Significant layoffs taking place in March 2017. Almost ALL contractors being let go, non principal engineers at or close to retirement being encouraged to leave. Internal technical support staffs being cut significantly. Facility contractors being reduced as well. This is throughout the GE Power footprint, as a result of a significant financial target miss.
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The sad part is GE doesn't care what we have done for GE. The upper management is too disconnected to understand even if we tried to explain. Too busy trying to decide which plant to shut down to appease some political entity. Layoffs are a game to them. They layoff people then have bonus celebration parties.
Uncle Jeff thanks you for your service and applauds your dedication for ready to jump off with a blanket to shed more weight so his golden parachute does not drop this pilotless and powerless glider any faster that it already did.
"$2 EPS is at high end of expectations where markets are today … hitting goals will require additional cost contingencies"
Source: Last line of investor presentation that sent GE stock down on Wednesday. This is on top of $2B cost-out already promised to the investors.
I’ve been employed by GE for over 20 years and feel my time there is limited. Each leadership email is about how good the company is doing and meeting goals but the relative is GE is in serious trouble. Cash flow is down, restriction on travel started in Jan, move production to other countries (Saudi Arabia), restructure of payroll (shift one week to avoid end of year payout), questionnaires on roles and responsibilities (assignment of dual roles), are all signs GE is spinning down.
I once felt pride when I mention working at GE, today my morale is at an all-time low and along with my fellow employees waiting on the next series of layoffs.
Well I guess now our Mr. Chairman is running for political office. Meeting with the President of Mexico where he sat there with that classic grin to announce "we're doubling down" on importing products for GE... translation " more lost jobs from US." Hearing next up is trip to meet with French President... most likely to announce more jobs in France... translation "more lost jobs in US." Now the hilarious spin on all this we're here to do what's right for the shareholders. I might be somewhat ignorant but unless I'm mistaken the stock price over the last 16 years has lost more value than the Dow and take a look at the performance against other companies such as Honeywell, Boeing etc. --- will make you sick to your stomach. What is truly amazing is the GE BOD sitting back on what they do best and do nothing about the fact that GE is crumbling before our eyes. Never has moral been so beaten down and people basically come to work not knowing when the next ax will fall. Analyst have caught on, major shareholders have caught on yet somehow Mr. Chairman continues down his path of destruction promising every country he visits another rooftop.
Maybe he should run the State Dept. as he seems to want to play politics with our company also... what other CEO do you see making public comments about their agreement or disagreement with the current administration. Like the administration or not seems pretty egotystical but that certainly couldn't be our CEO.
The BOD needs to wake up and do their job! There is not other Fortune 100 company that would put up with this. Mr. Chairman do the right thing... step down- You've lost the team!
Just to correct a point employees in Europe are only "protected" and then, not fully, in places like France and Germany, I can assure you the rest of the countries get hit by stealth or openly made batch cuts, as does India....we're all in the same leaky boat...unfortunate they only value cheap enthusiastic script kiddies
When will employees be unprotected in Europe? Next year? Europe needs to be ready. It's going to be really bad when legal protection has been removed.
Integrity and Transparency, GE leadership should start practicing what they preach.
So, have they started using transparent toilet paper yet? Or maybe you have to bring it in from home? Nothing surprises me any more.
All fiolettsk.rus, cost cut will turn into the bonus of senior management. How sarcastic.
I walked through the office this week after being impacted by fiolettsk.ru. The same managers and employees that survived are sitting around laughing and talking as they always do. No work being done. They may create the occasional PowerPoint so they can impress the clueless managers above them.
They will be enjoying their pay increase soon. Wow, unbelievable........
We can't even get any more paper for the printers in our office because money is so tight right now. Of course the printers would probably start spewing resumes if they had any paper left to print on... I pity the customers who have ordered new engines that are getting built right now, as they are bound to come with extra defects. While I hope that a miracle can somehow turn our prospects around, this looks like a death spiral if I've ever seen one. Thanks, Jeff and Steve!
