Ford will slash company bonuses as part of a new system that will only reward employees when certain goals are met in a bid to cut costs.
Chief executive Jim Farley is eager to save money while also improving the quality of Ford models. Company bonuses will now be tied to a performance system to keep employees more accountable. Manager bonuses will be slashed by 65% of their current total. Speaking on Ford’s recent third-quarter earnings presentation, Farley said, “I’m proud of the progress we’ve made, but we are not fully satisfied.”
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