Ford Motor Co. is eliminating stock award bonuses for some middle managers in an effort to boost performance as the automaker confronts declining profits and high costs.

Changes are being implemented to incentivize employees as Ford competes with other corporations for talent, the company said in a statement.

Some middle managers at Ford Motor will not get stock bonuses this year in what is seen internally as CEO Jim Farley's latest attempt to cut the automaker's bloated costs, according to six people familiar with the matter.