Hewlett-Packard (HP), the American multinational that manufactures computers and printers is trimming its global workforce by about 2,000 people. By October this year, the company’s 58,000 strong workforce will be majorly trimmed to help save the company $300 million.
No specific departments have been named yet, but the cuts are expected to be strategically thought out and will impact employees across the company. The reductions and workforce changes will reportedly be made in consultation with local labour associations and in line with the regulations and laws governing the respective countries.
Along with the job cuts, HP is also undergoing a rebalancing exercise and looking at other areas to invest in. The firm is looking to focus on artificial intelligence (AI) and customer experience, as per media reports.
In November 2022, the company had announced plans to cut up to 6,000 jobs over a three-year period. At the time, the ‘future-ready strategy’, as the initiative was called, was said to be aimed at controlling costs and also reducing its real-estate footprint amid weak performance in the market. The demand for personal computers, which bring in the maximum revenues for the company, has been falling steadily. Enrique Lores, CEO, HP, had at the time admitted that the future-ready strategy would create value in the long term as costs would be cut and more investments would be made in growth areas.
