Is temporary shutdown going to be enough to please the shareholders?
5 replies (most recent on top)
Very doubtful any executives will be getting RIF'd. They will close more locations in NA before that ever happens. Being a former parts manager for a location in the DBU, I posed the question, where was my redundancy to the HR lady. Got the canned response. Word of advice, if your still working there, good for you, take advantage of all the benefits i.e. tuition assistance and then get out. If you are not moving up your moving out. Best thing ever happened to me. Found another job, pays better, and don't have to worry about rounds of layoffs constantly.
Is Cummins expecting lay-offs for the executives? Any ideas regarding depth? Which regions will be hardiest hit?
Layoffs will begin before the end of Q2, if you thought last round was a bloodbath, just wait.
And come 2021 they will be on a hiring spree once more
What happens next? 10%-20% pay cut is not enough and lay-off by year end is inevitable!
I hate to say this but even what Tom said about employees taking a 20 t0 10% pay cut along with possible layoffs is not going to be enough. I think this year is going to be very painful and we may see alot of projects shutdown aka capital spending. You have to remember, we or this nation has never been through something like this except for the 1918 spanish flu and during that time most of the country was agricultural (90%) and most of the banking and industry wasn't so intertwined.
Now we are seeing multi trilliion dollar bailouts for everything and that money is going to hurt us somewhere. They for damn sure can't raise taxes and they damn sure can't sell bonds to other countries for that amount (do damn much). They are printing money and inflation is going to be hitting us. Also cummins customers who buy our products may decide not to get any products from us because one they may have filed for bankruptcy or two they are trying to keep int he black themselves so they are circling their wagons.