I feel better now. Carry on.
26 replies (most recent on top)
@lioj. If I understand what you are saying, even if someone plans to take a monthly pension in the near future (next year?) they won't have that option. And not only that, the 401k conversion would be based on high interest rates. Sounds like a strong incentive for pension eligible to leave this year. It does seem like a logical next step for HR. They kicked retirees off the Ford Health plan last year. Now they want to get people off the active Health plan and cut pension liabilities. None of this has anything to do with the right skillset. If you are older and working in model e, you aren't safe.
https://www.cnbc.com/2022/05/12/retiring-soon-with-a-pension-how-interest-rates-affect-your-benefits.html
That video was just more bu-----t. What did he really tell us nothing. He knows The big announcement is going to be made but he has to wait until Ford is ready. In other words they have to make sure that India and China are ready to take on our tasks and that all system conversions are complete. Got another one coming at the end of this month. Just had a conversion on July 14th and 15th. They treat us like children and act like nothing is up and then surprise, Ford is like Biden. “If you believe it is true then it is true. LOL. Found out yesterday that more jobs going to Fcgbc (India) from service centers. Shocker.
@1qxd Plans are in the works to freeze the pension fund and shift employees with pensions to an expanded 401(k). The plan is to announce Ford will stop contributing to its pension fund. Accrued employee benefits from the pension fund will be calculated and deposited into the expanded 401(k). From that point forward all employees are on the 401(k) defined contribution plan that the newer employees participate in. Employees will have a 3-6 month window between announcement and implementation. As such older employees could retire with their accrued pension before the change. Those planning to take lump sum need to be aware of the upcoming rate changes that drastically reduce lump sum payout.
Been in the auto industry since the early 80s. In that time, I have seen quite a bit of churning good and bad times at Both GM & Ford.
But I have never seen a senior management destroy and lose the trust of the troops like this bunch. Starting with the bonus announcements back in February. Then JF interview that week, followed by the reason for the 53%, then someone is upset because the taped the video. In one week, you lost the trust of the employees of this company.
This latest video is another example the lack of courage and leadership at the top. Again, it is because someone had a pair to tell the press about a big cut. Why was this nor reported out by Farley? You are the CEO you are supposed to set the tone not be a coward and hide. You are no Product guy despite what you think of yourself.
@1qjo - What is this bit about Ford converting pension to 401k equivalent? Any more information?
JF said it's not a headcount reduction. It's a Special Human Resources Operation.
Prepare for a continuation of waves of cuts all just skating under the WARN limit. Oh what a wonderful feeling constantly watching over your shoulder and pulling knives out of your back. Then just when you wipe your brow and think whew I survived, you learn that Ford is converting your pension to a 401k equivalent, the lump sum being deposited based upon formulas which favors Ford. Oh what a wonderful feeling.
Im sure at Model e, folks are thinking "it's all good, I'm safe", totally ignoring the fact that THIS is YOUR company lol. That's the one.
Summary: "The beatings will continue until morale improves."
@jce+1hP2s53m Was there a link to the video?
Link was originally in an email, but it's also now under Featured Stories
Was there a link to the video?
@rqm+1hP2s53m Clever. You come up with that on your own?
When I think of Farley, I think of a gluttonous funny guy, who died of a dr-g overdose. Remember JF shares 50% of the DNA with CF.
I thought that when Ford ceo became more recognizable than the company, they get fired…Iococca, Jacuzzi Jack,Fields, etc. I would even argue Mulally? Is Farley image bigger than company or do you think of him when you think of Ford?
All it needed was the Twilight Zone intro from "The Obsolete Man"
JF called “speculation”, the actual number could be more, he said in March the company announced the goal of cost reduction (including resource), that just to be competitive. But he opened up the video, that he wants to “win” …
Three minutes I'll never get back. As usual, nothing of substance, all boilerplate talking points. Do you truly understand your employees are stressed to the max with this cr-p? It's a lot less stressful when you're making 300x the salary of an employee who may have young kids or caring for parents, and now has to stress about a shoulder tap that may or may not come and upend any shred of stability they may have. Hard to focus on the "plan" and updating my resume at the same time in case we get shown the door.
As we work to make the world a better place by getting rid of those filthy ICEs and the filthy people who got us this far.
Probably had to take a hot shower after he made that video.
Would be a lot easier to focus on my work if I had a golden parachute like the leadership team. Those of us in the real world have bills to pay.
Listen to the video, the only commitment is that to let employees know (first) of what’s going on, but “unfortunately”, we learned from the press first. There is absolutely no denying of the cuts from JF, just the ambiguity of when. But never mind, he needs everyone to remain focused.
JF just confirmed that we will reducing in “some” areas, reduce structure cost blah blah blah.. basic he confirmed the rumors!
It's so nice of JF to express such sincere thanks to the leadership team...Note at 2:00 in the video: "I want to thank you, and all of your teams, .....". He can't just thank everyone, but instead talks to the LL's and asks them to pass on his thanks to the teams. SMH.
Typical JF video. Let us analyze
1, Admitted that there is a rumor of cuts soon
2, Self promoted that we are going through the biggest transformation since Model T
3, Said that the rumor may or may not be true - but keep working
So the only real objective was self promotion. This is a lesson on how to work at Ford.
Absolutely useless... Basically, I'm sure you're scared for you and your family, but continue to give your life to Ford. We will let you know when we're ready to kick you to the curb.
All he did was confirm it with no additional information. Thank Jim!
I thought SRD was handled poorly. That was a dream compared to this sh-t show.