GE's management is presently relentlessly pursuing cost savings in order to meet goals necessary to unlock a 20% increase in executive bonuses (google 'ge executive bonus 20% increase'). As a part of this, GE has recently
- Doubled-down on globalization, asking US-based engineers to train their global counterparts while making massive cuts in the US and staffing up in global centers
- Moved to pay in arrears, effectively stiffing the employee base out of a weeks' pay in the short term
- Moved to 'permissive leave' for all employees, and shortly thereafter began applying pressure to take less vacation that we were previously allotted ('well, I see that you've already used more leave than <insert peer name> this year, are you planning to cut back for the rest of the year')
- Stiffed patent awardees out of the usual bonus associated with receiving patents (four figures)
- Capped the global reward & recognition program at $500 (which adds a little salt to the wound, since it's being done in pursuit if increased exec bonuses)
- Cut funding from the employee affinity networks
- Cut budgets for travel and training, including making internal travel & training nearly impossible (Crotonville, for instance, which is a bright spot within the company)
- Regularly promised an end to layoffs, while executing at least 2-3 waves of layoffs per year at profitable businesses while hiring contractors and offshore engineers
- Frozen pay increases for the most senior engineers for 3 years
- Allowed salaries for the remainder of the engineering workforce to stagnate
There have been so many other things that I'm surely forgetting a few, but you get the idea. As you can imagine, this has led to an outflow of talented individuals, and a loss of community knowledge for our core products. The situation hasn't gone critical yet, but whether or not management know it, they are on a path to a scary place.