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GM offers buyouts to ‘majority’ of U.S. salaried workers
Posted on 3/9/23 at 8:59 am
Posted on 3/9/23 at 8:59 am
GM is trying to push some older, more expensive workers into retirement with a nice lure. Other companies will probably do the same, and maybe not with a voluntary buyout package either.
General Motors earned $10 billion in profit on $156 billion in revenue last year.
quote:
GM offers buyouts to ‘majority’ of U.S. salaried workers
LINK
DETROIT – General Motors will offer voluntary buyouts to a “majority” of its U.S. white-collar employees, as it aims to cut $2 billion in structural costs over the next two years, according to a letter sent to workers Thursday from CEO Mary Barra.
The “Voluntary Separation Program,” or VSP, come after the Detroit automaker said last week it would terminate about 500 salaried positions globally.
General Motors earned $10 billion in profit on $156 billion in revenue last year.
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Posted on 3/9/23 at 9:00 am to member12
6% profitability. Is that good for auto companies?
Posted on 3/9/23 at 9:02 am to member12
Well it’s a good thing the us govt lost $10B and GM owners lost their entire investment in order to save these jobs.
Posted on 3/9/23 at 9:02 am to Oilfieldbiology
quote:
6% profitability. Is that good for auto companies?
Probably, when you are dealing with union cartels
Posted on 3/9/23 at 9:21 am to member12
quote:If God loves me, my company would do this. I'm eligible for retirement at this company. If they'd give me 4-6 months severance and vest out my grants, I'd be a gone pecan.
Other companies will probably do the same
Posted on 3/9/23 at 9:26 am to OceanMan
In the meantime, Ford never got jack shite during the bail outs
Posted on 3/9/23 at 9:27 am to member12
quote:
GM is trying to push some older, more expensive workers into retirement with a nice lure.
I mean, if its a good offer
Posted on 3/9/23 at 9:28 am to member12
I always quietly laugh when people talk about their "American made" chevy.
Posted on 3/9/23 at 9:30 am to member12
I, 100%, agree with this
People will work 35-40 years and all they ever did was work and have zero hobbies so they stay working.
Or they are the ultimate dumb shite and are in their 50s and get a younger chick pregnant and stay to afford child support.
Everyone at a company is replaceable. And no, your knowledge isn’t so great that some else can’t do your job.
It bag logs promotions and limits expanding types of jobs for people to stay.
People will work 35-40 years and all they ever did was work and have zero hobbies so they stay working.
Or they are the ultimate dumb shite and are in their 50s and get a younger chick pregnant and stay to afford child support.
Everyone at a company is replaceable. And no, your knowledge isn’t so great that some else can’t do your job.
It bag logs promotions and limits expanding types of jobs for people to stay.
Posted on 3/9/23 at 9:31 am to PUB
quote:
Ford never got jack shite during the bail outs
Have you seen all the F150 XLT’s in S La?
Posted on 3/9/23 at 9:31 am to PUB
quote:
Ford never got jack shite during the bail outs
Can I have the same jack shite?
Because $6B would be some sweet jack shite.
Posted on 3/9/23 at 9:35 am to PUB
quote:
In the meantime, Ford never got jack shite during the bail outs
LOL, this is hilariously wrong. Ford didn’t get a TARP bailout, but they sure did get TALF loans in the billions with the stipulation that they would focus on introducing electric vehicles that the Obama administration wanted…all to narrowly avoid bankruptcy.
The trope that Ford didn’t take any bailout cash from the government is far from accurate.
Posted on 3/9/23 at 9:36 am to member12
Well, unions burden companies, so.....
Also, easier to move stuff offshore if you have no employees.
Also, easier to move stuff offshore if you have no employees.
Posted on 3/9/23 at 9:43 am to member12
Cutting 500 jobs will save $2BILLION? Am I reading this right?
Posted on 3/9/23 at 9:43 am to 10MTNTiger
Is a loan a bailout though?
Posted on 3/9/23 at 9:44 am to Fat and Happy
quote:
Or they are the ultimate dumb shite and are in their 50s and get a younger chick pregnant and stay to afford child support.
This sounds personal.
Posted on 3/9/23 at 10:07 am to Oilfieldbiology
quote:
6% profitability. Is that good for auto companies?
It would be for the O&G sector.
Posted on 3/9/23 at 10:16 am to biglego
quote:
Cutting 500 jobs will save $2BILLION? Am I reading this right?
$4mm per job... Sounds about right...??
Posted on 3/9/23 at 10:21 am to OceanMan
quote:
Well it’s a good thing the us govt lost $10B and GM owners lost their entire investment in order to save these jobs.
The loans were repaid. Also it is normal for stockholders to lose their equity when the company goes under. It was terribly poorly managed for 40 years, the company should've reorganized 20 years before it did.
The idea that I would've bought GM shares after 2000 is crazy.
Posted on 3/9/23 at 10:24 am to member12
quote:
GM is trying to push some older, more expensive workers into retirement
Modern corporate thinking
Problem is hiring the young folks who have bad work habits, little to no job experience, and know everything when they don't.
I would not want to buy a car built by them
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