Thread regarding Hewlett Packard Enterprise (HPE) layoffs

The 401K game this company(an others) is playing to show profitability

If you may recall, they changed the 401K match policy. Now they pay the match only to those were with the company between Jan 1 2017 and Dec 1 2017. That about what that means in the context of layoffs in 2017. A conservative estimate is they laid off at least 8000 people in 2017. Also a conservative estimate of average 401k match is $4000 per employee. Now let us do the math and see how much the company saves by not paying 401k match...

8000 x 4000 = $320,000,000

That is $320 million going straight to the bottom line of the company. This is one of the Tools they are using to show more profitability to Wall street.

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You are right about 100% vesting of the money in your account already. We are not talking about that in this post. We are talking about the unfair practice of denying 401K match to those who get WFR'd during the year. The money they save by this trick goes to line the pockets of shareholders (a.k.a. Executive management)

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Layoffs Can Result in a Partial Plan Termination Requiring 100% Vesting

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At 4% match which is what they did the previous year, that arithmetic average of $4000 per employee is a pretty close estimate. So by not paying 401K match to the WFR''d employees, they are likely pocketing upwards of $30 million.

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Thanks for clearing that up, but that could mean they do not plan on matching anything???

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You're being generous by thinking that the average match is $4000 per employee. HPE only matches up to 3% of the employee's salary, and only paid out if the employee is still employed by HPE as of 12/31/17. Average salary would need to be $120K for an employee to receive a $4K match. Overtime is not considered when calculating the 401k contribution; it's base salary (I don't know how they calculate commission for sales people). Excuse me, but most of the folks being WFRd are not making 6 figures a year.

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HPE is not on par with the industry. Here's a comparison with three no name companies from my current job search.

12% match vesting 20% per year

4% match, immediately vested

14.5% match, immediately vested

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I see a fricking HR Troll that has wandered into this thread and singing praise about so called generosity of HR and management . This person is behaving like the brain washed masses of North Korea who blindly keep singing praises about their leader.

HPE 401K is like that of the also-ran companies out there. It is nothing like the top progressive companies out there.

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"Our 401K matching (and vesting) program is in par with the Industry. "

Rubbish, not even Oracle does this.

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Our 401K matching (and vesting) program is in par with the Industry. The overall HPE compensation package is pretty good.

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" It is 32 million in savings"

That is chump change, HPE must be desperate.

I'm pretty sure that back in the day HP spent more on beer busts.

Does HPE still have corporate jets?

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Once they went to 1 per year payout, you had to be employed the entire year for the matching. I was laid off on January 31 and got 0 matching for Q1 payments.

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do you know that they prorate, for a fact? What I have heard is you get nothing if you fall short of a full year.

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They prorate the matching based on employment length. So, if you survive 9 months, you get 9 months of matching.

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math correction... It is 32 million in savings

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