Hewlett Packard Case Analysis
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On July 20, 2005, Hewlett-Packard announced that it would lay off 14,500 workers, nearly 10 percent of its staff, over the upcoming 18 months as part of a revamping plan designed to turn around the struggling fortunes of this computer and printer maker (Rivlin, 2005). Four months into the tenure of Mark V. Hurd as Chief Executive Officer, the announcement signaled a major departure for the firm in terms of its corporate culture known as "The HP Way." The HP Way was a cultural philosophy developed by the firm's founder which focused on long-term employment, employee participation, profit sharing, and other proactive strategies for enhancing employee loyalty. The move was undertaken, according to Rivlin (2005), to create a more efficient company, simplifying internal linkages, clarifying roles and responsibilities, and achieving cost savings. The company estimates that when the layoffs are completed by November 2006, it will save $1.6 billion annually on labor costs with an additional $300 million in annual savings on reduced pension costs. Simultaneously, the company will leave unchanged its strategy of offering a full range of digital products and computer services to businesses and consumers alike (Rivlin, 2005). The cuts were made despite the fact that HP second quarter 2005 financial results indicated record quarterly revenue of $21.6 billion, up 7 percent over the previous year and a positive
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Approximate Pages = 4 (250 words per page)
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