Thread regarding Schlumberger Ltd. layoffs

It’s not headcount reduction - it’s people reduction

We have to stop using the euphemism of “headcount reduction”, it’s people reduction. Management need to own it and accept that this effects real people with real kids and mortgages and it will destroy some lives.

Headcount is a line on a spreadsheet. People is who it affects.

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| 6173 views | | 36 replies (last July 1)
Post ID: @OP+1spuGHuW

36 replies (most recent on top)

The life has visibly been su-ked out of a certain MFG center with the huge drop off in production. only a matter of time before the process starts.

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Post ID: @Tgjr+1spuGHuW

People Week. Well played!

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Post ID: @Soxo+1spuGHuW

This is just 1st wave for cutoffs, 2nd wave may come soon. Northstar project takes 2 years.

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Post ID: @Rgmi+1spuGHuW

D&I cutoff 30% ppl in June.

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Post ID: @Rrjy+1spuGHuW

The video from OLP said:

  1. digital adoption hasn’t happened at the anticipated pace
  2. the market reacted to expensive acquisitions and we haven’t had chance to realise synergies yet
  3. the super cycle is softening and we need to prepare to protect margain going forward

Ultimately it means that the people suffer. You can argue if management bet on the right horses but they have the power and we are the weak. Don’t get old because they will cast you asunder.

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Post ID: @Qngh+1spuGHuW

We lost about 8 people in the past week. Sensing changes goin on. What's going on tho?

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Post ID: @Pqrc+1spuGHuW

Gradually getting worse, massive drop off in activity in MFG. Staff being moved around and others offered early retirement....the classic tactics before the main show. current bets are end of August for announcement.

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Post ID: @Ocss+1spuGHuW

we lost a designer

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Post ID: @Mfpr+1spuGHuW

how bad has it been for your teams?

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Post ID: @Ldsl+1spuGHuW

The lights are going out all over Europe. Well not see them lit again in our lifetime.

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Post ID: @Bvjn+1spuGHuW

Is it mostly “ki-l zone” - dudes over 45? Or are the snippers more diverse in their targeting this time?

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Post ID: @Bqcl+1spuGHuW

When where what state what city and how many

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Post ID: @Bzwc+1spuGHuW

It's coming soon if you haven't heard already

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Post ID: @zkox+1spuGHuW

Olivier is 61, which means he should have been paid off by now……assuming my experience of SLB is a rule and not an exception. People first

Sorry…….young People First, death to olds

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Post ID: @vgxc+1spuGHuW

Is it possible to volunteer? Pretty close to retirement- would love to get a package.

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Post ID: @vhzb+1spuGHuW

Why we talkin bout psychological safety b-a? Can you have it when the person above you could lay you off in a heart beat? It’s not a safe space to voice ideas openly. Yes men/women and the confirmation bias are what got us into this mess, and it’s our culture.

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Post ID: @uusj+1spuGHuW

Layoffs have been happening since the beginning of May, if not earlier.

Is all part of Project Deathstar, I mean Northstar, cost cutting.

OLP has always been fast to cut costs starting with people. Doesn’t matter what we thought of his predecessor, at least Paal was up front with the people in telling us that he was cutting jobs and by how many.

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Post ID: @tpda+1spuGHuW

They’ve now made it perfectly clear. You can’t rely on SLB for any job security beyond the short term. It’s not a place for those that want any certainty to have a family, buy a house etc. Eventually the market will decide how palatable this cr-p is for employees. People have a life outside this quarterly knee jerk to please shareholders (who are the most mobile of stakeholders). Shareholders have a short half life, employees last and serve if you respect them.

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Post ID: @snuk+1spuGHuW

Layoffs have started. First wave invitees getting good $ packages. Some have left already. Wave 2 in planning. Wave 3 maybe later

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Post ID: @sdwk+1spuGHuW

Just had someone confirm global layoffs but didn’t know when they would happen. Anyone have an idea when it would happen?

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Post ID: @sqwi+1spuGHuW

It has started......HQ employees being layed off, early retirement packages, contractor non renewals. Flat sales projections in US driving US layoffs. Ive talked to some old heads.....SLB used to be about the people, now its about the almighty $$ and Cash flow generation......

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Post ID: @oqsq+1spuGHuW

Good points. I would add that the best sell signal ever in SLB stock history is when the company starts to buy back stock. SLB times the top to buy back shares. Sell yours to them and laugh when the stock goes down 50% over the next two months.

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Post ID: @ilmy+1spuGHuW

SLB is one of the easiest stocks in the world to trade. Wait for it to crater, load up, wait for Executive Management to throw out a lot of buzzwords at an earnings call about reorganizations, block chains, new energies, AI, etc.

Investment Bank analysts will eat that stuff up for at least one year. Executive management will buy a few small companies in the buzzword spaces to show they are committed to growth; the accountants will cook the books a little bit to show some growth. You hold your shares during this stage.

There will be one pullback right after an earnings call where someone said something scary to the oilfield experts in NYC that have Finance degrees from Harvard... real oil people there. That's your signal to get ready to sell everything.

The next earnings call will have some rosy projections, some revised commentary on gaining market share, blah blah blah. You will see an initial pop in the stock price (especially if they say they are firing people), but it won't get back to the previous high. No worries, that's your sell point. Right then, right now.

Wait for the next crater... repeat.

I swear I turned $100k into $750k following this strategy over my career and never lost a bit of sleep over it.

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Post ID: @indc+1spuGHuW

Anyone know if managers would be affected ?

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Post ID: @hjof+1spuGHuW

That was a week of carnage. Some really good domain engineers cleared out. The embedded collateral damage of ChampionX acquisition continues. People as one of your core values?

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Post ID: @hbil+1spuGHuW

Everyone enjoying People Week? Or should that be People Weak

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Post ID: @7azd+1spuGHuW

If this is happening to SLB, but not the rest of the market, then their are two options:

  1. the company has been incorrectly managed and managers have failed to create prosperity
  2. blame all the employees and chastise them in global webcasts
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Post ID: @6vjq+1spuGHuW

anyone hear more info about cameron? just contractors?

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Post ID: @6cig+1spuGHuW

well said.
Been obvious for a while now, already have decent people fleeing the doomed ship for that greener grass, with even more to come.
just make sure its logged in SAP.

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Post ID: @6kps+1spuGHuW

D&I is starting now, 10% by June

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Post ID: @5gql+1spuGHuW

Whats going on? Hearing chatter but no real details

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Post ID: @2ptz+1spuGHuW

Why Cameron

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Post ID: @2jdq+1spuGHuW

It is on, Cameron getting hit hard.

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Post ID: @1bry+1spuGHuW

And with real mental health.

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Post ID: @1eop+1spuGHuW

I actually think it's kind of honest.

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Post ID: @tqj+1spuGHuW

Has it started? I heard it has but haven't confirmed

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Post ID: @fvm+1spuGHuW

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