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Canada Goose Parka STEPHEN FRAZIER, CNN ANCHOR: We’re going to turn our attention back now to the source of those reports, General Electric and its job cuts. Some reports indicate that 75,000 canada goose clearance sale people will lose their job. One other report indicates more than that. GE itself has not released any specific numbers, but CEO Jack Welch last month did say that layoffs were likely. Canada Goose Parka

Canada Goose sale So we’d like to talk about that now with one of our guests, Nick Heymann, a senior vice president at Prudential Securities, who has talked, I understand, with sources at canada goose coats GE. Canada Goose sale


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canada goose deals HEYMANN: Well, I think you’ve got to put it in the context of what’s going on. buy canada goose jacket Right now, we’re clearly, obviously, in a slowdown in the economy. We don’t know how deep and how extended, but it’s probably more likely Canada Goose sale than not to be fairly substantive in terms of it’s extension and its duration. canada goose deals

canadian goose jacket Secondly, we’re going through buy canada goose jacket cheap a change from what we call an analogue to a digital economy. We’re converting how we do business over to leveraging the Web and to being able to ultimately reduce our costs, reduce the capital canada goose uk outlet intensity of conducting business, and be able, ultimately, to bring a much better valued proposition to the customer. canadian goose jacket

canada goose coats FRAZIER: In practical terms, what does that mean for people who have why does that mean people have to lose jobs? canada goose coats

canada goose clearance sale HEYMANN: Well, in Canada Goose online the ’80s, OK, this country became much more globally involved in terms of opening up our trade around the world. And as a result, we had to rationalize our factories. And blue collar jobs were lost substantially as we restructured and combined and became more efficient. canada goose clearance sale

canada goose clearance In essence, canada goose store today, we’re moving into a knowledge economy, and we’re going to become much more efficient about the office workers and uk canada goose outlet overhead workers, if you will, selling, general administrative, as we move into putting canada goose uk shop a lot of the jobs onto the Web and leverage the Web to be able to enhance our effectiveness to do business. canada goose clearance

canada goose black friday sale FRAZIER: You mean administrative tasks can be done by customers online rather than dealing with a back office worker. Is that right? canada goose black friday sale

canada goose coats on sale HEYMANN: That’s correct. We ultimately now probably don’t need a purchasing department if we’re ultimately going to be able to do reverse auctions. Once the auction’s done, Canada Goose Coats On Sale once the clevelandregionalmedicalcenter product’s shipped, you just automatically debit and credits accounts. There’s no canadian goose jacket accounts payable, canada goose clearance there’s no, you know, canada goose receivable, there’s no purchase order to go back and check and close out on. All those kinds of administrative tasks move by the wayside. canada goose coats on sale

Canada Goose Jackets FRAZIER: Isn’t this exactly why Jack Welch has that wonderful, colorful nickname of «Neutron Jack» that he Canada Goose Jackets you know, a neutron bomb Canada Goose Outlet blows up people and leaves buildings intact. It was headquarters staff he was famous for removing and leaving intact the production staffs, isn’t that right? the people who actually make the locomotives and the airplane engines. Canada Goose Jackets

Canada Goose Outlet HEYMANN: Well, you know, GE is a company that’s very, very on the leading edge in terms of determining the best methodologies to be able to take advantage of technology and information and change and be able to modify how you conduct business so that the customer can benefit and the shareholder can benefit. Canada Goose Outlet

Canada Goose online And obviously this is a very major change that it isn’t just GE that’s going to make this kind of change. This is going to be at virtually every corporation in the world. So you’ve got to change here in terms of probably workforce, a little bit, very small amount, related to right sizing for the economy, you know, and the slowdown that’s developing. Canada Goose online

buy canada goose jacket cheap Secondly, you clearly have synergies that take costs out between GE and Honeywell. They’re serving the same customers with different products in the same markets. A lot of opportunity for redundancy there. Honeywell today generates about 45 percent lower sales per employee. You’ll close that gap Canada Goose Online with some of the techniques that GE has to improve their overall performance, but not necessarily that alone. You’re going to have to canada goose uk black friday take out, you know, some workers. buy canada goose jacket cheap

buy canada goose jacket So thinking that in terms of, you know, a 25 percent reduction in that workforce, that’s not out of the question. I don’t know what the number is, but it’s certainly not out of the question. And then you’ve got to go back to digitization. Digitization is the next, if you will, major wave of enhancement in terms of methodologies for changing how we manage our businesses. buy canada goose jacket

canada goose store And you get the opportunity not only to take out, if you will, cheap Canada Goose a secular part of cost structure here this is about a 8 or 10 percent of the total cost structure, we think, of GE’s that will Canada Goose Parka probably be reduced permanently over the next three years, but you’ll also be able to increase your overall volume, your share in the market. And we think that that’s the first time ever where you had a new management tool that can simultaneously reduce costs and increase your share, because that’s going to have a very powerful impact on the bottom line canada goose store.

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