It seemed like there was a lot of hiring happening and now there’s layoffs? What gives? What changed?
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Just because mommy a daddy tell you how great and smart you are growing up, doesn’t mean you can be a CEO I mean come on really this guy has to go down in the books as one of the worst,
Whiting was too small to handle the load of all the new Execs. Poor vision for the future by these high paid execs is what happened. So when the vision didn't pan out, it was time for a new plan. The fact they called out the number of execs or corporate in the lay-offs they included managers of all levels. Another example of the Whiting workforce consisting of more management then worker bees. Guess what folks, meetings, meetings and more meetings is not productive. There needs to be worker bees and they were disposed of.
As for the hiring of all those new people?, this has been in the works and since the plan was to keep all the new people and get rid of the experience there were obviously some areas they knew of in advance and filled those spots.
They really should rename the company. This current company is nothing like the old. Better in some ways but the values have changed. Think of the money spent on all those plaques we all received. Those values were put together by the employees, not management. They have no value if they aren't being followed by the top.
They overpaid their executives - people brought over from Anadarko and spent money like they were as large as Anadarko. It is my understanding that the executives recently chartered a plane to go to an out of state funeral for the parent of one of the executives (or was that a ruse for a secret meeting). Knew that something was coming when they cancelled the annual company picnic and they started having hush-hush secret meetings.
Really sad how they exited loyal hard-working people who had been there over 10 years - not even letting them get the pictures of their kids and grandkids. There were lots of employees with young families too.
- meant to say "The dollar savings really was NOT significant....
This is simply upper management throwing other folks overboard in an attempt to hasten their inevitable dismissal.
Whiting said they would save only $50 million a year by laying off 33% of their work force. Over the past few years, there have been years where they lost over $1 billion in a single year. Saving $50 million does very little overall. Plus, they now have to deal with less work accomplished, due to missing that many people. Those who didn't get fired are now a bit more nervous, many of the talented ones will leave on their own, now that they see the way things are. Many of those who stayed will also lose motivation, since they know that Whiting is done for anyway, and there really isn't much incentive to work hard.
The dollar savings really was significant compared to all the other damage this caused.
Overall, this was a very poor decision by a management group that has a history of very poor decisions. Don't be surprised if their are firings among those in upper management some time over the next few months.