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Voluntary Separation Program

All articles tagged with #voluntary separation program

GM Successfully Implements Voluntary Buyouts for 5,000 Workers

Originally Published 2 years ago — by Quartz

Featured image for GM Successfully Implements Voluntary Buyouts for 5,000 Workers
Source: Quartz

General Motors' Voluntary Separation Program (VSP) has resulted in around 5,000 workers globally opting for it, offering handsome severance pay, healthcare, and more, without a single layoff. The program is a tool to accelerate the attrition curve and streamline workforces and operations, which is paramount for all car industry players at a time they're going all-in on electric vehicles. GM plans to phase out gasoline trucks and cars and sell only electric passenger vehicles by 2035. The VSP has already saved $1 billion, half of GM's structural cost-saving aim over the next two years, in which downsizing measures play a big part.

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GM to Cut 5,000 Salaried Workers, Expects $1B Charge.

Originally Published 2 years ago — by CNBC

Featured image for GM to Cut 5,000 Salaried Workers, Expects $1B Charge.
Source: CNBC

General Motors (GM) announced that around 5,000 white-collar workers have opted for the voluntary buyout program, which was launched last month to reduce the automaker's global headcount and fixed costs. GM CFO Paul Jacobson said the automaker expects to take a roughly $1 billion charge during the quarter as a result of the program. The headcount reduction was part of the company's plans to cut $2 billion in structural costs over the next two years.

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