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Company that makes profits and still cut pay!

I heard HP is one of the most admired companies to work in....If they have to cut the pay now with profits, it must be serious downturn.

 

 

Personnally, was retrenched twice..in 1985 and 2000...but i think going we can really fell the heat..even sub cintracting jobs is getting less..

I think ang mo is selling again..i only bought abt 25k..all blues chips.

i think this round i can buy capitaland at 1.7 again..

 

when coy needs you like a lot, they can pay you what you ask for. when the coy dun need you, they will cut your pay and sack you. so no need to be loyal one! it's just a job not a career, just look forward to payday is most important...

 

Is it a case of cut employees' pay to feed the fat bonus of the TOP?

 

This is life lah... company have to protect itself first. Employees always lose out. 

 

listed company got no choice ma... must do some show to share holders to prove that we are doing something ma..

tchoonw      ( Date: 20-Feb-2009 11:47) Posted: HP PAY CUTS TO HIT SINGAPORE STAFF Friday February 20, 2009 SINGAPORE employees of Hewlett-Packard (HP) will be facing pay-cuts starting April, as the headquarters implements wage cuts and retrenchments to cope with the recession. The company - which is the world's :largest personal-computer maker - has about 6,000 staff here, according to 2006 local media reports. HP chief executive Mark Hurd informed employees on Wednesday that he would take a 20-per-cent cut in his base salary, while executive pay will drop 10 to 15 per cent and most :employees, by 5 per cent. "HP Singapore employees are affected by the wage cut exercise as this is a company-wide, global initiative. We will begin implementation with upper level managers across the region by April 1," a spokesperson here told Today. :In a staff memo obtained by :Bloomberg:, Mr Hurd wrote: "In an environment like this, there's no margin for error and no tolerance for inaction ... My goal is to keep the muscle of this organisation intact, but we do have to do something because the numbers just don't add up." HP posted a 13-per-cent drop in first-quarter profit to US$1.85 billion ($2.82 billion), due to weakness in all major business lines except services. Sales ticked up 1 per cent to US$28.8 billion, more than US$3 billion short of the average estimate of analysts polled by Thomson Reuters. AGENCIES

 

HP PAY CUTS TO HIT SINGAPORE STAFF

Friday February 20, 2009

SINGAPORE employees of Hewlett-Packard (HP) will be facing pay-cuts starting April, as the headquarters implements wage cuts and retrenchments to cope with the recession.

The company - which is the world's :largest personal-computer maker - has about 6,000 staff here, according to 2006 local media reports.

HP chief executive Mark Hurd informed employees on Wednesday that he would take a 20-per-cent cut in his base salary, while executive pay will drop 10 to 15 per cent and most :employees, by 5 per cent.

"HP Singapore employees are affected by the wage cut exercise as this is a company-wide, global initiative. We will begin implementation with upper level managers across the region by April 1," a spokesperson here told Today.

:In a staff memo obtained by :Bloomberg:, Mr Hurd wrote: "In an environment like this, there's no margin for error and no tolerance for inaction ... My goal is to keep the muscle of this organisation intact, but we do have to do something because the numbers just don't add up."

HP posted a 13-per-cent drop in first-quarter profit to US$1.85 billion ($2.82 billion), due to weakness in all major business lines except services. Sales ticked up 1 per cent to US$28.8 billion, more than US$3 billion short of the average estimate of analysts polled by Thomson Reuters. AGENCIES