So the word had just come down that dresser rand is sending everyone employed home for a week no pay....
10 replies (most recent on top)
Its not about being off a week and coming back. The company is unstable and falling apart, DR can not survive the market.
Wonder what the ramifications will be on the stock once the word hits wall street...
Can't imagine this being good and/or a sense of financial security for investors.
Not to mention what the Siemens board and investors would think, considering they already think the stock is over inflated.
Smells fishy, wonder if the plan is to back out at the last minute and let the Dresser-Rand stock plummet - then buy it for pennies on the dollar and clear house.
The announcement said "In order to further minimize the impact of reduced activity levels, the Company is taking additional actions globally, one of which is implementing a furlough (unpaid leave)". So if the furlough is ONE of the actions, what are the others??? I for one am updating my resume just in case.
amen to the previous comment, right on the money.
Don't understand how or why Siemens would want to buy a company in such poor financial conditions.
Also why not trim the fat and get rid of most of the middle management and made up positions that do absolutely nothing.
It's also sad when you want to save money but your company decides to use more and more union labor that is double sometimes triple what your paying your non-Union guys.
This company is so fiscally irresponsible and upper management has no clue and or idea as to how much bleeding their middle management causes and the amount of money they piss away.
Management is too far removed from the little guys in the ground making them money and too many remote employees with lack of supervision.
The most idiotic part is they are trying to "save" money but where I am we have guys working mega overtime the week before and the week after so everything can get done in time to satisfy customer requirements. I know they are still saving in indirect costs but shit double and triple time cost a lot too!
Yes maybe it will save some jobs but most of the people than can go somewhere else will go somewhere else because of the financial irresponsibility of putting all the eggs in one basket (Oil and Gas). But hey those execs still get their high salaries don't they?
From what I've heard through management in order to keep customers satisfied (to an extent), some services centers may do it as a two week thing with skeleton crews working each week. I don't see how we can just lock the doors, turn off our phones, and not answer emails when sometimes clients have major emergency repairs needed. The whole thing sucks but it's better than ANOTHER layoff!
So how is it beneficial to shut the whole company down for a week, it's a bit absurd and what about the customers that you will lose - layoffs are imminent, this really shows how fiscally irresponsible this companies management really is.
My understanding is by taking this unpaid leave will save another round of layoffs, and if that is the case then bring it on. I would rather have 1 week off with no pay than to see people out of work...