Houston area will be hit the hardest.
At this point:
- Suspension of 401k match indefinitely
- Mandatory salary reduction ranging from 20-35% with optional “deferral” (unknown).
- Furlough will be company wide for essentially field based employees and is expected to be 70% of total workforce.
- Lower level salary will be laid off for their benefit given they could emerge with same or greater salary on gov’t subsidized unemployment.
- Managers will be reduced at a headcount of 3 to every 1. Some will be furloughed but a majority will be laid off due to extended negative global demand forecast.
Timing - very soon. Lawyers are involved with “WARN ACT” (google it for explanation) which is likely to result in 2 months of benefits and pay continuation is up in the air.
Not trying to be political here- wanted to give a heads up to people in the same boat as I.