$7 Million on a Jersey? That what we get from Immelts $12,000 per hour compensation? Bolze and Immelt are wrecking GE for their own gain.
7 millions to put Logo on jersey . What people gonna buy? Airplane or gas turbine? Considering GE no longer has the appliance
We were told to power our laptops down because the power consumption was just way too great. You can't make this stuff up if you tried. We watch GE waste $Millions without blinking an eye on an annual basis. But my charging laptop is a financial threat? Immelt earns over $500,000 per week!!!!!
At the Salem site, we were recently asked to empty our own garbage. Developing new high-tech product and garbage collection. I'm willing to vacuum if so my leadership won't suffer but I'm gonna draw the line at toilets.
Let me preface my comments by saying that I love my job. I've been with GE for a little over 10 years at the Salem facility. In that relatively short time, I've witnessed an incredible amount of turmoil and angst.
To say that GE is top-heavy with management is massive understatement. Each division is comprised of several hundred Executive Band members of royalty. And everywhere you swing a dead cat you hit a manager. The self-induced chaos that these ranks go thru is nothing short of amazing. It's a really expensive game of musical chairs. I know that it has taken me many years to develop my skills and to mature into a capable engineer. But the way these people bounce from job to job and from division to division is mind-numbing. My local manager has remained in place for about 5 years - truly an exception! The positions above my manager have shifted so many times that I have no clue who's in charge. And I've grown weary of keeping track because of the frequency of change. How can any of these so-called leaders be effective given so much confusion? I know there are a lot of extremely intelligent employees at GE, but how can even the smartest get a handle on anything in a year or even two years.
The commercial / sales side of the business has taken over. There is no development process anymore. We continue to sell what has yet to be fully-developed. We take huge technical risks because the commercial teams are unwilling / unable to recognize the basic laws of physics. We are continually forced to ship unfinished products. The pressure to take cost out of our products is relentless and completely overshadows our development efforts. The shiny, full-color brochure is often 180 degrees out from reality. Maybe this is not criminal but it certainly lies counter to the "Spirit and Letter" ethics policy that we have to reaffirm our allegiance to each year.
Our employees are our greatest asset. Oh really? Are you referring to the 0-1% increase per year? Or the constant threat layoffs? Or the massive increase in health insurance premiums? Or all the buzzword-laden lies and misdirection? Employees are our greatest asset really means that employees are the #1 expense to cut when the leadership can't find their a$$ from a hole in the ground. Supposedly, GE engineers and scientists are among the most innovative in the industry. But try to get a few days of technical training or participate in a standards conference (like IEEE) or pursue professional engineer certification or source a second computer to more efficiently run engineering development tools. If you’re willing to pay for it yourself, fine. But if you want to take a six-week long leadership course in Crotonville, they will send a helicopter to your front door to pick you up.
There are many other examples of dishonesty. I will list them:
We, the great unwashed, are often directed to curb our travel expenses. This is in light of the endless stream of blogs from our executives about how early in the week they traveled to meet with so-and-so at our South Africa location. Then visited a site in France. And finished out the week in San Jose before returning home. Where is the logic in this? If I travel, it is at the behest of my immediate manager and usually because the issue cannot be addressed over the phone. And the leadership is going to make ME jump thru hoops to arrange this travel due to restrictions? The same guys who log 100,000 miles a year? Makes perfect sense.
