I’m confused about the extra billion in cost savings. Is that there estimate after vsp and all other cost cutting measures? Or are they planning on laying off employees/targeting low performers?
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Layoff coming?
You snooze you lose
Layoff.
I hear we had our chance with the VSP, and if we didn't take it we missed out.
@ 5rak+1nMo5G3N, lay off or buy out?
GM employee: Here are some examples of things that the company needs to improve in order to not alienate customers...
Other GM employee: You have a bad attitude and hate GM. This makes it acceptable for me to bully you mercilessly.
GM employee: I didn't hate GM, but now I do. Nobody likes being bullied.
Other GM employee: See, I told you they didn't like GM. Less competition for me.
You can fill a river basin from all of the crying, negative Nancy's here.
Work somewhere else! We don't want your negativity.
The classic: well the product has alot of features that don't work; oh well follow these steps:
- blame The UAW
- blame the supplier
- create the band-aid fix
Remember kids, GM believes that if they can get a feature to work for 3 years or 36000 mi the problem is not their problem, but your problem.
"They also said investors aren't happy about delays in EVs. GM reps said it was the suppliers fault like usual."
That's what happens when you have a non-US supply chain.
You have no influence over what happens in China and whether you can get your parts.
From what I am hearing, it sounds like August or September(before October). Most likely, salary reductions and performance review exits, maybe some other demented combination.
Until then, as everyone knows, practice one of our favorite GM company slogans: "Work will set you free...."
The contractors already saved the direct employees at the end of Apr 2023.
"We all need to be more efficient, work harder, get paid less so our leadership can earn even more."
Don't forget the very important non-skilled shareholders. Its like we have slave owners that sit above the plantations. If a plantation goes bad, they don't go down with it. They just move their money to another plantation. Its brilliant really. One does not go down with the ship except for the poor/middle class workers.
On the bright side, many of you can take up new hobbies, travel, or start a new career.
#IWorkedForGM
#MyViewsAreMyOwn
We all need to be more efficient, work harder, get paid less so our leadership can earn even more.
All together now, we aren't going to be able to retain our executive staff and draw in more talent, unless we have all the executive management staff at the $20M+ salary level.
Looks like we did not have enough folks taking the VSP's, so now we are going to start issuing them amongst the white collar staff.
Salary cuts coming next to white collar, like how the contract folks took a 10% haircut a few years back.
So many executives, soon we will be at one billion for executive salary, bonus and stock options. Add it up with the number of exec's - it is true . . .
If that's the interest they must have taken out a loan from the Mob.
Forbes said voluntary severance covered around $1 billion.
They also said investors aren't happy about delays in EVs. GM reps said it was the suppliers fault like usual.
https://www.forbes.com/sites/qai/2023/07/26/impressive-q2-earnings-for-gm-in-2023-but-electric-vehicle-deliveries-slip-as-labor-negotiations-approach/
~5000 VSP’s pretty much covered the 2B, not 750M. It was stated on several outlets that the exorbitant interest covered the 2B. Look it up.
The VSP only saved $750 million. we have 5 1/2 months to save another $2Billion. It's coming for sure
They're always reducing vehicle complexity. DeLorean wrote about in the 70's.
It was also stated to reduce vehicle complexity. Less complex = less people (IMO).
So the last layoff looking like that SLT gave the packages to their peers who are ready to retire And normal people will holding bags of burden in this worse economy..
Sounds like good performers will get unjustly PIPed and railroaded out the door.
No severance for you.
Oops!!! I meant "reductions in salary employment."
Per CNBC, the exact words they used were "salary reductions"
That CAN also be achieved by planned attrition and reduced backfilling as well (not saying that will be the case this time).
I think it’s most likely more performance exits like we saw in February, but it’s some type of layoff like action. If it was just reduced backfilling or planned attrition they would have said that to avoid the negative connotations.
It’s coming and it’s inevitable. Ford did the same. I would expect terrible news in August or September before the next Earnings date(October).