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Thursday, September 24, 2020

Ford announces thousands of white collar job losses

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Car giant Ford is cutting about 7,000 white-collar jobs, about 10% of its global workforce.

The company has said it was undertaking a major restructuring, and on Monday said that it will have trimmed thousands of jobs by August.

The company said that the plan will save about $600 million per year by eliminating bureaucracy and increasing the number of workers reporting to each manager.

In the US about 2,300 jobs will be cut through buy-outs and lay-offs.

About 1,500 already have happened while around 500 workers will be let go this week.

In a memo to employees on Monday chief executive Jim Hackett said the fourth wave of the restructuring will start on Tuesday, with the majority of cuts being finished by May 24.

[pull_quote_center]”To succeed in our competitive industry, and position Ford to win in a fast-charging future, we must reduce bureaucracy, empower managers, speed decision making and focus on the most valuable work, and cost cuts.”[/pull_quote_center]

In the US about 1,500 white-collar employees left the company voluntarily since the restructuring began last year, some taking buy-outs.

About 300 have been laid off already, with another 500 lay-offs starting this week.

Most of Ford’s white-collar workers are in and around the company’s Dearborn, Michigan, headquarters.

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