Get ready for a big surprise to the upside on the next earnings report. After that watch out below. The damage to the economy is being disguised by government money that is about to dry up at the end of the month. Expect huge cuts around August-September to ensure the management bonus program is fully funded.
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Just think that these clowns get paid huge salaries to “manage” the obvious. I’m a lowly wrench turner and I predicted what was going to happen. Of course they are going to make us little guys shoulder the burden of the situation to ensure their unjustified compensation continues. Bonus before working stiffs is always going to happen until we unionize.
Tic Tok, Tic Tok, Tic Tok.....
The layoffs and furloughs should be starting soon. When a customer orders a plane they get a delivery slot that drives a lot of things. When an order is cancelled, it turns that plan into Swiss cheese that requires GAC to try and get someone to take an earlier delivery and scramble for custom items required. Expect rates to go down to accommodate the schedule fall out and layoffs to adjust manpower accordingly. I also envision furloughs due to vendors not being able to meet the moved up plane deliveries. Also no second stimulus for laid off workers so far and it gets worse as the very optimistic V shaped recovery turns into a prolonged W or worse. Leadership will do what’s necessary to protect their bonuses and ridiculous compensation at our expense. Taking more from us is ALWAYS on the table.
GAC second quarter deliveries are all time low. Out of all GD business units, GAC is the only unit loosing money. So, cuts have to come out of GAC. Rumor is some lay-offs (as they call as market adjustments) in July last week (after quarter results are announced), and a major RIF in October.
My guess is that GAC doesn’t want to signal weakness by a second lay-off this FY. Have heard the same rumors about July and October. But my educated guess is next purge will be after Jan 1. But I am just guessing. Layoffs could still happen again this year. Northrop, Collins, Lockheed Moog and others have scooped up good people let go. Plenty of jobs that are safer out there. Don’t get complacent.
I sat in a meeting last week where the main discussion was layoffs. My suggestion is get the hell out before the walk you out unless you have well above average oral skills.
What I was told, by another RIF'd coworker was that since we got the severance in a lump sum, it shouldn't affect our UI payout at all. That said, I THINK when I first registered for UI I put down how much severance I was getting.
Also, I've been paid for every week EXCEPT #1. So I'm wondering if GDOL is holding back on that as the "you got your severance this week so no UI for you" payment. Which is fine with me.
I just received my severance pay and unemployment. Would anyone happen to know how I can report my severance to the GDOL? Do I send an email and pray they respond? Any info is appreciated, thanks.