HP to cut thousands of jobs over three years

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HP to cut thousands of jobs over three years

HP Inc. looks to the possibility of cutting its staff globally, affecting thousands of employees in three years.

HP announced on Thursday its plan to reduce between 7,000-9000 laborers “through a combination of employee exits and voluntary early retirement.” The process of weeding out employees in the company is projected to be completed in three years.

Currently, the company has 55,000 employees worldwide, according to the company spokesperson. If it pushes through, 16% of HP’s total workforce will be axed.

Moreover, the company restructuring and manpower revamp is estimated to cost around $1 billion.

Instability is the primary reason for the company’s move. CEO Dion Weisler announced in August his plan to leave his post in 2020.

 HP announced last year it expected to get a 4,500 to 5,000 employee exit turnout by the end of 2019. The move took a pretax charge worth $700 million.

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