Ford announces 7,000 job cuts

Ford announces 7,000 job cuts

Ford announces 7,000 job cuts

Ford Motor(F) said Monday that it is laying off about 7,000 managers and other salaried employees, about 10% of its white-collar workforce across the globe, as part of a restructuring plan created to save the No. 2 automaker $600 million annually.

The cuts amount to 10 per cent of Ford's global salaried workforce.

Throughout the continuing elimination process this summer, 300 more job cuts will take place in the USA, for a total of 800 in the redesign process.

In the US, there will be 800 "involuntary separations", including 500 this week, according to a Ford spokesman.

The first wave of layoffs will begin Tuesday and include 500 salaried workers in the USA this week.

About 6,000 blue-collar positions were cut, but most of the laid-off factory workers in the USA will be placed at other plants mainly that build trucks and SUVs.

The 7,000 job cuts - most of which have already taken place - include salaried employees who took buyouts within the past year, as well as positions that were never filled and later eliminated.

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So much for President Trump's promise that auto companies were going to reinvest in the United States. GM has since announced a possible deal to sell the Lordstown plant to a startup electric vehicle maker, but it hasn't been finalized. In March, Ford said it will trim down the number of employees in Germany by 5,000, and earlier in May it said 500 jobs in the United Kingdom will be slashed.

Most of Ford's white-collar workers are in and around the company's Dearborn, Michigan, headquarters. In the past, workers were asked to leave immediately.

He acknowledged saying goodbye to colleagues is "difficult and emotional". That reduces management bureaucracy by one-third from before the "Smart Redesign" began.

The email has since been shared online, but the Detroit News was the first to report the news and to obtain the memo. Ford is cutting about 7,000 white-collar jobs, which would make up 10% of its global workforce. Hackett said the exercise will eliminate close to 20% of upper-level managers, a move that will reduce bureaucracy and speed up decision-making.

Bloomberg also reported the job cuts were part of a broader $11 billion restructure, which would see Ford focus on product development, like the creation of a new vehicle architecture and design team, and great investments in electrification.

Hundreds of affected employees in North America will be notified starting Tuesday, according to the News.

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