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HP Confirms: Is Laying Off 27,000

By TechTaffy Desk

[Techtaffy Newsdesk]

HP is laying off approximately 27,000 employees, or 8 per cent of its workforce as of Oct. 31, 2011, by the end of fiscal year 2014, as part of a corporate restructuring. The company says in an official release that it is offering an early retirement program, so the total number of employees affected will be impacted by the number of employees that participate in the early retirement plan. Workforce reduction plans will vary by country, based on local legal requirements.

HP’s restructuring efforts is expected to generate annualized savings in the range of $3 to $3.5 billion exiting fiscal year 2014, of which the majority will be reinvested back into the company. The company expects to use the savings to boost investment in innovation around three areas of strategic focus: cloud, big data and security, among other segments.

In addition to these restructuring actions, HP expects to achieve additional savings from non-headcount cost reductions, including supply chain optimization, SKU and platform rationalization, go-to-market strategy simplification and business process improvement.

Meg Whitman (President and chief executive officer, HP): While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company. We are setting HP on a path to extend our global leadership and deliver the greatest value to customers and shareholders.

As a result of this restructuring, HP expects to record a pre-tax charge of approximately $1.7 billion in fiscal 2012 that will be included in its  financial results for that period. Through fiscal 2014, HP expects to record additional pre-tax charges approximating $1.8 billion that will be included in its financial results for the appropriate periods.

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