HP delays pay rises
HP will suspend all pay increases from February 2002 until business conditions improve. An email to employees from 'The Executive Council' blamed the September 11 disaster for the decision.
Last December it announced that all planned raises would be deferred three months. As the message notes, employees that had their increases moved from November 2001 to February 2002, would now eligible for nothing - until the pay freeze thaws.
The council also says that the annual ranking period will be postponed until further notice, although normal management processes of performance evaluation should continue.
FuckedCompany.com provides a full copy of the message.
Together they control 17 per cent of the stock of HP. Without their support, it looks increasingly difficult for HP to pull off the Compaq takeover. ®