Our leadership said the that layoff is 98% complete.
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98% complete and then what. Still have the same processes in place, same incompetent mgt, same, same, same. Their answer is always cut people to save money, and end up hiring agency because they didn't think this thru, to handle the same workload. Here's a concept, change the processes to be more efficient and THEN layoff people. Half a$$ backwards! That comes from a company that doesn't value their workers.
Well according to Lawler in my townhall there is no such thing as an “all clear” and layoffs will be constantly be coming as they keep reassessing costs because we are not competitive. They will be looking for ways to be more efficient.
The balance of the 3 billion savings will likely come from the significant quality and warranty cost reductions that the recent 3000 layoffs will enable.
At least that is Ford high ups thinking. Really. Apparently a smaller more distressed workforce can improve quality.
To the OP. If you believe that then you are stupid enough to stay and work at Ford.
Um it’s maths people - $150,000 average salary and benefits x 3,000 people is only $450,000,000!! That’s 450 million for those in PD (I kid - I kid). You’re not gonna get 2.5 billion out of material cost especially when the cost of everything is skyrocketing. So where’s the other 2.5 billion with a “B” going to come from?
This isn’t even the tip of the iceberg. This round is the snow that blows off the iceberg with the wind.
Didn't Farley say in July that they needed to cut $3 billion in costs by 2026.
The recent cuts don't come close to getting to this figure.
This indicates to me that there will be big job cuts every year until 2026.
Either this company is in trouble financially or the consultant crew has a mission to cripple ford for takeover maybe both…which begged the question …what is ford management smoking in there 12th floor? I’m calling it no way does it have to do with EV transition that is smoke and mirror….really you increase the price to cover production/sales losses. No way, not with the numbers they play with. Also they have higher cost then others. Higher cost over lower number of vehicles made equals what? Don’t tell me their price increases make up for it. They don’t have a fusion or crown Vic or other high vol lines to save them now. Only low vol vehicles that have yet to turn profit…lightening makes no profit at all
More cuts are coming next year. Ford is going to be about 27 K head count so 2 to 3 k more easy.
I'm sure they do anticipate plenty of eligible people to voluntarily retire by the end of the 2022. Take the money now in lump sum and run. Either totally retire or find another job. Please, do not roll the dice and expect that Ford will be around for the next thirty years to pay your monthly annuity. And, the Pension Benefit Guarantee Corporation will not pay the full amount. As the world rapidly moves to electric vehicles, there will only be about 3-4 auto manufacturers left standing in 2040. A surprise survivor is Apple, Inc.. Within ten years, they will have a vehicle in production and it will not have a steering wheel, brake pedal, gas pedal or gas tank. Fully autonomous and available via subscription. Even though Apple will be a newcomer, their business acumen is far better than that of Ford. Here is a sad story: I looked back at my SSIP statement from December 1999, and at that time, I owned about $20,000 in Ford Stock. That investment, not counting dividends, is worth about $11,500 today! If I was smart enough to take that money out of my 401K, pay any taxes/penalties and invested that money in Apple stock, that investment would be worth $4,760,563. That makes me sick. But, it is a good illustrationas as to why Apple will be an automobile manufacturer in 2040 and Ford will not. They are just better business people. TAKE THE LUMP SUM NOW AND RUN!!!
Mine says that there will be no more involuntary lay offs this year but has no idea if there will be in 2023. He also said they anticipate people will voluntarily retire before the end of this year.
Just 2 more people to go: Jim Farley & Bill Ford Jr.