There has been no official confirmation of layoffs in October as much as some people like to make it sound as if there has been one. We've had this year's major round. It takes some time to see how things are working with the new setup before another similar round can be implemented. I'm willing to bet we won't see any more cuts before 2023.
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The Band is already playing…..
Ie: Titanic reference
This is legit info, my spvr informed that her manager told at her staff meeting that 40% of LL's will be retiring before year's end due to reduction of Pension Lump Sum. Most of those LL's are at least 55 yrs old and with minimum 25 years in service.
In the Underbody Systems Div, most of the engineers that were not fired but qualified for vested pension are applying for retirement. Ford HR sent an e-mail informing that one can lose between 20 and 25% of Lump Sum
At UnSys there are roughly 25 LL's eligible for retirement, it is expected a lot of changes before the end of the year. Departments will merge and sections will double in size since there are no plans to promote anyone.
Have you seen Ford stock lately??!! Down $10 a share in 9 months. Don't live in the dark. Ford needs to move fast, or the Titanic will be recruiting violin players soon!
It's not if there'll be more layoffs, but when & how large they'll need to be due to the continually deteriorating global economic conditions. Things are getting rougher in the U.S. with current annual inflation rate over 8% for months on end (and remember inflation is cumulative) and food+energy looking noticeably worse as we go into fall. In Europe the bottom is already falling out with Germany hitting 10% inflation rates before the pipeline incident late last week which will surely cause even steeper increases in energy costs. Bank of England is suffering a crisis as the Pound drops against the US Dollar, so they announced "quantitative easing" which by definition creates additional inflation. With consumer's around the world spending vastly more on what they must have (food, shelter, energy) that means they don't have any left over for really nice to have's such as new vehicles. Additionally, we have a lot of mostly finished product sitting around waiting for certain parts to be able to finish them, IE that's already sunk cost that we won't be seeing much return on.
TL;DR - when most consumers can't afford new vehicles, manufacturers neither need nor can'support as large of a workforce as in good or even average times.
There was no official announcement of the August bloodbath until the morning of! Don't be naive OP. If it happens you don't y get an official announcement.
1amf+1iYlgn15,
You missed my point. You still will not be valued. Working in automotive is like being forever stuck in highschool.
@1nah because you can loaf around at ford. At the other two you have to work.
"*Update your resume and protect yourself for the storm ahead. *"
LOL, where do think people should go? Good luck. LOL
I worked at a major supplier and as contact employee for two other OEMs.
Ford is the best place I worked at so far.
I am sure they are waiting to see who is all going to retire before Nov. 30 so they don’t loose their lump sum benefits. Those that do retire we wish them the very best and thank them for their years of service. After that who knows if more layoffs are coming. A lot of talk about people planning on leaving. Hopefully that will save the rest of us.
The layoffs so far were part of the EV restructuring effort. If the economy doesn't rebound soon, there will be recession cuts.
As @mcf+1iYlgn15 said, the economy is slowing down and the next few months will likely be a bloodbath, not just at Ford, but everywhere. It’ll all happen quickly.
Not trying to cause panic, but expect the worst and pray for the best. Update your resume and protect yourself for the storm ahead.
What happened to the LL5 wife of an LL2 who was posting that she had inside knowledge of October layoffs? Did she get laid off in August?
F will go to $1 menu in NYSE
October layoff rumors are nonsense.
Some functional areas have confirmed that they are going to replacing the “soon to be retiring “ employees.
Manufacturing Engineering is one of them.
Please stop spreading false rumors.
After today's market close... Get ready for agency layoffs, budget cuts and more salaried headcount cuts... It's going to happen fast! Economy is slowing down. Unavoidable!