some companies have done this. when market recovers, the salaries could be brought back to current ..but it will be a hard sell..
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Well, I am going to move to Seattle and work for Burger King. The new $15 minimum wage will save us all.
the salary cut can be an option if you have enough work for the people you keep. COP is so over staffed that people were fighting over work before the price dropped. If you kept everyone, they would tear each other apart. Sadly, cutting people is the best thing for COP to do right now. The lesson is to cut off the empire building next time so that we don't hire so many people we don't need.
the salary cut can be an option if you have enough work for the people you keep. COP is so over staffed that people were fighting over work before the price dropped. If you kept everyone, they would tear each other apart. Sadly, cutting people is the best thing for COP to do right now. The lesson is to cut off the empire building next time so that we don't hire so many people we don't need.
There is no point COP maintaining expats, especially in support function while laying off local employees..
sorry but I am not willing to give up part of my salary so that sobs can coast on their ass while not being productive. Survival of the fittest. This is capitalism not a socialist country where everyone has to bend on their rear end for incompetent people.
Not to disappoint, but you are currently stuck with a whole bunch of bum employees, and all the talent is leaving.
So - you do that... you'll be stuck with a whole bunch of bum employees, and all the talent will leave. Bye!
I agree to that .. It is you versus others .. some of the people who are singled out are the people who tell honestly , what is wrong and what is good for the Company.
Never before have I experienced an environment so focused on making the co-workers look bad as a method of career advancement.
many here just dont get it. Since the whole exercise is to reduce costs everything is being looked at: 1) perceived low performers, 2) high seniority employees (long term pension/benefit liabilities to the company), 3) high salary grade employees (they worked hard to get here:) Low performance is always a nice/convenient reason to get rid of someone but in times like this the balance sheet rules and your loyalty, performance, expertise are secondary. Dont be selfish and unkind it might happen to you!!
Being selfish in these times concerning job security is a good thing. Survival of the fittest. The will be no "Participation Trophies" handed out. Teach your children well. The cries of "selfish" only come from the loser, never the winner.
How selfish the comments here are ... they reflect an ignorance in the way "performance" is assessed and the manner in which people are being terminated.
I'm in the top 10% for sure. I wear power suite everyday and constantly interrupt in meetings. When not doing that, I kiss ass to my talent manager. We have dinners on the weekends to talk sht about others and how good we are. Why should I take a pay cut? I better get a raise.
It's not just salaries, it's also the benefits (current and future) that are also eliminated when employees are cut. Ours is an older company with obligations to a lot of legacy employees. Frankly, I thought retiree medical would go away.
I believe the theory is that it is better to have a few unhappy ex-employees than a whole bunch of unhappy employees. Cutting salaries makes employees feel entitled to get compensation in other ways.
I agree with Anonymous152617. There are a lot of people underperforming - why should I take a pay cut to save them???
Everybody WILL be taking a small pay-cut for 2016. Check your 401k match proposed for 2016.
This option of salary cuts was never presented by ELT .. because this would mean they have to cut 10% of their salaries?? why would they do that when they know their jobs are safe.... they would rather layoff people and keep there salaries high
NWA Straight Outta Compton
if VP and CEO cut their salary and bonus by 20%, I would love to decrease my salary 10%.
well said Anonymous152640
The price of oil is the issue not the price of labor. The costs associated with production are not labor focused. Shale E&P companies will not need the same level of staff due to a decrease in production (due to an increase in supply). The economy as a whole external to the E&P sector is strong so the employees will vote with their feet and work elsewhere. The migration to the downstream sector is a god example of the vote with their feet. No hard sell, though. As the debt increases reduction in benefits will follow via reductions in profit sharing, reductions in company match retirement options, reductions in pensions. And watch the employee portion of insurance increase.
Who says they are not going to do both.
I agree with pay cuts. There has been no mention of trying 10% pay cuts and dropping some nice-to-haves. Same old, same old, get the axe.
Personally I have worked too hard to be willing to give up a percent of my salary for people that are not doing their jobs!