It would be great if pandemics arrived with clear time frames in tow. Alas, this is not the way nature works. And for companies dependent on workers, um, working, the unpredictability of a viral outbreak means every cost-saving measure is on the table.
At Ford, which has already announced a hiring freeze and executive pay cuts, existing efforts might not be enough to stabilize its balance sheet.
While Ford Motor Co. plans to reopen several factories by early April, it’s not doing much of anything at present. That’s a standard problem among domestic brands with the coronavirus afoot, and two of them — Ford and General Motors — are coming off sizable restructuring efforts that included staffing reductions in the thousands. Additional cutbacks aren’t desirable; not with everyone watching how these companies handle the outbreak.
As it secures extra spending power from credit lines, Ford knows the steep financial cost of having the majority of its workforce stuck at home (to say nothing of its customers) will be steep. A plan is now afoot to keep jobs secure.
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