Thread regarding Weatherford International Ltd. layoffs

What would you consider a fair severance package?

I'm not asking about what we are getting but what you'd consider was fair for your years of service. Would it be a week per year, a month per year, or something in between?

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Post ID: @OP+15oIeXqg

19 replies (most recent on top)

I think the longer it goes there won't be any severance left for employees, just a swift kick in the a$$. But hey, "you are lucky to have a job"!

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Post ID: @djsn+15oIeXqg

The people I know who have been let go after 12-20 years got a maximum of 3 months salary and 3 months of healthcare. Is that reasonable? I don’t think so especially while the big wigs are the ones running the company into the ground in the first place and still collect a ton of compensation.

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Post ID: @cghn+15oIeXqg

Mark McCallum got $6.6 mil compensation... how much do you really think is left for everyone else?

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Post ID: @8iys+15oIeXqg

Man what a shame. I remember when wft stock was 58 and we thought we were all getting rich

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Post ID: @2sok+15oIeXqg

You only furlough when there’s a reasonable chance things will improve and folks will be recalled. Ain’t happening here, Jack.

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Post ID: @1tom+15oIeXqg

They should have furloughed employees instead of lay offs. The cost to pay severance, rehire, and train new employees will out weigh the cost of paying insurance while furloughed. All furloughed would be eligible for unemployment benefits during that time. Also during a furlough if things changed quicker than the allotted time, an employee could be called back sooner and ready to work day one. It shows that WFT will continue to be slow to react instead of proactive like a thriving tier one compnay should be.

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Post ID: @1nwa+15oIeXqg

Have a lawyer look at it and you find that it’s enforceable even if you are laid off.

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Post ID: @1zeg+15oIeXqg

The no compete is only valid if you leave a company and go to work for another company in the same sector. If you get the chop through no fault of your own either rif’ed or laid off then the no compete is null and void.

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Post ID: @1evn+15oIeXqg

Non-compete applies 100%. It’s in your severance package and links back to anything you signed in the past.. I.E retention bonus in 2019.

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Post ID: @1lgg+15oIeXqg

Does non compete apply if you're RIF'ed?

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Post ID: @1qol+15oIeXqg

I think when they sneak in the noncompete clause on severance or on a previous bonus they should pay you for the remaining time on noncompete or cancel it since they quit you!

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Post ID: @1tsw+15oIeXqg

Bakersfield Rental gave 9 weeks pay and insurance.

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Post ID: @1hit+15oIeXqg

Not true at Baker paying 2wks per. Only 1wk per, max 26wks

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Post ID: @jfb+15oIeXqg

The sh– I’ve been through with this outfit I want at least half a mill, plus a month in Vegas all comped. Getting called at 3 in the morning in rain wind or snow to rig up equipment that never works, leaks everywhere and needs constant running repairs can’t be measured in money.......I want a huge payoff for putting up with this crud for all these years.

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Post ID: @kxk+15oIeXqg

I would not expect Weatherford to offer anything other than absolute statutory or contractual minimum.

They are presently asking for voluntary salary reductions of 10-20%.

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Post ID: @ylf+15oIeXqg

Most bigger companies Baker Hughes ect are offering 2weeks pay per years service

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Post ID: @ohw+15oIeXqg

It depends on the individual and the circumstances in my opinion. The statutory payment is unfair in that it caps pay around £500pw. I would say somewhere between one full week's pay per year and one month's full or capped pay per year would be reasonable.

Like other payments, such as annual bonuses, it's at its most unfair when applied inconsistently.

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Post ID: @oaa+15oIeXqg

there will be NO SEVERANCE once the 2nd bankruptcy is given to the courts. Just like earned vacation time, severance is not guaranteed nor is required. Citi bank has already (Q1 of 2020) taken a cash reserve of 4.9 billion to cover the cost of the WFT default or at least half of the cost.

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Post ID: @lcf+15oIeXqg

I personally think a month for each year of service is not too much.

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Post ID: @pni+15oIeXqg

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