Bombardier hiring falls into a tailspin as stock experiences turbulence
Bombardier ($TSX:BBD.A) saw its stock nosedive about 20% on November 8 after CEO Alain M. Bellemare states the company would use the sale of a Toronto manufacturing plant to meet cash flow estimates for the year. The stock soon jumped back up 20% after the weekend.
The company is in turnaround mode, as further evidenced by its plans to massively change its headcount.
Two weeks ago, the plane and train manufacturer announced it was going to cut 5,000 jobs over the next 12 to 18 months. However, according to job listings data, Bombardier is in a hiring freeze.
At present, the number of job openings at Bombardier is at its lowest point since late 2016. Engineering jobs took one of the largest hits, peaking at 389 individual openings on October 18 and falling to just 198 as of today.
Despite a hiring freeze and looming layoffs, ratings for the company on Glassdoor are at their highest point in years. According to these anonymous reviews made by employees, Alain M. Bellemare has an approval rating of 47% — it's the highest he's had since mid-2017 — and the overall business outlook sits at 38%.
Midway through the company's five year plan to rectify a 2015 crash, Bombardier is ready to shed engineers and management. It will be worth keeping a close eye on the company's hiring practices as it enters a rough period of layoffs.