Lip service is continually paid to several key areas: integrity, safety, quality, execution. I wonder why our executives make us sign an integrity statement every year? Could it be that one of them has violated the policy in the past and cost the company millions? Nah. Probably not. In my experience, our treatment of safety issues is criminal. Safety is fine, so long as it doesn’t cost too much and is not too inconvenient. But if it’s something really serious that might cost us a lot in litigation, then we’re all over it. Oh the lip service we pay to safety! Quality. Hmm. I used to hear all the Six Sigma propaganda about zero defects. Yet I’ve witnessed a lot of product shipping with serious defects. Ironic. Occasionally we are allowed get it right the first time. But we often have more than enough time to address field issues to get it right over and over again. Not a very efficient use of resources is it? Execution. Well, that’s a tough one. I go back to our shortcutting of the development process. Our commercial / sales teams have demonstrated that they do not, in any way, shape, or form, have the ability to effectively develop and flow-down requirements. As a result, our engineering development teams cannot effectively execute. We continually swirl around in a vortex of confusion for MANY months before any clarity is achieved.
If I had to sum up what I believe is important to GE leadership it would start and end with MONEY. And MONEY at any cost. Take cost out of the product. What does this mean? Reduce labor cost by outsourcing to the lowest bidder in some third-world country. Reduce component cost by using inferior parts sourced in some third-world country. Shortcutting the development process and taking huge technical risks. These all make the P&L statement look good in the short run. But at what cost in the long run? GE has shut down facilities and fired employees with no due diligence whatsoever. I can point to one instance where this was done without regard to orders in the pipeline. The clueless leaders had to go back to these fired employees and ask them to come back. I’ve also witnessed examples where GE employees were fired but asked to stick around to train their replacements (Indian/Chinese).
Like I said, it’s all about MONEY. Money in the executive’s pockets and money in the pockets of the shareholders, in that order. That is all that matter to GE. GE will virtually do anything to make more MONEY.
Again I love my job. However, I have to play their game. I have absolutely no allegiance to GE. As long as they pay me, I’ll stay because I enjoy the work that I do. The second they stop paying me or the second I no longer enjoy the work, I’m gone. Because the instant that I’m inconvenient to GE, they will not hesitate to cut me loose.
Immelt just said on national news channels that he is against border walls and/or security?
Really? If so, remove the border security around your office and gated home.
Remove the border around the GE industrial plants you rarely visit!
Remove those border walls Immelt!
Let's see if YOU actually actually believe what you preach!
REMOVE YOUR BORDER SECURITY !!!!
One of the Salem people let go is a long service guy who happens to be a quadriplegic. Nice, GE.
Do not use names guys - read the rules below, they will nuke your post and block your IP if you swear or use 'personally identifiable' stuff - there are more restrictions listed down as well (footer)
Every word of the previous post is 100% correct!!!!
Good people lost their jobs because of the horrible disconnected decisions made from GE's ivory tower.
The existing employees are exhausted from the constant hot air expelled from GE's leadership.
Morale is Rock Bottom. Nobody cares at the top and nobody cares at the bottom.
The non-value added CRAP is constantly flowing from the upper level dumb--ses.
Quality is in a nose dive as low paid contractors replace dedicated experienced employees.
Inflated Prices will not be able to support your b---s--- much longer.
The Chairman and his Chairman wanna be (Steve Bolze) continue the false narrative to the street and employees about why the business is in layoff mode. The truth is it's the commitment Immelt has made to shareholders... not the business miss but rather an attempt to save a legacy that after 16 years of negative return against the Dow he thinks he can recover. The truth of the matter is what he and Bolze thought would be their legacy by making the largest acquisition in GE history has turned out to be the single biggest mistake in GE history. Something that most employees thought from the beginning. They will lead you believe otherwise but results of Alstom will speak for themselves but I'm sure something that creative accounting will hide from the analysts. Interesting how a $200M turns into the need for $2B in cost out.
If Mr. Chairman wants to cut costs here are a few things to consider as part of professional development:
Eliminate GGO and the Hong Kong base of Mr. Rice. Might have missed it but I've never seem a line item of contribution to bottom line. Only assessments of millions of dollars cost back to the core businesses that they have to overcome.
Mr. Chairman take your salesman hat off and stop committing to building manufacturing facilities, service shops and R&D centers all over the globe on a handshake with no commitment of volume. You leave and now the businesses own the aftermath of your dinner parties. Might work if you place the same 50% reduction in discretionary travel you've placed on everyone except yourself and executives. For every dollar employees save somehow Leadership can find a way to spend two fold or more.
