Plantronics layoffs, on the record
Every job cut, severance charge and restructuring Plantronics reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 6,584 to approximately 6,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 6,584 | On March 28, 2020 |
| 10-K for 2021 | approximately 8,200 | As of April 3, 2021 |
| 10-K for 2022 | approximately 6,500 | As of April 2, 2022 |
Job cuts, severance and restructuring
Our summaryPlantronics recorded restructuring and other related charges under fiscal 2020 plans that included severance benefits tied to headcount reductions in its global workforce.
Word for word“The costs incurred to date under these plans include severance benefits related to headcount reductions in the Company's global workforce, facility related charges due to consolidation of the Company's leased offices, asset impairments associated with consumer product portfolio optimization efforts, and other costs associated with legal entity rationalization.” 10-K for 2020
Our summaryPlantronics initiated fiscal 2019 post-Acquisition restructuring plans that included streamlining the global workforce, with severance from reduction in force actions.
Word for word“The costs incurred to date under these plans have primarily comprised of severance benefits from reduction in force actions, facilities related actions initiated by management, and legal entity rationalization.” 10-K for 2020
Our summaryPlantronics took restructuring actions to streamline its global workforce and achieve planned synergies, which increased restructuring and other related charges in fiscal 2020.
Word for word“During Fiscal Year 2020 restructuring and other related charges increased, due primarily to restructuring actions initiated during the period to streamline our global workforce and achieve planned synergies.” 10-K for 2020
Our summaryPlantronics reduced costs in fiscal 2016 by eliminating certain positions in the US, Mexico, China, and Europe under a restructuring plan.
Word for word“We initiated a restructuring plan during the third quarter of Fiscal Year 2016.” 10-K for 2020
Our summaryPlantronics expects restructuring may include workforce reductions and the company reported that cost savings depend on restructuring initiatives.
Word for word“Conversely, the Company may restructure our organization to align our workforce and increase operational efficiencies. This includes workforce reductions and contract terminations.” 10-K for 2020
Our summaryRestructuring plans in fiscal 2021 covering severance from headcount reductions and facility closures or consolidations of leased offices, with charges recorded as restructuring and other related charges.
Word for word“During Fiscal Year 2021, the Company committed to additional actions to reduce expenses and align its overall cost structure to better align with projected revenue levels as well as reorganize its executive management to align to its new Chief Executive Officer's management structure.” 10-K for 2021
Our summaryFiscal 2021 actions consisted of headcount reductions and office closures to further reduce expenses and optimize the cost structure.
Word for word“During Fiscal Year 2021, we recorded Restructuring and Other Related Charges to further reduce expenses and optimize our cost structure.” 10-K for 2021
Our summaryFiscal 2020 restructuring plans for severance from global workforce headcount reductions, office consolidations, and asset impairments tied to consumer product portfolio optimization.
Word for word“During Fiscal Year 2020, the Company committed to additional actions to rationalize post-Acquisition operations and costs to align the Company's cost structure to current revenue expectations.” 10-K for 2021
Our summaryFiscal 2019 restructuring plans to streamline the global workforce, consolidate North American distribution centers, and reduce redundant legal entities, mainly severance from reduction in force actions.
Word for word“During the Fiscal Year 2019, the Company initiated post-Acquisition restructuring plans to realign the Company's cost structure, including streamlining the global workforce, consolidation of certain distribution centers in North America, and reduction of redundant legal entities, in order to take advantage of operational efficiencies following the Acquisition.” 10-K for 2021
Our summaryIn fiscal 2022 the company committed to a restructuring plan to cut expenses and fund growth investments, including severance for global headcount reductions and facility closures or consolidations.
Word for word“During Fiscal Year 2022, the Company committed to actions to reduce expenses to enable strategic investments in revenue growth.” 10-K for 2022
Our summaryAfter the Polycom acquisition, the company started legacy restructuring actions to streamline the workforce, close or consolidate offices and distribution centers, and realign its cost structure.
Word for word“In connection with the Polycom acquisition, in Fiscal Years 2019 and 2020 the Company initiated actions to rationalize post-acquisition operations and realign its cost structure.” 10-K for 2022
Our summaryThe company recorded restructuring and other related charges in fiscal 2022 and 2021, consisting of headcount reductions and office closures, to reduce expenses and optimize its cost structure.
Word for word“During Fiscal Year 2022 and 2021, we recorded restructuring and other related charges to further reduce expenses and optimize our cost structure.” 10-K for 2022
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2017-03-31 | — | −$109,000 | $4 million |
| 2018-03-31 | $2 million | $2.5 million | $2.9 million |
| 2019-03-30 | $25 million | $32.7 million | $29.5 million |
| 2020-03-28 | $29.8 million | $54.2 million | $37.3 million |
| 2021-04-03 | — | $48.7 million | $33.8 million |
| 2022-04-02 | — | $34.9 million | $31.7 million |
Plantronics filed 2 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Plantronics’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2022-05-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.