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On Jan. 1, IBM put the brakes on its dollar-for-dollar 5% employee match in its 401(k) plan and began providing most of its US workers a portable "retirement benefit account."
In late 2023, IBM announced a shift in its retirement benefits package, effective Jan. 1, 2024. The established method was a 401(k) match -- a 5% match and a 1% automatic contribution. With the...
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Under the plan, thousands of employees had to switch jobs or find themselves working for new managers. [7] Akers' vision was to autonomize each division into "Baby Blues" with the aim of spinning them off from "Big Blue". [8] Akers also presided over a major downsizing of IBM's workforce, cutting down from 407,000 to 360,000 by the end of 1991.
Layoffs and other tough management measures continued in the first two years of his tenure, but the company was saved, and business success has continued to grow steadily since then. [1] [2] From 1993 to Gerstner's retirement in 2002, IBM's market capitalization rose from $29 billion to $168 billion. [25]
Traditionally, layoffs directly affect the employee. However, the employee terminated is not alone in this. Layoffs affect the workplace environment and the economy as well as the employee. Layoffs have a widespread effect and the three main components of layoff effects are in the workplace, to the employee, and effects to the economy.
They said federal employees who were laid off would be offered early retirement. At a town hall in October, Musk said he would consider giving laid-off workers up to two years' severance.
As IBM makes a broad shift in strategy, Bloomberg reported this morning that the company would be cutting around 10,000 jobs in Europe. While IBM wouldn't confirm the layoffs, a spokesperson ...