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IPFS News Link • Employee and Employer Relations

Instead Of Firing Everyone, Boeing Offers "Voluntary Buyouts" To Its Entire Workforce

• by Tyler Durden

That, however, did not stop the brilliant financial alchemists at the aerospace giant who for the past 7 years turned debt lead into buyback gold, and instead of issuing a record amount of pink slips, Boeing generously offered voluntary buyouts to its entire staff of 161,000, in a bid to shed costs and adapt the massive manufacturer to a coronavirus crisis that could depress the aircraft market for years.

"When the world emerges from the pandemic, the size of the commercial market and the types of products and services our customers want and need will likely be different," Chief Executive Officer David Calhoun said in a message to employees Thursday. "It's important we start adjusting to our new reality now."

According to Bloomberg which first reported about the offer, the buyout is being present companywide to all eligible employees of the Chicago-based company. Boeing will provide information on the terms within four weeks.

"This move aims to reduce the need for other workforce actions," Calhoun said.