any performance assessment.
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Your analysis is correct. The best time to retire is when the lump sum interest rate is at an all time low for the United States. Please note that other countries do have "country specific" retirement packages that may not be applicable to the United States.
I was thinking the other day about how this once great company could even continue cutting folks. Then it hit me. These clowns that are popping everyone must be telling DW all is well. Hit us with more pips. That’s the only way I can see Durwood calling for more pips. Once again it goes back to the communist sls that infiltrated the company.
From 4q20 thru 4q22 the vast majority of REs aged 55-60+ retired as they took advantage of all time low retirement discount rates. Discount rates in this time period for lump sum calculation were in nominal 2% rate; now the nominal rate is about 5% to calculate lump sum. So currently that interest rate discount represents about a 30-40% discount in the lump sum from those whom left about two years ago. So the fact is no one between ages 55-62 are even remotely thinking of retirement as they want to wait 1-2-3 years in hopes the FOMC will drop interest rates if inflation eases .. so basically no major retirement to include I. Headcount reduction forecast … so has to be done through more aggressive pip targets. HR and Dallas fully understand the demographics and the fact no one is left at staff level that will be retiring in major numbers … so cull the herd via aggressive pips is only option available now. Thanks Mr President for the great economy and high interest rates that don’t allow retirement or 1st home buying … gotta love it.
@1vvr+1qQ3tuzm include the fact there is already almost a one to one redundant person in Sh!th!le India per person here and they cost substantial less! So way more of us than you think will get the slow soft boot or the straight up boot out the door!!
Attrition is not as high as targeted through lack of retirements and other resignations. Expect to see pip levels increased if this continues in the next few months.
I would wait until 2 February 2024 when our management committee releases our 4Q2023 earnings. The quarterly press release and commentary is always illuminating.
In 3Q2023, our management committee told the world that " we will save $6 billion in additional structural cost reductions by year-end 2027, bringing the total structural cost savings to approximately $15 billion versus 2019.”
Structural costs savings translates into "asset sales" and on-going "headcount reductions"
The percent will be adjusted to help achieve the “$6 billion in additional structural cost reductions by year-end 2027, bringing the total structural cost savings to approximately $15 billion versus 2019.”
10%
Let’s start with DW
Just do it when they hire the person. Recruiter: “We have an offer for you, but you’re immediately put on a PIP.” Candidate: “I’ll take the PIL, please.”