Ford Motor Co. announced that it is planning on cutting some 7,000 white-collar jobs, or 10 per cent of its global workforce, as part of a move by the global automaker to cuts costs and streamline its bureaucracy.
The job cuts are part of a plan to save the company some $600 million each year.
According to CTV News, some 2,300 jobs will be eliminated in the U.S. through a combination of buyouts and layoffs. So far, some 1,500 have already happened and a further 500 workers are expected to be let go this week.
No details as of yet are available of what this means for the company’s Canadian workforce, only that all restructuring actions in North America will be wrapped up by June.
In a memo to employees, CEO Jim Hackett said the fourth wave of the restructuring will start on Tuesday, with the majority of cuts being finished by May 24.
“To succeed in our competitive industry, and position Ford to win in a fast-charging future, we must reduce bureaucracy, empower managers, speed decision making and focus on the most valuable work, and cost cuts,” Hackett’s wrote.