This is how Ford should do it if they want to reduce the workforce by 25%
https://seekingalpha.com/news/3954364-general-motors-says-5k-salaried-workers-took-a-buyout-option?mailingid=31061533&messageid=2900&serial=31061533.8219&utm_campaign=rta-stock-news&utm_content=link-1&utm_medium=email&utm_source=seeking_alpha&utm_term=31061533.8219
Ford’s VSSP deals are usually or marginally better than the layoff SIRP…,in fact the last one I could have taken was the same deal.
There was only one time which it made any sense, and in a way I regret it. 2018 - they got rid of the entire BIT organization in MSS; they had a targeted VSSP which at first was the standard 9 months; later they upped it to 18 months. Had to by 55 with 10 years service or have 30 years service by October 31 that same year . The offer came out in March/April; I didn’t meet the qualifications at the time, so I said maybe next time. Did not realize I turned 55 3 days before
End of October; likely would have been approved if I had spoken up.
Oh well, maybe next time!
Tale of two cities... The survivor will be GM unless Ford becomes more efficient!
To be fair, overall Ford made $8B last year…. Leaving $2B ‘on the table’…. As late as 3rd quarter they were predicting $10B profit for year… only $8B materialized….
Am I right?
And GM was profitable in 2022 while we lost $2 billion, half of that due to the 🤡s at Ford Next.
Ford should let go 5000 dead beat Quiet Quiters as well. This will save Ford $1 billions per year.