Ford to pay bonuses and raises, GM and Chrysler decline to do same
01-23-12, 10:05 AM
#1
Ford to pay bonuses and raises, GM and Chrysler decline to do same
Ford to pay bonuses and raises, GM and Chrysler decline to do same
Ford has announced that it will give both bonuses and merit-based raises to the company's salaried workers in the United States and Canada for the first time since 2008, according to Reuters. On average, the manufacturer will offer a 2.7 percent salary increase based on individual performance. The company stopped offering the bonuses after the financial crisis of 2009 sent automotive sales into a plunge. Ford paid neither bonuses nor merit raises that year, but offered merit raises in 2010. In 2011, the company's workers received bonuses only.
Of course, this decision has sent all eyes toward General Motors and Chrysler and their plans for their own workers. According to The Detroit News, both GM and Chrysler have said raises and bonuses will be determined by their own performance, not their rival's actions. GM has announced the company will make a final decision after it analyzes its financial results for 2011. Chrysler, meanwhile, intends to announce its fourth-quarter 2011 results on February 1, after which it will determine whether its workers will be eligible for their yearly awards.
http://www.autoblog.com/2012/01/23/f...line-to-do-sa/
01-23-12, 11:52 AM
#4
Dysfunctional Veteran
^That could be why they arent paying bonuses and raises. I dont know for sure though, and the article doesnt say. I do know, having been in the industry long enough, that if your company owes big money, bonuses and raises are the first things to go. It just makes good business sense.
Good on ya, Chrysler and GM
Good on ya, Chrysler and GM
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01-23-12, 06:10 PM
#8
Boardroom Thug
^That could be why they arent paying bonuses and raises. I dont know for sure though, and the article doesnt say. I do know, having been in the industry long enough, that if your company owes big money, bonuses and raises are the first things to go. It just makes good business sense.
Good on ya, Chrysler and GM
Good on ya, Chrysler and GM
It really is a catch a 22 so they will have to do something to keep their top people or lose them, and those those that are not the top, the turnover alone ends up costing the company several times the personal salary in retraining, lost productivity and hiring costs.
01-23-12, 06:29 PM
#9
Come on guys don't play naive
Without ensuring the rest of the supply line staying alive Ford would've died once GM fell, the collateral damage would've completely wrecked the remaining of the big three's operations
Edit: how much of this is true or not, we won't know due to the power of the unions over Obama...
Without ensuring the rest of the supply line staying alive Ford would've died once GM fell, the collateral damage would've completely wrecked the remaining of the big three's operations
Edit: how much of this is true or not, we won't know due to the power of the unions over Obama...
Last edited by vraa; 01-23-12 at 06:41 PM.
01-23-12, 06:38 PM
#10
Me like!
They should share their wealth, nothing wrong with that. Ford was one of the few companies that did good during the bad economy hit so I am sure their employees worked very hard and earned every bit of this. Well deserved! I tip my hat to Ford.
01-24-12, 10:35 AM
#11
Come on guys don't play naive
Without ensuring the rest of the supply line staying alive Ford would've died once GM fell, the collateral damage would've completely wrecked the remaining of the big three's operations
Edit: how much of this is true or not, we won't know due to the power of the unions over Obama...
Without ensuring the rest of the supply line staying alive Ford would've died once GM fell, the collateral damage would've completely wrecked the remaining of the big three's operations
Edit: how much of this is true or not, we won't know due to the power of the unions over Obama...
02-02-12, 03:01 PM
#14
I knew it
Chrysler employees to get first profit-share payouts since 2005
Chrysler employees received some good news this week. The automaker announced it would issue profit-sharing checks worth $1,500 to each of its hourly workers for the first time since 2005. The company posted a $183 million profit for 2011, marking the first time the company has avoided a loss in six years, according to The Detroit Free Press. The earnings were due largely to a host of more compelling vehicles, including the Jeep Grand Cherokee, Dodge Durango, Chrysler 200 and 300. Each of those vehicles command a higher price tag than their less-refined predecessors.
On average, buyers have been willing to hand over $3,200 more for their Chrysler vehicles than they did just one year prior. Company CEO Sergio Marchionne said the profit-sharing checks were a reward that the company's workers had earned.
Interestingly enough, parent company Fiat isn't enjoying the same success back home. According to the report, without the earnings from the Italian automaker's stake in Chrysler, Fiat would have reported a $265 million loss in 2011. In a strange turn of fate, Chrysler has begun supporting Fiat. With Italy and the rest of Europe in the throws of a debt crisis, the automaker doesn't look to have a better 2012, either.
http://www.autoblog.com/2012/02/02/c...ts-since-2005/
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