‘It really tears at your heart:’ Boeing employee shares concern for planned layoffs

Q13 Fox ^ | 2 Apr 20 | Steve Kiggans

[SkyPilot]

Our local economy is about to take yet another hit thanks to coronavirus.

On Thursday, Boeing company leaders announced a plan to reduce the number of employees as worldwide demand for aircraft is expected to change drastically.

Boeing’s CEO called the current economic climate ‘uncharted waters,’ and in order to stay successful, the company must make changes.

Q13 News also spoke with a North Sound Boeing employee who worries the company will lose a workforce that has years of experience. “It really tears at your heart to see this,” the man told Q13 News.

The employee asked Q13 News to conceal his identity because he does not want to get in trouble for speaking out.

“Very uneasy times at this point,” he said. “Especially since they suspended operations.”

The 737 MAX has been grounded for months and that already made a significant impact at the company. Now with the possibility of volunteer layoffs due to an economy-killing pandemic, the employee says the once-held security of having a solid job at Boeing is no longer foolproof.

“You were on top of the world if you were working for Boeing,” he said. In a statement from the company’s CEO Boeing announced it would seek voluntary layoffs that offers money and benefits for those who come forward. The voluntary layoffs, including natural turnover, are meant to reduce the need workforce reductions in the future.

The Seattle Times reports the voluntary layoffs could mean thousands of jobs

[DIRTYSECRET]

Join the club. Am I missing something or is he?

[HangnJudge]

The Boeing bean counters and other corporate leadership have now got a confirmed kill

[SunkenCiv]

They should have stuck with what they’re good at, corrupting the bidding process at the DoD.

http://www.freerepublic.com/tag/boeing/index

[CodeToad]

Rumor on other site is that it looks like all contractors and up to another 20% of all employees are goners. Boeing has about 161,000 employees, so about 32,000 employees may be laid off, and who know how many contractors but estimates are another 30,00 or so contractors.

[Skybird]

They need to get the d@mn Boeing 737 Max problem fixed ASAP, before there can be any kind of recovery...

[Theoria]

[SkyPilot]

Thanks. The chart you posted in #7 is a major sign of how the country is screwed.

Forbes: The Ugly Truth Behind Stock Buybacks

Buybacks have driven the market.

And when corporations got a tax cut from 35% to 21%, they spent hundreds of billions saved on more buybacks. Even the President has now said this was a massive mistake, and demanded that any COVID bailout money prohibit buybacks.

[max americana]

No. She was just given a microphone. Pilots and steward have their own unions and now is a great time for the unions to pony up help for their members.

[SkyPilot]

"Buybacks should be viewed as a double-edged sword with great power in that they reduce the number of shares over which earnings are divided at the same time they add to market demand. This gives the impression the companies' earnings are increasing while in reality overall earnings may be flat or even on the decline. The deregulation of buybacks years ago has returned to haunt us because it tends to create a dangerous illusion that draws less sophisticated investors into a market that is not nearly as strong as it appears. The new recently passed tax law which lowers corporate taxes and encourages repatriation of cash that has been stored overseas is feeding fuel into the share buyback frenzy. To be perfectly clear, buybacks are a tool corporate boards and CEOs use to manipulate the prices of their own shares higher. This means insiders can get out or hedge their positions before reality sets in and prices fall back to earth. Call it a well constructed exit strategy if you like. This is where I remind you it is major investors that sit on the board or hold executive positions and the same CEOs and other top managers who have received much of their compensation over the years in stock options."

https://seekingalpha.com/article/4157367-stock-buybacks-driving-market-current-status

[dfwgator]

Stock buybacks should be banned for these companies, they are too crucial to our National Security.

[redgolum]

Boeing made a bad product, got caught on it, and is losing market share.

I don’t like it, but that is how layoffs happen. Happened to many of us and to be frank no one from the media ever asked how it felt.

Life happens. Embrace the suck and keep moving forward. Use it and a chance to make a big change, but for the love of God don’t sit and sulk to long. That is what kills people.
I had a leave a field where I was a world expert to go to a field where I was the new guy. Now, I am in a position and salary I would have NEVER had with my prior career. Do I miss being the “go to” guy? Yeah. But I had to lose it to take the risks and pitfalls that led me to where I am today.

[eyedigress]

I work for a major company and 20% cuts to try and keep everybody on board.

It is what it is.