Buyouts to cut costs now

[vortecd]

https://www.clickondetroit.com/busi...kbngK1UFYo7AB6iLyA_aem_MWsGGuimNrM7u5e6UqPa6A

 

[MikeD1]

Last one to leave, please turn off the lights ....................

 

[Hunter]

We call that RIFS.
had it before here, rumors are that there might be another starting in about 6 months.
If you are close to retirement age, they give you an offer you literally can't refuse.

 

[thetalonguy]

They get to record all those costs “below” the line; though sometimes it seems crazy they pay out all that money to RIF people. The costs will go as non-operating expense and thus make their operating income look more appealing in future quarters. Of course, have to have cash on hand, but generally a quick way to make things “look” more profitable.

 

[DGatzby]

Our brand(s) are history.

 

[72 440 Barracuda]

I wish somebody (or company) who cares about cars like we do, would buy out Stallantis for Dodge, but I am not holding my breath on that one...

 

[2ndAmend]

Translation:

We don't need all these people that designed and manufactured ICE vehicles, we just need a few "migrants" to assemble the parts we get from China to build EV's that no one wants.

 

[MikeD1]

We call that RIFS.
had it before here, rumors are that there might be another starting in about 6 months.
If you are close to retirement age, they give you an offer you literally can't refuse.

I had been contracting at Chrysler (back in the mid 80's) for about a year when they did one of those RIFS. Target was the guys who had a lot of years in but were shy of full retirement. Basically ppl that had been there close to 30 years and in their mid to late 50's. There were many that had medical issues or spouses with issues and had no choice but to take it to keep their insurance. Everyone know they stood little to no chance of finding work in the field at even 1/2 of what they were earning.

The lesson learned did not go to waste on me and I resolved to never be an employee of one of these major corps., best decision I ever made staying independent. Still think about those poor guys from time to time & wonder how things turned out for them, certainly not the way they had planned for and were promised.

 

[72 440 Barracuda]

Translation:

We don't need all these people that designed and manufactured ICE vehicles, we just need a few "migrants" to assemble the parts we get from China to build EV's that no one wants.

Thats the problem with many businesses these days - "business men" (or MBA educated business "people") have highjacked many American businesses and now run them solely for the money - not for the love of the product they produce.
I believe the automotive manufacturers once had a good core group of car people or engineers that loved the product making many of the decisions (or at least had an influence on decisions) - now no one cares about the product - its influence is almost entirely on making money - business people do not make cars and they don't care about cars and they don't know what cars get peoples blood pumping.
Obviously, even car people get it wrong, but if your decision is only based on graphs and numbers on a spreadsheet you'll have hard time figuring out what the public really wants and the decision will be much harder and less likely to be what people want...

 

[1971demon]

We call that RIFS.
had it before here, rumors are that there might be another starting in about 6 months.
If you are close to retirement age, they give you an offer you literally can't refuse.

Tavaras....must be Italian...(us guys have been known to do that)

 

[1971demon]

Thats the problem with many businesses these days - "business men" (or MBA educated business "people") have highjacked many American businesses and now run them solely for the money - not for the love of the product they produce.
I believe the automotive manufacturers once had a good core group of car people or engineers that loved the product making many of the decisions (or at least had an influence on decisions) - now no one cares about the product - its influence is almost entirely on making money - business people do not make cars and they don't care about cars and they don't know what cars get peoples blood pumping.
Obviously, even car people get it wrong, but if your decision is only based on graphs and numbers on a spreadsheet you'll have hard time figuring out what the public really wants and the decision will be much harder and less likely to be what people want...

In the 50's /60's...the auto industry had their finger on the pulse of consumers..size..style...performance...price...and cars SOLD...now they don't have a clue...(or seem to care)...if they don't return to that basic philosophy..they will fail...

 

[1971demon]

I had been contracting at Chrysler (back in the mid 80's) for about a year when they did one of those RIFS. Target was the guys who had a lot of years in but were shy of full retirement. Basically ppl that had been there close to 30 years and in their mid to late 50's. There were many that had medical issues or spouses with issues and had no choice but to take it to keep their insurance. Everyone know they stood little to no chance of finding work in the field at even 1/2 of what they were earning.

