Heard in a meeting that neat the end of February, a ton of lvl 8 staff engineers are going to be cut on the IT side.
Someone in the meeting I overheard said though some of those people might get good reviews, more cuts and a Reorg will be happening to offset the hit GM took in its China operations.
Guess Arden & Jacobsen are still plonking to save GM more money(Ridiculous….)
@1pw0
"They're setting people up for cuts as a result of SLT's poor decisions."
If the SLT is making poor decisions and making record profits, Imagine how bad the decisions are about to get. The are emboldened by their results!
That aside, I agree that their decisions are poor, concerning the staffing.
If you look at their goals: new product development, customer satisfaction, sales growth - you would NEVER purge the people with the highest level of skill and replace them with cheap contract workers who have no knowledge. You would NEVER cut dates so short that products go from conception to production without fine-tuning or vetting!!!
When the current batch of products get released, I hope someone from the media finds this comment. I could say so much more and maybe someday I will.
To the people being told they are too expensive and that they aren't cutting it: It's not a subtle hint. You probably have weeks left; months if you are lucky. Either get your retirement situated or find another line of work. It's savage out there. People cut 2 years ago are still looking for work. It's 2008 all over again, despite "the stock market". If you are really paying attention to that too, you would be scrambling to protect your 401k. Things are about to get interesting for everyone. And if you are a "it's different this time" person, well bless your heart.
"It's not us, it's you."
They're setting people up for cuts as a result of SLT's poor decisions.
They'll start with older people who "make too much money."
Age discrimination is the only kind allowed.
I have worked 20+ years. last 2 years got partially meets. My manager's verbal comment I make too much money. He also commented that my work is of lower level (not 7th). But that is the 'assigned' work. He was not talking about quality. No extra work given no new training. I have asked him several times to give me extra work..... This place su-ks big time. very stressful
What happened to the 400% Team GM or strike?
Now we are at, "when does the severance check come?"
We also had quiet quitting as a revolt due to RTO.
Now we have, "are they done cutting?"
Interesting 🤔
It wouldn’t surprise me if more lvl 8 staff engineers in IT get cut before the end of this month.
It’s just GM’s way of saving money on severance and payroll.
I think if a company goes bankrupt now there would be no support in Congress to bail them out.
They'd let nature take its course, which is actually the best solution to clean up mismanaged companies.
Most companies don't live forever. They're born, have their run, then die.
Maybe upper management can explain its 16 billion in share buybacks while holding 120 billion in debt.
https://hbr.org/2020/01/why-stock-buybacks-are-dangerous-for-the-economy
It can make sense for a company to leverage retained earnings with debt to finance investment in productive capabilities that may eventually yield product revenues and corporate profits. Taking on debt to finance buybacks, however, is bad management, given that no revenue-generating investments are made that can allow the company to pay off the debt. In addition to plant and equipment, a company needs to invest in expanding the knowledge and skills of its employees, and it needs to reward them for their contributions to the company’s productivity. These investments in the company’s knowledge base fuel innovations in products and processes that enable it to gain and sustain an advantage over other firms in its industry.
Buybacks’ drain on corporate treasuries has been massive. The 465 companies in the S&P 500 Index in January 2019 that were publicly listed between 2009 and 2018 spent, over that decade, $4.3 trillion on buybacks, equal to 52% of net income, and another $3.3 trillion on dividends, an additional 39% of net income. In 2018 alone, even with after-tax profits at record levels because of the Republican tax cuts, buybacks by S&P 500 companies reached an astounding 68% of net income, with dividends absorbing another 41%.
Why have U.S. companies done these massive buybacks? With the majority of their compensation coming from stock options and stock awards, senior corporate executives have used open-market repurchases to manipulate their companies’ stock prices to their own benefit and that of others who are in the business of timing the buying and selling of publicly listed shares. Buybacks enrich these opportunistic share sellers — investment bankers and hedge-fund managers as well as senior corporate executives — at the expense of employees, as well as continuing shareholders.
"Actually no sarcasm. Regurgitating the national debt and GM's 2009 bankruptcy in conversation in 2025 about performance reviews and GM's record profits is being stuck."
Your speech is off. Are you even an American?
Hmm, 2 share buybacks in less than a year.
By MATT OTT
Updated 7:13 AM MST, June 12, 2024
WASHINGTON (AP) — General Motors has approved another $6 billion share repurchase as the Detroit automaker adds to its 2024 momentum.
The Tuesday announcement follows a $10 billion share buyback authorization in November of last year. Shares in the Detroit automaker rose 1.4% to $48.21 Tuesday. GM’s shares rose another 1.5% early Wednesday are up about 34% since the beginning of 2024.
I wonder how many shares 'upper management' holds.
Hmm, GM's total debt today is ~130 billion. 10 years ago GM's total debt was approximately 40 billion. It appear that its debt has increased by more than 3X.
General Motors (GM) - Total debt
Total debt on the balance sheet as of September 2024 : $127.85 Billion USD
https://companiesmarketcap.com/general-motors/total-debt/
Jeez, that's weird. The increase in debt seems to correlate very nicely
with the increase in the M2 money supply numbers.
https://fred.stlouisfed.org/series/M2SL
"GM will probably go bankrupt again."
and get bailed out again by our corrupt government
instead of the people at the top being held accountable for
running the business into the ground
If they call you a poor performer but won't give you a single example, you know it's really a layoff where they're just cheating you out of severance.
