Ford To Cut 1400 Jobs Across North America and Asia
Remember when Trump tweeted back in March – “Car companies coming back to U.S. JOBS! JOBS! JOBS!” – yea well it seems like 2 months in its all about “JOB CUTS! JOB CUTS! JOB CUTS!”
Facing rising costs for new technologies, along with slower than expected sales, Ford is looking to cut 1,400 jobs in their corporate offices within North America and Asia.
In an effort to boost profits and save an otherwise free-falling stock, the company is offering early retirements and severance packages to approximately 140 salaried employees, aiming to complete its HR revamping effort by September.
These are set to become the largest cuts to Ford’s corporate employees since 2007, when the company had successfully offered 7,200 workers voluntary buyout options. Similarly, Ford is hoping to achieve its target through voluntary retirements as well. In an email to its employees, Ford said, “We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities. Reducing costs and becoming as lean and efficient as possible also remain part of that work.”
Trump has not offered any of his comments yet, though we highly doubt we can expect anything as he sees all his promises unravel right in front of his eyes, with just under four months under his belt. The company has offered its voluntary retirement packages to 15,300 employees, 9,600 of which are based in United States, 1,000 in Mexico, 4,141 in Asia and 600 in Canada.