John Deere Begins Laying Off Salaried Employees
Three filings indicate 170 employees have lost their jobs, as the company reports a 20% decline in sales from 2023 to 2024.
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Salaried John Deere employees are now being laid off following layoffs at several Deere factories.
John Deere confirmed in a July 30 statement to Equipment World that salaried layoffs, noted in a Deere SEC filing in May, have begun. The full statement from Deere reads as follows:
"As the largest global manufacturer of agricultural equipment, John Deere, like many others in our industry, faces significant economic challenges, rising operational and manufacturing costs, and reduced customer demand, including a 20 percent decline in sales from 2023 to 2024.
"This reduction in product demand and increased operational costs have unfortunately forced us to make tough decisions including layoffs at John Deere production facilities and reductions in our global salaried workforce.
"We are committed to providing assistance and benefits to affected salaried employees. As part of this pledge, we are extending the following support to affected salaried employees in the U.S.:
- Up to 12 months of severance based on years of service
- Pro-rated short-term incentive (STI) and long-term incentive cash (LTIC) compensation benefits
- Payment for any earned and unused vacation or paid time off and other factors
- Access to ongoing health and wellness benefits and 12 months of professional job placement services
"While the decision to reduce roles across the company was a challenging one, the company is confident that these adjustments, coupled with our ongoing efforts to reduce costs and align production and inventory levels, will position John Deere strongly for the future."
Three Worker Adjustment and Retraining Notification (WARN) filings in Iowa from John Deere stated 170 employees had been laid off at various Iowa facilities as part of a "mass layoff."
The salaried layoffs follow a string of layoffs Deere implemented in its manufacturing facilities across the U.S.
