By John Oates, 31 July 1998 17:50
NEWS Hewlett-Packard (HP) is cutting the pay of its managers by five per cent for the next three months. The move will affect 2,400 middle and upper ranking managers worldwide. A spokeswoman for HP said: "This is part of our cost cutting programme in an attempt to meet revenue expectations. We are trying to avoid redundancies." She added that the company is also using IT to reduce costs. HP encourages remote working and is using video conferencing to cut travel costs. The spokeswoman said the cuts are a result of the Asian economic crisis and worldwide glut of PCs. After three months the situation will be reviewed.
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