The lesson learned did not go to waste on me and I resolved to never be an employee of one of these major corps., best decision I ever made staying independent. Still think about those poor guys from time to time & wonder how things turned out for them, certainly not the way they had planned for and were promised.

Your future is always @ risk working for others...could never understand using your God given talents to make somebody else rich...but there are those that were in the right place @ the right time...that fared well as long term auto industry employees....

 

[2ndAmend]

I had been contracting at Chrysler (back in the mid 80's) for about a year when they did one of those RIFS. Target was the guys who had a lot of years in but were shy of full retirement. Basically ppl that had been there close to 30 years and in their mid to late 50's. There were many that had medical issues or spouses with issues and had no choice but to take it to keep their insurance. Everyone know they stood little to no chance of finding work in the field at even 1/2 of what they were earning.

The lesson learned did not go to waste on me and I resolved to never be an employee of one of these major corps., best decision I ever made staying independent. Still think about those poor guys from time to time & wonder how things turned out for them, certainly not the way they had planned for and were promised.

I went independent after the worst job I ever had, did very well. Got my wife to go independent, she was terrified at the concept! Now she is a software consultant to governments on new projects! Thank you!!! She really is smart and very likable, unlike me!

 

[72 440 Barracuda]

Your future is always @ risk working for others...could never understand using your God given talents to make somebody else rich...but there are those that were in the right place @ the right time...that fared well as long term auto industry employees....

There are always risks (and of course rewards) with being your own boss, as well as letting others take the financial risks. My thought was that being your own boss could go good, or go very bad - I have seen both - some are just not good at being the boss. In the end I liked the idea of others taking the risks. I worked for others (one company) for 31 years and it worked OK for me. I saved the whole time - expecting to be laid off, but I never was. I am now retired, I am not rich, but not poor either. Unfortunately, the libs are still trying to change that...

 

[2ndAmend]

There are always risks (and of course rewards) with being your own boss, as well as letting others take the financial risks. My thought was that being your own boss could go good, or go very bad - I have seen both - some are just not good at being the boss. In the end I liked the idea of others taking the risks. I worked for others (one company) for 31 years and it worked OK for me. I saved the whole time - expecting to be laid off, but I never was. I am now retired, I am not rich, but not poor either. Unfortunately, the libs are still trying to change that...

It is very respectable that you considered and weighed the options. Some people are much better suited for one or the other. One is low risk and unknown but likely low to moderate reward. The other is high risk and possible high reward,

Average people are better suited for low risk. Individuals with management skills can do very well in regular employment.

But people with highly desired skills who are not management material get screwed in large companies but profit hugely as independents.

It is all a matter of your skill set, risk tolerance, and ability to make good logical decisions. Thankfully we have that choice!

 

[Smitty]

I took a buyout at the end of 2022. Glad I got out when I did. These jack holes are running the company into the ground. When I left it seemed there main focus was on DEI and telling everyone how great EVs are. Screw both.

 

[Hellcatcfp]

Watched my Dad linger at an insurance company and witnessed all the bullshit. Only company I worked for was Little Ceasars Pizza at age 16.

One of the best gifts of knowledge I acquired at an early age.

 

[2ndAmend]

I loved Little Ceasars when I lived in IL!!!! Pizza Pizza!!!!

 

[1971demon]

Your future is always @ risk working for others...could never understand using your God given talents to make somebody else rich...but there are those that were in the right place @ the right time...that fared well as long term auto industry employees....

I took a buyout at the end of 2022. Glad I got out when I did. These jack holes are running the company into the ground. When I left it seemed there main focus was on DEI and telling everyone how great EVs are. Screw both.

we all know timing is everything

 

[1971demon]

I went independent after the worst job I ever had, did very well. Got my wife to go independent, she was terrified at the concept! Now she is a software consultant to governments on new projects! Thank you!!! She really is smart and very likable, unlike me!

So what are you saying...your a prick...or just dumb as a stump..or a little of both....