HP will lay off 24,600 employees over the next three years. But the computer giant plans to hire about 12,000 new employees over the same period to fill expansion needs.
Thus, HP will be taking two steps forward and one step backward in its cost-cutting measure via job layoffs. The workforce reduction will save them about $1.8 billion. It is also being undertaken to accommodate tech outsourcing behemoth Electronic Data Systems, which HP bought late last month.
â€œWe will deliver on the promise of HP and EDS for our customers and shareholders,â€ said HP CEO Mark Hurd.