NOVEMBER 13, 2022 — GE APPLIANCES TO LAYOFF 5% OF THE SALARIED WORKFORCE
GE Appliances CEO used video to announce they were going to start layoffs with a 5% reduction in force.
According to a company spokesperson, "GE Appliances has invested in new technology and products to keep the company competitive for the long term. However, with double-digit material inflation and a highly disrupted supply chain, manufacturing and operating costs have reached historical levels.”
About the employees, "They are valued and respected members of our team, and this layoff is not a reflection of their performance,"
OCTOBER 6, 2022 — GE DOWNSIZES ONSHORE WIND TURBINE UNIT
The company is planning to restructure and resize its onshore wind turbine business due to weak demand and supply chain issues.
The restructuring will impact hundreds of workers as the company targets 20% of the onshore wind unit's workforce in the United States.
It appears that GE is attempting to improve “the numbers” before it attempts to spin off its energy businesses, including renewables, into a separate company in 2024.
APRIL 8, 2021 — HOW MANY GE AVIATION EMPLOYEES KNOW THAT GE OWNS ONE-HALF OF A FRENCH COMPETITOR OPERATING IN THE UNITED STATES?
How many people know that General Electric and France’s Safran are equal partners in Cincinnati, Ohio-based CFM, an aerospace engine maker whose engines can be found in the troubled Boeing 737MAX and the Airbus A320 NEO as well as other aircraft.
With the near-collapse of the commercial aviation sector, GE employees should monitor both companies to determine if lateral moves can be facilitated if you are laid off by GE Aviation.
FEBRUARY 13, 2021 — CUMULATIVE BAD NEWS: TOTAL WORKFORCE LESS THAT 50% OF 1999 PEAK; U.S, EMPLOYEES DOWN MORE THAN 70%
139,000 (47.2%) EMPLOYEES LOST THEIR JOBS IN THE LAST THREE YEARS
“Aviation’s workforce was cut the most, by 23.1% to 40,000 employees, followed by Healthcare, which lost 16.1% of its workforce to 47,000 employees. Elsewhere, Power cut 10.5% of its jobs to 34,000 employees, while Renewable Energy’s workforce was reduced by 7.0% to 40,000 people. The company has now cut its total workforce by 139,000 people, or 44.4%, over the past three years.”
“In the U.S., the number of employees at the end of 2020 fell by 14,000, or 20%, to 56,000 from 70,000 at the end of 2019. And over the past three years, the U.S. workforce has been slashed by 50,000 people; or 47.2%.”
As noted in the company’s 10-K Annual Report filed with the SEC, “At year-end 2020, General Electric Company and consolidated affiliates employed approximately 174,000 people, of whom approximately 56,000 were employed in the United States. Our Power, Renewable Energy, Aviation, Healthcare, and Capital segments employed approximately 34,000, 40,000, 40,000, 47,000, and 2,000 people, respectively.”
In addition, Corporate employed approximately 10,000 employees. Compared to the year-end 2019 figure of 205,000, the number of those employed at year-end 2020 decreased primarily as a result of restructuring, including actions at GE businesses to manage risk and proactively mitigate the financial impact from COVID-19 and efforts to reduce Corporate costs and business exits.”
SEPTEMBER 5, 2020 — GE OUTSOURCES TURBINE WORK TO POLAND
The company has announced that it will be outsourcing some of its turbine production operations overseas to Poland to increase its ability to service an international market.
The move, which will take place in 2021, will affect at least 45 jobs in the company’s Schenectady, New York facility.
APRIL 30, 2020 — NEW ORLEANS, LOUISIANA TECH CENTER CLOSING WITH 100 LAYOFFS
The company has announced that it will be permanently closing its technology center at 201 St. Charles Avenue at the end of June 2020. The layoff includes employees from the aviation and gas power divisions and general corporate employees.
According to a company spokesperson, "It's not a move we take lightly, but the impact of COVID-19 is being felt globally and GE is not immune to it," said Adam Tucker, a GE spokesperson. "This is a difficult decision, particularly at this time, but we are providing employees with 60 days’ notice and comprehensive benefits to help during this transition."
MARCH 6, 2019 — GE POWER ANTICIPATES MORE JOB CUTS
GE Chairman and CEO Lawrence Culp has noted in various speaking engagements that further job cuts are in store for the Schenectady-based GE Power unit as it matches capacity to weaker demand.
"We're going to step up restructuring in Power and elsewhere as we move the center of gravity to the businesses (and) as we wring out as much excess cost from our cost structure in this calendar year as we can. And clearly, from a restructuring perspective, when we talk about that, that's going to be headcount" to match capacity with demand.”
GE Power employees should be tuning in to the quarterly calls for financial analysts for more details on restructuring and its impact on GE Power.
AUGUST 12, 2018 -- GE CUTTING 225 UNION JOBS
Christopher Shigas, a spokesperson for GE Power Division said, "Based on the ongoing challenges facing the power industry and a 45 percent decline in volume at our Schenectady facilities, GE announced a job reduction impacting a number of manufacturing and assembly employees today." 200 union jobs and 25 unfilled jobs will be eliminated at the company's Schenectady facility.
DECEMBER 11, 2017 — Original Post ...
Driven by activist investors, General Electric continues to cut costs and restructure and reconfigure the enterprise. This will result in the loss of approximately 12,000 employees (globally) in it power division. The company avoids the issue of activist investors and cites the replacement of coal and other fossil fuel systems by alternative energy systems as the primary driver of the restructuring. It is no secret that major shareholder Trian Fund Management has been pressuring General Electric to dump non-performing and under-performing assets. The GE Board appointed the hedge fund’s chief investment officer and a founding partner, Edward Garden, to its board to ensure Trian’s voice will be heard loud and clear.
The newly-appointed replacement for CEO Jeff Immelt, John Flannery, has announced that he plans to restructure the enterprise, selling more than $20 billion in assets and cutting at least $1 billion in costs. Flannery has some big shoes to fill in replacing Immelt, who himself was challenged to replace the legendary GE CEO Jack Welch. Flannery has impeccable credentials having built GE Healthcare into a dynamic powerhouse and serving for 20 years in various capacities with GE Capital.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?