Word from HR is the new severance package heavily favors the company. Any word?
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They show a perspective new hire that a company has a great severance package it’s just one piece of the bait. True severance packages always change in the long run when large layoffs occur. I worked for a company for 10 years and the severance package stated 3 weeks for each year of service. The severance package changed just before the layoffs. I ended up with just 2 weeks’ severance. I am not saying Conoco will be that hateful but the new package can’t be good for those facing layoff. Mulva screwed everyone when he split the companies. There is no cash cow to help through these downturns in oil prices.
Could someone explain what is meant by mass exodus and why it is likely to occur.
In the old days, the captain went down with the ship. ConocoPhillips management is like the Italian cruise captain who was the first one to abandon his ship. And probably carries his undeserved $27 million with him
lifeboat: : a boat used for saving people's lives; especially : a small boat that is carried on a ship and that is used for saving the lives of the passengers and crew if the ship sinks.
Quote from the movie Titanic: Will the lifeboats be seated according to class? I hope they’re not too crowded--
Not enough lifeboats and the ship is sinking. Yes mass exodus to avoid fighting the 22 and above for a seat on a lifeboat.
So you think senior employees will quit prior to Oct 1 if their severance is reduced? What do you mean by mass exodus prior to Oct 1.
Indicative of targeting senior employees with 52'weeks pay under current policy?
August 31 notice of layoffs effective October 1. WARN requires 60 notice or 60 days pay in lieu of notice. Smart approach as a mass exodus will occur prior to October 1 without severance payments.
No changes yet in online Employee benefits handbook. COP does reserve right to change severance, p 223+ but would still have obligations under WARN. In the end pay somewhere bet 60 calendar days for warn and current plan? http://hrcpdocctr.conocophillips.com/Documents/HR-Benefits-documents/AE/EE_Handbook.pdf#newwindow
Here is a brochure on WARN for U S employees: http://www.doleta.gov/layoff/pdf/WorkerWARN2003.pdf
During one of the town hall meeting in april if i recall they said the next round of layoffs would not be as generous. I disagree with exiting the GOM drilling but we still have plenty of leases we can farm out and make money with. COP has too many employees. We need to run this company like HilCorp how many people are they are laying off? Hilcorp management must be from old texco that is how you run an O%G. Yes we are in love with our shareholder but you go to any business school that is what a company is about reward shareholders. We need to borrow money with the Fed low interest rates and buy back shares before we lose our credit rating due to lack of cash. The only thing saving this company right now is Burlington resources south Texas assets. Put Bobby Schalles back on the board an youll see where this company can go. I never worked for Burlington he should of kept the railroad business.
Enough of this BS. People talk out of their arse and call word from HR. If you are trustworthy, you would have at least stated what country you are in.
Disclosure notices requirements vary by country so not unusual for one country to post notices while another country does not post notices. ConocoPhillips is not the global corporation envisioned by the investors.
I cannot imagine that HR is selectively sharing such information prior to the announcement of layoffs.
You've confirmed with HR that the severance package is actually changing before the layoffs begin?