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Started By
Message
re: GM offers buyouts to ‘majority’ of U.S. salaried workers
Posted on 3/9/23 at 10:27 am to member12
Posted on 3/9/23 at 10:27 am to member12
My company is doing the same. And in the middle of a multi billion dollar project. Lots took that deal and if I was a betting man, they will just got to our competitor and work for them.
0
Posted on 3/9/23 at 10:30 am to Cheese Grits
quote:Appears it's somewhat common for GM to do this. Sucks for the 500, but at least it's not 18,000 again.
The last time GM offered such a large buyout program was for roughly 18,000 North American salaried employees in 2018-2019.
Posted on 3/9/23 at 10:32 am to Fat and Happy
quote:
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.
frick ton of generalizations in this post.
Posted on 3/9/23 at 10:35 am to member12
VSPs usually precede some involuntary firings.
If you’re offered one of these might want to take it and move the hell on.
If you’re offered one of these might want to take it and move the hell on.
Posted on 3/9/23 at 10:38 am to Cheese Grits
quote:
Modern corporate thinking
Problem is hiring the young folks who have bad work habits,
And laying off older workers specifically is age discrimination. But offering buyouts isn’t.
Posted on 3/9/23 at 10:41 am to PUB
quote:
In the meantime, Ford never got jack shite during the bail outs
This is not accurate or a proper characterization.
GM did not “take” bailout funds. The government effectively bought GM, with a 0% return to shareholders, and sold them for a $10B loss. They wanted to control their liquidation.
Ford basically was proactive and pushed the cash for clunkers program. Controlled their own destiny better, but they relied on the government to survive.
Posted on 3/9/23 at 10:51 am to tigerman03
quote:
Is a loan a bailout though?
They were loaned money to produce cars that the government subsidized trade ins for. It was an incentive to purchase new cars, which were (theoretically) produced with the loan money. And they pitched it to the government to avoid bankruptcy.
This has become a stupid ford vs GM talking point. GM is essentially a new company that the government took over. Ford managed to stay in business using money from the government.
I understand criticizing the policies, but knighting for one company or the other in how they handled the financial crisis is very silly. The government was calling the shots.
Posted on 3/9/23 at 10:53 am to tadman
quote:
The loans were repaid.
What loans? They bought stock, and sold it for a loss.
quote:
Also it is normal for stockholders to lose their equity when the company goes under.
Umm yes I am aware of this. But the government was steering this ship, with their priority being to save these union jobs.
Posted on 3/9/23 at 10:59 am to member12
Must be nice if you planned on calling it quits
Posted on 3/9/23 at 11:37 am to Oilfieldbiology
quote:
6% profitability. Is that good for auto companies?
They are dumping a shitload of money in all aspects of EV production so it's probably not bad considering how much the R&D costs.
Posted on 3/9/23 at 11:51 am to Oilfieldbiology
quote:
6% profitability. Is that good for auto companies?
When it's measured in billions? It certainly doesn't suck.
Posted on 3/9/23 at 11:59 am to Fat and Happy
quote:
And no, your knowledge isn’t so great that some else can’t do your job.
From personal experience, this is not correct. I have seen many instances where an employee is deemed too critical to lose and the company goes all out to keep him.
Companies fail all the time. Sometimes it is due to losing critical personnel, especially at the wrong time such as during restructuring.
Posted on 3/9/23 at 12:17 pm to Billy Blanks
quote:
Must be nice if you planned on calling it quits
Had a coworker at IBM who was getting ready to retire, hadn't told his boss yet, but everyone he worked with knew it. The day before he handed in his 2 weeks notice, they offered a buy out package to some of the older higher paid employees, and he was one of them.
Perfect timing for him.
Posted on 3/9/23 at 12:33 pm to member12
quote:
The “Voluntary Separation Program,” or VSP, come
The world still needs editors.
Posted on 3/9/23 at 1:17 pm to 10MTNTiger
quote:
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.
They repaid the loan. Nobody else ended up with zero money from the feds.
Ford did lots of restructuring including mortgaging the "mustang" name to raise cash needed to survive w/out keeping any govt money.
Posted on 3/9/23 at 1:29 pm to kywildcatfanone
quote:
Well, unions burden companies, so.....
Also, easier to move stuff offshore if you have no employees.
White collar workers at GM in a Union. WOW!!!
Posted on 3/9/23 at 1:51 pm to PUB
Ford took a $6 billion loan from the DOE instead.
Posted on 3/9/23 at 3:03 pm to Klondikekajun
quote:
Cutting 500 jobs will save $2BILLION? Am I reading this right?
$4mm per job... Sounds about right...??
Article says over the next 2 years that they are trying to cut $2b in cost. I believe it sais structural cost. So i doubt the whole $2b over 2 years is from the 500 job cuts.
Posted on 3/9/23 at 3:22 pm to PUB
And ford was prevented from advertising that fact by our government.
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