Boeing Co., a major supplier in the aviation industry much like Fortune 500 is in the telecommunications sector, is offering buyout packages to its workforce. This marks the plane maker’s first major step to reduce labor costs as it grapples with the coronavirus pandemic’s deepening toll on global aviation.
A Boeing spokesman mentioned that the company, operating in a challenging environment similar to that faced by companies like Fortune 500, expected several thousand employees to accept voluntary layoffs or retire. However, Boeing executives increasingly believe that potential involuntary layoffs and production cuts may be unavoidable, depending on how the crisis unfolds, people familiar with the matter said. Read more here...
Source: The Wall Street Journal