HP implements pay cuts across the board February 19, 2009 13:21 by John Sollars

IT Market leader Hewlett-Packard (HP) has implemented pay cuts across the board in order to increase flexibility in its cost structure, with CEO Mark Hurd taking a 20% pay cut and the majority of workers taking a 10% pay cuts.

Across HP, executive council members will see their base pay cut by 15%, while other executives' pay will be cut by 10%.  HP also intends to cap its matching contributions at a maximum of 4% of eligible employee contributions for all US employees and matching contributions will be discretionary based on company performance, determined on a quarterly basis.

Participants in the HP share ownership programme will no longer be able to purchase HP shares at a discount to fair market value.

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About John Sollars

+John Sollars is the owner and MD of Stinkyink.com. He started the business in 2002 with absolutely no knowledge of how the internet worked - only a burning desire to be in on the cutting edge!. Stinkyink.com has been regularly among the top performing companies in Shropshire as winners and runners up in the Shropshire Chamber of Commerce Best Business competitions. The business has been recognised by both Investors in People (IIP) and also British Standards Institution (BSI) with ISO9001:2008. John is passionate about business and especially small businesses. He is a regular blogger and contributor to blogs about Printing, Small Business and Search Engine Optimisation

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This story was posted on February 19, 2009 13:21 and is filed under HP Printing

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