What was managements response? Was management fired after firing all their people or before? Did people turn on each other to try survive the ranking? Just how ugly did it get?
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In the Early to Mid 80's, ER&E (EMRE h-Exxon) in Florham Park NJ had a massive reduction. I was in the Gulf Coast at the time. It could have been 30+%.
86 was the big one. The district office I was in had a 10% cut in the Spring before the company wide cut came on "Black Tuesday.: Anyone remember what month that was? I think the cut was about 20% in EUSA and 60% in ECI. Then small cuts each year up to about 1990, very poor salary treatment, and minimal hiring. In the mid 90s there was an oil boom of sorts and people left in droves. Management was totally surprised to discover moral was so low. This downturn feels worse than 86. No severance packages, reduced employee benefits, the future doesn't look as bright. Back then I knew things would get better if I just weathered the storm.
Most in 80’s found happiness elsewhere
Good time to get a severance to invest in equities! I will volunteer once it comes! Dreaming about the 1.5 months for each year of services makes me excited! Bring it on Darren! Go Tiger!
At Mobil they announced "the new organization" and the top two level management tiers. The premise was flattening the organization and no one should be more than 4 hops to the VP. Then as they filled the organization, it was pretty well known by the managers which ones would not make the cut. But everyone was told pretty much at the same time. They had a great severance package up to 1 yr pay and allowed volunteers. This is the last time they ever paid to have people leave and ExxonMobil vowed they would never do this.
Didn't experience firsthand but heard that just before all the axes from fire stations were gone, and then they knew. Was hired early 90s and people were still cowed but extremely cynical. Divisions were gone wholesale, including managers. When the bottom fell from the seriatim decent performers became the bottom and the bleeding continued for years. Same situation as now, huge expansion for oil alternatives, and then crash.
I can’t imagine all the research PhDs surviving this.
Half of the PhD's were let go on CL site all being told in private 15 min meetings on the same day. I don't remember how many were let go but I believe it was several hundred. Many in management had to give the bad news knowing they were cut also. The same week the company announced a 30% increase in profits.