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<p>I do recall reading about a petroleum engineer who, sensing the beginning of a cyclical downturn, walked into his boss’s office and demanded an immediate 30 percent cut in pay. It worked for him.</p>
<p>I guess if you’re frugal and good at what you do, you could become a serial severance-pay volunteer: Sort of take your retirement time early, in blocks, to travel or explore hobbies, but plan to stay in the workforce until you’re at least 70.</p>
<p>HP offered early retirement to a bunch of people upfront. They are still trying to offer them in Europe where most countries have labor laws and need to sign off on the offer first.</p>
<p>Many have taken the package (it is offered to anyone meeting the following - age + experience with the company adds up to 65). Additional cuts are made when a group does not meet their targeted number (if a group of 100 needs to cut 10 and only 2 take retirement, 8 will be cut). It is a 2-3 year commitment.</p>
<p>Methinks that they would be surrounded by employment discrimination lawyers in a hurry if they made cuts using the 65 formula… They can offer all they want…</p>
<p>Pay cuts may not work simply because the cuts may be driven by headcount reductions, not cost reductions in dollars.</p>
<p>HP failure is interesting. The company has been managed by two politicians who ran for US Senator and Governor in California.</p>
<p>I think people are right when they say STEM majors will not have jobs in the US. Everything in the US will be made by Chinese investors.</p>
<p>Here is an example:</p>
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<p>[Huawei</a> probed for security, espionage risk - CBS News](<a href=“http://www.cbsnews.com/8301-18560_162-57527441/huawei-probed-for-security-espionage-risk/?tag=AverageHero;leadHed]Huawei”>http://www.cbsnews.com/8301-18560_162-57527441/huawei-probed-for-security-espionage-risk/?tag=AverageHero;leadHed)</p>
<p>turbo - They offered a package to anyone who qualified and people interested took it.</p>
<p>The cuts are made based who the teams wanted to cut and not based on age. People who volunteered got a much better package than those who were laid off. So someone who knew they were at risk of being laid off takes the package with the better deal.</p>
<p>if you are not aware, most states in US use employment at will. The companies don’t have to justify cutting anyone irrespective of this dream about rights of employment.</p>
<p>In Texas, anyone can be fired at WILL.</p>
<p>STEM potential for undergred seems mostly for engineering. Many science majors need grad degrees. </p>
<p>" the average stem major will end up in one of the non-“rich” income levels." - In the past, many engineers have found work they liked… at decent salary, no desire to be super-rich, just employed and happy. I think off-shoring of techie jobs will continue to erode the job base over time.</p>