Oct. 31 (UPI) -- General Motors is offering buyouts to thousands of its longest tenured employees as part of a company-wide cost-savings effort.
The voluntary severance program will be available to 18,000 salaried employees in North America with 12 or more years of experience, The Detroit News reported.
GM notified employees of the program Wednesday and those eligible will have until Nov. 19 to opt in. The company hasn't publicly released details of the offers.
News of the program came out after GM released strong third-quarter earnings, showing an operating profit of $2.5 billion and 10.2 percent profit margins in North America.
CEO Mary Barra said GM would be taking "steps to transform the workforce to ensure we have the right skill sets for today and the future while also driving significant efficiency."
The company also said it would "evaluate the need to implement" other forms of layoffs after evaluating results of the voluntary program and other cost reduction efforts.
GM also has been making a push toward developing self-driving vehicle technology, electric vehicles and ride sharing services.
"We've been on a journey to transform the company, both in how we operate the business and in how we lead in the future of mobility. Even with the positive progress we've made, we are taking proactive steps to get ahead of the curve by accelerating our efforts to address overall business performance," the company said. "We are doing this while our company and economy are strong. The voluntary severance program for eligible salaried employees is one example of our efforts to improve cost efficiency."