The financial crises affected Ford with such a severity that quarterly payments of stock dividends had to be postponed and all expectations of profitable business throughout the year fell dramatically. All in all, the North American wing of Ford’s operations was closed down.
In order to take active measures in the period of financial crisis Ford announced over ten thousand layoffs and closure of multiple plants as a response to the financial crisis. The company carried out an immediate restructuring and made extensive efforts to hedge its expenditures. Production was reduced by a quarter but Ford made sure it provided its employees with an umbrella for protection by allowing them access to buyout plans if they agreed to leave the payroll.
The change management strategies were employed by Ford in the scenario of financial crises were such that Ford fundamentally chose to carry out negotiations with employees to bring them to a bilaterally resolved settlement while seeking out government aid to save it from filing for bankruptcy. With regard to the nature of the nature of the policies and strategies that are implemented in Ford, it can be surmised that Ford’s change management strategy in response to the global recession appears to be one that comes forth as a result of careful and composed contemplation. While the number of layoffs in Ford appears to be greater than those reported by General Motors, Ford was able to carry out its layoffs with a considerable degree of smoothness and organization.
These are just random excerpts of essays, for a more detailed version of essays, term papers, research paper, thesis, dissertation, case study and book reviews you need to place custom order by clicking on ORDER NOW.