The announcement by General Motors (GM) on March 9 that it was offering a voluntary buyout for most of its salaried workers could indicate that economic woes have spread to sectors beyond technology, to include manufacturing. We've gathered articles on the news from SHRM Online and other outlets.
Majority of Company's White-Collar Employees Offered Buyout
GM will offer voluntary buyouts to the majority of its 58,000 U.S. white-collar employees, according to a letter sent to workers from CEO Mary Barra. The company is seeking to cut $2 billion in structural costs over the next two years. The voluntary separation program will be offered to all U.S. salaried employees who have spent five or more years at the company as of June 30. Outside the U.S., the company will offer buyouts to executives with at least two years' tenure.
U.S. employees approved for the buyout will get one month of pay for every year they worked up to 12 months of pay, as well as COBRA health coverage. They also will receive prorated team performance bonuses and outplacement services.
(CNBC)
Buyout Deadlines Approach
Employees who want to take the buyouts have to sign up by March 24. Those who are approved for the packages have to leave the company by June 30.
(The Hill)
GM Recently Cut Jobs
GM also recently cut approximately 500 salaried employees. "In an environment where our competitors' margins are improving, it's imperative that we act now and focus on our own efficiency," Arden Hoffman, GM's...
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