Lvl 8 staff engineer. Same BS. I received meet and exceed expectations on all my reviews as well.
I was let go today due to poor performance, but yet, when asked about it, I didn’t get an answer specifically. I was told not to debate it or argue to my point.
At the same time, I was a high earner, so yeah, looks like GM is turning to other shady things. Good luck.
This is completely BS !! ALL my reviews were meet and exceed expectations and I was laid off !!
Good Luck to you ALL and FU-K GM !! LOL !
Agreed. Have been there 10 plus years and always received meets or exceeds ratings. Already looking outside because life is too short for this ridiculous behavior from an employer.
GM will probably go bankrupt again.
@11v+1jjr987wz
Sound like a well rehearsed speech from someone stuck in the past.
Therapy is a good idea.
General Motors (GM) paid back some of the bailout money, but the government lost money overall.
Explanation
The US government spent about $50 billion to bail out GM in the wake of its bankruptcy in 2009.
GM paid back $6.7 billion in cash, the last of which was paid in April 2010.
GM also received $13 billion through its IPO in 2010. However, the government sold off part of its GM stock holdings through the IPO, so GM didn't actually receive any money.
The government sold the remaining GM shares gradually on the open market, starting in November 2010.
The government lost about $11.2 billion on the GM bailou
@zj+1jjr987wz
Actually no sarcasm. Regurgitating the national debt and GM's 2009 bankruptcy in conversation in 2025 about performance reviews and GM's record profits is being stuck.
Is your life stuck? Take a good look, then get back with someone else.
You forgot the /s
@yf+1jjr987wz
The bankruptcy happened 16 years ago.
Are you stuck in 2009?
Then you bring up the national debt and stock options... What? None of this has anything to do with GM making record profits today while weeding out low performers. Management is obviously doing great with an eye towards future performance. Keep up!
"The dimwits that drove GM into the highest profitability, highest sales and of any automaker around the globe? Those dimwits?"
Sigh, was.
Toyota officially passes GM as planet’s biggest car maker in 2009.
President George W. Bush signed multi-billion-dollar government bailout loans for GM and fellow Big Three U.S. automaker Chrysler. On June 1, 2009, GM filed for Chapter 11 bankruptcy protection.
No one believes GM is on the right path.
It is more that there are only a few car companies left and so they are monopolies who get government bailouts and tax breaks.
No one believes that the salary distribution at GM is correct.
There are many who make a lot but have little usefulness.
Successful countries don't wrack up 37 trillion in national debt.
GM has become more of a stock scam than a decent car company.
Please list the amount of stocks that upper management owns then list the amount of stock buybacks that GM has engaged in.
The system works until good workers and solid contributors are caught off guard with a >>forced<< low ranking because their manager didn’t advocate strongly enough for them while the popularity contest was being conducted behind closed doors.
The theory is this all balances out in the end and makes the company stronger and more productive.
The reality is that these are desperate measures being taken by a company veering towards BK Part Deux. Good people who have been long time contributors are going to get caught in the crossfire of these Hunger Games.
@v9+1jjr987wz
"When were they planning on including the dimwits up top who drove GM into this position in the first place?"
The dimwits that drove GM into the highest profitability, highest sales and of any automaker around the globe? Those dimwits?
It's almost amusing, the mindset of those with a poverty mindset. You have no control over your own life and have very little understanding of the world in which you exist. So you just point your finger upward. It's always someone else, isn't it? Not you.
Things are going to get very real for you in 2025.
"Right! The 10% not cutting it today will make it that much easier next year when we identify the bottom 5. The system works. If you noticed, the Nepo crowd are not off limits. We will make GM great again!"
Quite the HR representative: Go GM Go GM.
When were they planning on including the dimwits up top who drove GM into this position in the first place? Do they all get golden parachutes too?
"Sounds like a winning way to improve productivity."
Right! The 10% not cutting it today will make it that much easier next year when we identify the bottom 5. The system works. If you noticed, the Nepo crowd are not off limits. We will make GM great again!
Sounds like a winning way to improve productivity.
Correction… 85% get to enjoy their pay increases. The “does not meets” band got 0% raise for 2025. And I’m sure they’re going to work 0% harder and contribute 0% more funks as well.
Relax!
95% can enjoy their huge bonuses and pay increases.
We are living in amazing times.
People need to stop complaining and start being thankful they work at such a profitable, generous company.
Can GM get any worse? We're going to find out!
Just the Americans
it's definitely a bold move
fire the people that make stuff in order to save money
only in the world of financialization does this make any sense
H-1Bs told to stand down and stand by. Here come the layoffs for America-based workers.
I heard something similar as well.
It wouldn’t surprise me.
Just like the 3.6L V6, it's a timing failure across the board.
This is fiction
Are they closing the Georgia office?
It wouldn’t surprise me if they did. GM probably has other high earners in a bullseye because of the so-called “Cost-Cutting” initiative.