CFO says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers.
Yep - it really kicked in. Stock dropped 7% in after hours trading.
9 replies (most recent on top)
@10dgPctR-1onh Engineering and IT College students are hired in @ 65k-75k. Within 5 years many are over the 100k salary and are paid more that long term GSR8 employees. Then they leave Ford. At 5 years they are just starting to be productive and knowing how to do a job. Before this point the senior people are mentoring and training them and helping them succeed. The folly of Hackett is he thinks 1 year of experience is the same as 30 years of experience, except for him of course, then experience matters.
Ford still does some engineering. But yes much has been outsourced due to talent pool dilution and long running culture issues.
"All" of Ford's engineering is not being done by suppliers. You need to avoid sweeping generalities that aren't true.
Ford need a knowledgeable CEO to lead the company - not Hackett.
Ford can lay-off another 30000 employees and the company will be just fine.
All of Ford internal engineering is being done by outside suppliers. Ford can hire college students at $20 per hour to oversee the projects instead of paying engineers $100k per year to oversee the projects.
Engineers at Ford relies on outside suppliers engineers to do the work and the design. This is pathetic and a waste of company money.
The Stock is absolute garbage - total reflection on the company, and its leadership. Couldn’t sell the sh– at a garage sale.
Down another 7% today - $8 here we come (again). But, people like the dividend and don't seem to mind their base getting slowly flushed away.
Works
Right
Ford could cut 50%of its salary workforce world wide and still do what they are doing now.
Q3 will be underwater - another round of cuts will be announced in September......
Ford made 0.1 million dollar profits during 2 nd quarter this year compared to $1.1 billion 2ns quarter 2018. It’s a good thing Ford didn’t lose money this quarter.