General Motors Layoffs 4000+ Workers From Monday

General Motors Layoffs 4000+ Workers From Monday

American automobile giant GM is making a significant move by laying off more than 4000 workers from its manufacturing facilities located across North America. The company’s decision of layoff comes a few days before the release of 4th quarter report. The company is currently going through a major restructuring phase owing to which is has already shut down a couple of its manufacturing facilities along with several job cuts. The company aims to shift its focus from traditional gasoline cars to electric vehicles as a part of which it is going through a restructuring exercise.

This process began in the month of November last year after Marry Barra, the CEO of the company announced publicly about the same. The company has already terminated operations at 5 of its manufacturing facilities across US as well as Mexico. It has been reported that the total number of job cuts till date as a part of restructuring has crossed 14000 as the company is excessively focusing upon realigning the workforce in order to manufacture increasing number of electric vehicles. The executives of the company are currently willing to lay off as many workers as possible prior to the company’s announcement of its 4th quarter earnings on coming Wednesday.

In the month of November last year, GM had proposed buyouts of more than 17 thousand employees working across its manufacturing facilities in the North America by considering minimum duration of twelve years of their service. In response to the company’s proposal of those buyouts, more than 2000 workers have accepted the agreement of severance in the month of November itself. Along with the buyouts of the permanent workers working for the company, around 1500 contractual jobs have also been terminated. Workers working on hourly basis for the company are also on the target list for the layoffs along with permanent and contractual workers.

By George Montgomery

George Montgomery manages the position of editor at Industry News Focus. His vast experience in business analysis and finance gives him a deep and accurate view of market trends. He has a thorough knowledge of the trends and actions of the market, resulting in a stock loaded into your portfolio. George also includes research and decisive interviews with market professionals and organizations.