Delphi's Death by a Thousand Cuts
I’ve finally convinced one of our Delphi insiders to let us go public with the bankrupt parts maker’s layoff plans. I know it’s not exactly what you’d call Christmas cheer, but imagine how the affected workers feel. This is the presentation that Delphi’s HR department is detailing Delphi’s “Temporary Layoff” (a.k.a. TLO) policy. The nasty bit: after Delphi temporarily lays off a worker, they can cut their pay and change their job when they return, at will. “If you don’t show up to work on the designated date after your TLO, they also consider it a ‘voluntary quit’ (as opposed to what?). It appears that they are already getting a campuswide TLO ready for possibly the end of January for two weeks (including execs), and that we will have a two-week TLO pretty much every quarter until some unspecified time.” Bottom line: Delphi is still going down.
Delphi is a unique supplier as they are into every OEM, and much of their product line is long term development type product.
They employ a lot of people in the US I imagine ... where's their bailout?