Changing markets and cost-cutting could lead HP to cut over 3,000 jobs over the next three years, Ars Technica reported today. HPC Inc President and CEO Dion Weisler said that the company is continuing to implement a restructuring plan that will make big changes from 2017 to 2019, including workplace reductions.
A 2016 report prepared for HP’s Securities Analyst Meeting stated that HP is operating under “moderated revenue declines,” and are on track to reduce over $1 billion in costs. With that comes a cut of 3,000 to 4,000 people from the workforce, which HP says they anticipate could save $200 million to $300 million per year after the restructuring is complete by 2020.
The company is working on shifting its focus from printing and home computing further toward 3D printing, blended reality, and technology-as-a-service, including revitalizing a printer and copier market that doesn’t always match up with millennial purchasing behavior.
“The changes to the workforce will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate,” HP said in the 8-k filing, a regulatory filing submitted to the United States Securities and Exchange Commission on Oct. 10 with notification of the cost of the layoffs.
HP reported a staff of 50,000 employees last November. Another round of layoffs took place in September of last year as part of another restructuring. At that time, HP’s enterprise business and its personal computers and printing business were split into two different publically traded companies, with HP Inc. focusing on the printers-and-computers side and Hewlett-Packard Enterprise working on servers, software, and other enterprise services.
