Rumors of buy out?

Discussion in 'FedEx Discussions' started by zeev, Mar 13, 2020.

  1. zeev

    zeev Active Member

    a credible source told me because of the drop off in Express freight a buyout is coming for senior employees.
     
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  2. cosis

    cosis Member

    Haven’t noticed a drop-off yet at our station but that would be cool.
     
  3. bbsam

    bbsam Moderator Staff Member

    Why would they pay you to go away? How is that cheaper than making your lives hell so you’ll just go away?
     
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  4. Damon77

    Damon77 Member

    Because the people who have been here for 20+ years have had their lives made a living hell at slow increments, so we're used to it.
     
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    Last edited: Mar 13, 2020
  5. thedownhillEXPRESS

    thedownhillEXPRESS Well-Known Member

    The coronavirus will wipeout those senior employees.No need for a buyout:wink-very:
     
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  6. zeev

    zeev Active Member

    I agree the difference is that the freight has been removed overnight so they need to reduce workforce quickly
     
  7. vantexan

    vantexan Well-Known Member

    Because the most likely to turnover with lower pay and lack of hours are the newhires.
     
  8. 59 Dano

    59 Dano I just want to make friends!

    Why buy out employees who are nearing retirement?
     
  9. vantexan

    vantexan Well-Known Member

    Depends on how much they're offering and will it help the bottom line.
     
  10. bacha29

    bacha29 Well-Known Member

    Q3 earnings report due out Tuesday after the bell and it's expected to be bad news and given that the stock went below $100 for a couple of days, well just about anything should not come as a surprise.
     
  11. McFeely

    McFeely Huge Member

    The senior employee still aren’t topped out anyways. Heh
     
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  12. MrFedEx

    MrFedEx Engorged Member

    Why buyout a non-union employee when you can just starve them out instead?

    It's pretty unusual for someone without a contract to get a buyout offer.
     
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  13. burrheadd

    burrheadd KING Of GIFS

    I heard Bezos has his checkbook out and is sharpening his pencil
     
  14. zeev

    zeev Active Member

    You are right but they have moved freight to Ground already which is the only reason things will happen fast because the stock has been obliterated for the last 2 years and come earnings report Tuesday the carnage will be worse. P.s. Jeff Bezos has no interest in this dog.
     
  15. bbsam

    bbsam Moderator Staff Member

    To think that after 20 years you haven’t learned how they can turn up the heat whenever they want...
     
  16. vantexan

    vantexan Well-Known Member

    And to think that you think you understand how Express operates. All through the super lean raise years the vast majority of topped out employees stayed unless they retired or got fired. Drop in the bucket compared to those that put in 10+ years with no chance of top out in sight. And the twentysomethings in the last ten years have had a very high turnover rate as soon as they realized they had been deceived by their hiring mgr. If FedEx is going to dislodge as many higher paid older couriers as possible without triggering a huge class action age discrimination lawsuit they're either going to have to offer some kind of financial incentive or just wait them out. As the new plan with Ground contractors takes off there are going to be a lot of well paid older couriers getting free money with the 35 hr guarantee. It may be, I don't know, that if they were hired and have worked all these years with that guarantee FedEx can't just eliminate it. Might can for newhires, but there might be a legal reason the guarantee won't go away. If so if there's one thing FedEx hates is giving away free money to couriers. And may be stuck doing that for a decade or more to the higher paid ones. So maybe not call it a buyout, but there may be a financial incentive to prompt many couriers to bail because they aren't going to get many hours anyways.
     
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  17. bacha29

    bacha29 Well-Known Member

    Signs of a slowing economy have been popping up for the past number of weeks and the virus is simply the frosting on the cake. The question is will certain emergency powers be granted to the transportation sector and how will companies use those powers?

    Remember, Fat Freddy said that he will make his little company the industry's lowest cost carrier. Now if he can find a way to better enable him to completely remake his company through the use of those powers and can do it in a PR acceptable way why wouldn't he do it?

    What is for certain is that the days of the parcel and letter business being to a modest degree a somewhat prestigious and professional occupation are long gone.
     
  18. bbsam

    bbsam Moderator Staff Member

    It’ll probably begin with crappy split shifts for people who’ve been around for 20 years.
     
  19. vantexan

    vantexan Well-Known Member

    We were guaranteed 17.5 hrs for part-time, 35 hrs for fulltime, when I was hired in '86. But if a mgr let a courier get guaranteed pay he'd better have a very good reason for the district director. Knew a courier that for years was constantly giving away freight and only working about 32 hrs a week as a fulltimer. They finally found a way to fire him.
     
  20. MrFedEx

    MrFedEx Engorged Member

    That's a possibility, especially since Amazon business is actually increasing because so many people are shopping online in the midst of the Covid-19 panic. Bezos could buy FedEx for cash and hardly even feel it.