Buyouts for 74,000 GM Employees
There had been reports of massive lay offs and downsizing last year. This 2008, the trend has changed. Buyouts are fast becoming a response of companies to a weakening US economy. Take for example the case of General Motors that has recently offered buyouts to its 74,000 strong employees.
NYTImes.com reports that what prompted the popular US automaker to launch its latest “special attrition program†was its fourth quarter losses and the gloomy outlook for the United States market.
Am I smelling bankruptcy here? Or is this just another cost-cutting measure? Or better yet, there is basis on the reports that the American auto industry is in a shamble. We’ll definitely see in the next few months.