Stop laying off US based employees that helped make this company and adding those jobs in countries such as France and Switzerland where compensation is higher and oh have you not heard you can't just lay off at a whim like you can in the US.
Stop trying to be another google... we're not!
Start holding your executives accountable for the miss...not the people who work tirelessly to meet unrealistic expectations and commitments only for you and your team to garner those millions in comp. packages.
Now I know all this will never be seen by you and others not to mention how could you ever pay attention to an anonymous person... you don't pay attention to your own Leadership... guess that Ego just can't deal with it!
One other thing...the people you Lead believe it or not aren't the idiots you seem to think they are. You and others talk about integrity yet drive the same false narrative to us on numerous benefit takeaways like it should be a good thing...really- when was the last time your comp. was frozen for 3 years. The reality is we're not idiots and you've not only lost the thousands of employees you've so unapologetically laid off you've lost the remaining team. Morale is at an all time low and won't recover until you and Senior Leadership as well as the BOD responsible for this mess ride off in the sunset while we continue to work to support everyone's ridiculous retirement packages.
One final thought stay out of politics... you're an embarrassment to everyone that works here. One day your acting like best buddies with the President and most recently calling for all US companies to defy the President. How hypocritical but I guess to be expected as seems you and your executives live by the motto do as I say not as I do not to mention that ego again...it's all about you and your legacy. Hope you and Steve can sleep well after all the bone-headed decisions that have put so many of YOUR employees out of work and the families impacted while you and yours continue to live the good life!
Many employees tried to warn about the Alstom Folly. But Bolze was too disconnected from reality and was more worried about this deal than making a logical decision.
I'm in talks now with a company that sells a product years ahead of Predix. In fact, its more advanced, more user friendly, and extremely less expensive. Equal product comparison: GE Predix = $245,000. Better higher quality option than GE: $12,120. Those are real numbers. Getting a better product for over $200,000 less money with unlimited free technical support. Get GE's technical support ticket fees.
I want the investors to investigate this thouroughly. They will not give a penny to GE after they discover the truth.
Interesting that Immelt "Mr. Chairman" who just recently blogged about mutual accountability won't step up with Mr. Bolze and both resign for their mutual failure in acquiring "Alstom" that has led to and will continue to lead to thousands of lay-offs in the US while at the same time continuing to hire in France and Switzerland. This major blunder and many before that has taken this company down a path of questionable survival as it stands today. Hoping that at the shareholders meeting 4/26 in NC that the message it heard loud and clear that the only change needed now is at the top!
I have a prediction, since GE continues to fail, upper management (Immelt & Bolze) will soon announce a major reorganization. They'll do this because investors are too stupid to realize they are CONSTANTLY reorganizing to no avail.
Let's see what the $2 billion cost cutting really means. Assume an average employee costs the company $150K/year in salary and benefits. $2 billion/150K = approximately 13,000 employees. If you assume a lower annual cost to include pensioners and contractors, the total retrenchment of employment will even be larger. If they don't cut heads, then lets look at what GE is or has already done to try to improve profits and cash flow on the backs of the employees and suppliers. Increased health care premiums, increased out of pocket costs, delayed payroll one week, considering requiring employees to purchase their own computers and work cell phones, eliminating annual raises, eliminating vacation plans and not compensating employees for earned vacation, pushing out invoice pay dates, moving large amounts of manufacturing overseas. I'm sure I have missed many others. These measures are not a sign of a healthy, growth company. These kinds of measures are taken by a shrinking company, one that does not have a growth strategy and one that makes poor business decisions that are out of sync with the market. GE has ceased being a market leader. GE is now a company that reacts to the news rather than creating the news. GE has been announcing re-sets for over a decade with nothing to show for it.
When engineers and managers get axed it's only a matter of time before hourly people go too! Get ready save your money!
