More Layoffs started today.....sounds like a few hundred direct and contract people. Sounds like it might continue for the next couple of days. Mossville, Peoria, Decatur, Lafayette, Aurora....so far
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Don't worry. Trump will save you all. He said so during the campaign.
Well if you work at TPG, make sure to wear cowboy boots, drive an oversized 4x4 and talk about hunting at least three times daily. Otherwise, you will take the fall for any of the multitude of mistakes your red neck, overconfident, sh--e bag of a team lead will inevitably make. Oh and if you're Belcan keep your resume up to date. No matter how hard you work, you will be shown the door eventually.
When the downturn hit and the Peoria Boys club hunkered in fort Peoria the ineptitude peaked and horrible decisions in reorganization personnel choices, organizational structure, and short term decision making prevailed. All in the attempt to keep the s--- up structure happy. All while blowing smoke up everyone's behind . The emperor wears no clothes and Rome is burning.
Cat knew they would have a mutiny on hand if they did not offer merit increases in 2017, so they had to cut to find the money for them. I hope the employees enjoy the increases purchased with my wife's salary.
2nd the opinion regarding the environment and culture, it is absolutely terrible.
Cat exec...hope you are paying attention here...you have an entire swath of incompetent middle mgt. that are mostly all just focused on keeping their 26+ SG. Most would not stand a chance of surviving or making anywhere near the wage Cat is paying them now (high base + stip + rsu + options + pension + 401k). Many in this position will NOT, repeat NOT do what is right of Cat, company or Customers if there is even the slightest hint it will reflect poorly back on them. I have seen time and time again clear behavior that can be nothing but protecting a status Quo. There is still LOTS of fat in those middle layers....LOOK there!
You want to improve the bottom line and improve sales? You have GOT to figure a way to weed out all the beneficiaries of the 'Peter principle'. They are killing any and all innovation: they fear a new innovative idea will call into question their own lack of thought leadership. They are killing any sense of day to day waste elimination: they feel any major improvement will be viewed as a failure on their part, etc, etc. That mentality is poison
This is all due to poor decisions from the upper management. you can bet those who did get cut didnt loose anything.
Caterpillar is like all Greedy American companies. They all shop the world for cheap labor and will do whatever it takes to make a buck. They could care less about their employees. I was layed off in 1981 and again in 1983. Caterpillar has been doing they same old American way for over 30 years.
Both of Cat's downsizing cuts, two months ago and now, are primarily being made in the management technical fraternity, i.e., approx. 1000+ US based engineers. Well guess what? Cat just spent the last 6 years hiring 800 engineers in China and 200 engineers in Mexico which they claimed as R&D efficiency. They had many of the experienced US engineers train them as their global team counterparts. Unfortunately now this period of lower sales is only a camouflaged excuse to unethically dispose of the higher cost (3x) US engineers, particularly focusing on senior engineers because of their cost. Unfortunately the executives have no clue how much an inexperienced team will adversely impact the product. I've seen first hand that 1senior engineer is more valuable than 10 inexperienced. Long term, this will be a huge threat to Caterpillar's viability. When the business cycle turns up again, Cat will be so lean that they won't have anybody who knows how to actually create a high quality product.
Heard it is 1200 company wide. Cuts are going deep. Nice timing Merry Christmas
Rumors are 500+ in Peoria area. I know a few personally who are just 1-3 years from retirement eligibility. :(
90 laid off at Lafayette Indiana Plant. All salaried/management and contract office workers
Downward spiral continues. No accountability. Leaders making uninformed, quick decisions. Values are not followed. No checks and balance. Fear is pervasive. Environment is terrible.