Evendale, Ohio-based GE Aviation, manufacturer of aircraft engines and components, is responding to the worldwide COVID-19 pandemic and airline travel restrictions by announcing a reduction in force of approximately 13,000 jobs worldwide using both voluntary and involuntary layoffs.
According to a statement issued by the company...
"The deep contraction of commercial aviation is unprecedented, affecting every customer worldwide. Global traffic is expected to be down approximately 80% in the second quarter when compared to the start of the pandemic’s effect in China in early February. Our aircraft manufacturers have announced reduced production schedules that will extend into 2021 and beyond reacting to the projected prolonged recovery."
"To protect our business, we have responded with difficult cost-cutting actions over the last two months. Unfortunately, more is required as we scale the business to the realities of our commercial market."
"We are developing our plan for permanent reductions to our global employee base that we anticipate will bring our total reductions this year to as much as 25% (including both voluntary and involuntary actions already announced).”
"These plans, which we expect will be ready over the coming months, are part of a comprehensive strategy we are developing for resizing the business consistent with the forecast of our commercial market. While extremely difficult, I am confident this is the required response to the continued contraction of the industry and its protracted recovery. I am equally confident that the industry will recover over time and that we will be positioned to win."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?