Being the spouse of one laid off by GE Power in Atlanta this came very suddenly but not without hints. It does seems strange that the majority of those let go were over 50. My husband had 25 plus years with GE and works very hard for each project he's in charge but this last re-organization left him wondering what was going on in his department. And that crazy pay change of days at the end of the year was just not right. I don't like the way things were handled and I think they'll have left some of the more experienced out the door. But GE may have done my husband a favor to be out of that mess because what's coming may be worse that what just happened. Which I was told this first round was something like 1200 laid off.
Does anybody know the total layoff for Power in Atlanta?
Good Point! Jeff's Earns $1.7 Million per year while taking BIO breaks.
If Jeff willing to give up his compensation during 30+ minutes everyday bio breaks, he can save more than 50 engineers from losing their jobs.
who said "non principals" were being reduced? On 23March principals, consulting engineers, a few managers and 2 executives were let go, after decades of service, with no warning whatsoever to any of the employees other than a "Confidential Meeting" blind invite. New hires, lead engineers, senior engineers, no one was immune from the lay off and it WAS NOT performance based, as my manager told me the day before specifically that my performance was great (literally, the day before). 165 Services Engineering personnel, about 90% of them who worked remotely; "The Bobs" from Office Space thought it would be much easier that way. HR did stack up the invites every 10 to 15 minutes, since it only took 6 minutes to fire me. I do not intend to work for a flailing corporate behemoth who cares more about the CEO's bonus than about retaining excellent talent.
Why are GE spokespersons using the word "small" and makes a point that these jobs are "not production jobs". I guess we should all feel better that it is not factory jobs. What does that matter? Call it what it is! This is not a small layoff.
Schenectady Gazette - />
General Electric is cutting jobs at its Schenectady-Rotterdam campus.
A company spokeswoman said Friday the number is “very small” but would not be more specific. She also would not specify the job titles of those affected, but emphasized they are not production jobs.
Albany Times Union, />
General Electric Co., seeking to reduce costs, is offering severance packages to "a small percentage" of employees at its GE Power operations in Schenectady. No production manufacturing workers are being impacted, a GE spokeswoman said Friday morning.
SALEM, Va. (WDBJ7) General Electric is making layoffs at the company’s plant in Salem, according to a GE spokesperson.
According to Jackson, the cuts will not affect production workers.
"We're still working through the process but ... it's a very small percentage," Jackson said. "The date when this will take effect is not available at this time."
I can confirm the "confidential discussion" email from HR. I received one and was told my job was being eliminated after 18 years of service. No warning whatsoever, although several "favorites" were apparently "tipped off" ahead of time and able to transfer to other positions before it happened. To my knowledge this affected 165 engineering positions in Atlanta but the number is much higher when counting other locations such as Greenville, Schenectady, Richmond, etc. Engineering management should be ashamed as to how they handled this. Layoffs may have unavoidable but this could have been handled much better for those involved.
I was laid off two years off. GE lays all the experienced people and keep the inexperienced ones as I had over twenty years experience that's not the GE I was a supplier for during the big bubble in the late 90s. I think they should lay off all those high paying Black Belts they have and higher management.
This was definitely planed for some time now. The only reason I kept my job was that I'm being moved out of power. Otherwise myself and several others would have been let go.
We should all have sympathy for Jeff Immelt in these tough GE times. His compensation has been reduced to $12,980 per hour. Poor Jeff.
Not just Schenectady, Houston and Greenville. Atlanta affected too. 3 days of Employee Assistance setup until next Monday in ATL. These are good seasoned employees. No forewarning to them, they just received a meeting invite for a "Confidential Discussion" with HR telling them their roles have been eliminated.
I was one of fiolettsk.rus in Sept - came in and wiped legacy Alstom people out. Yet they preach what a great company they are by supporting employees blah blah blah. They just chew you up and spit you out. As long as Jeff and Steve Bolze are ok that is the important thing (not sarcasm)