Hewlett-Packard (HP), the American multinational company that manufactures computers and printers, is reducing its global workforce by approximately 2,000 employees. By October this year, the company’s workforce, which currently stands at 58,000, will be significantly downsized in an effort to save $300 million.
While specific departments affected by the layoffs have not yet been announced, the cuts are expected to be strategically planned and will impact employees across various segments of the company. These workforce reductions will reportedly be carried out in consultation with local labor associations and will comply with the regulations and laws of the respective countries.
In addition to the job cuts, HP is also undergoing a rebalancing initiative and exploring other areas for investment. According to media reports, the company plans to focus on artificial intelligence (AI) and enhancing customer experience.
Back in November 2022, HP had already announced plans to cut up to 6,000 jobs over a three-year period. This initiative, referred to as the ‘future-ready strategy,’ aimed to control costs and reduce the company’s real estate footprint in response to weak market performance. The demand for personal computers—the highest revenue-generating products for the company—has been steadily declining. Enrique Lores, CEO of HP, acknowledged that the future-ready strategy would create long-term value by cutting costs and allowing for increased investment in growth areas.
