With no bonuses or vehicle allowance AND furloughs, pay cuts for regular employees are well over 10%. What really sucks is higher ups taking a pay cut would save a lot more money than the regular Joes, Especially since we have like 50 VP's.
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For some groups it is a straight pay cut without any days off. For others pay cut and furlough. % varies as well. No standard.
@GqfoNYF-vxv, it's not the furlough or loss of pay it's the lack of leadership from upper management. If they cut everyone's pay that would be one thing, but laying people off and cutting their pay without taking one yourself is a d**k move. A 10% cut in only salary doesn't mean much if you get paid in bonuses and stocks.
Does anyone know how this will affect UK staff? Will we see a similar cut coupled with extra days off?
It will vary by region/employee group. My group gets furlough...some may not
Well it is official. Straight pay cut; not time reduction or furlough.
Glad the US is finally doing what Canada did LAST YEAR! I would rather take 10% furlough than a 10% pay cut. At least wages go back to normal once furlough ends. Good luck on weatherford increasing wages by 10% all at once.
Unfortunately Canada did a 10% reduction to a lot of their staff this year. I just hope they get their 10% back when Bernie get his back. I trust that will happen at the same time.
Bernie should have cut his and all VP and director level wages last year. That would have been true leadership. It wouldn't have made things easier for all the poor people who lost their job or took cuts in pay, but now it just looks and feels dirty. This is one of the reasons unions exist.
Once this slump ends and business goes crazy, a lot of WFT people will leave to the competition and Bernie will be wondering why, since he looked out for everyone during this time.
One of the reasons why WFT will remain a mediocre company; mediocre leadership at the helm.
Perhaps if someone gave Bernie some Ridoline a few years ago WFT would have remained focused and we wouldn't be in as bad f shape as we currently are.
"Isn't a 10% reduction better than 100%??" Get your head out of the sand. Layoffs will continue. We in Canada went through furlough to save jobs. In the end we all got let go.
I can't believe some of you have the audacity to complain! Would you rather them continue layoffs? Isn't a 10% reduction better than 100%?? I'm fairly certain that you won't miss that 10% too much. If you are that close then you are living above your means anyway.
They even cut the logo by 10%!
They can't even format properly their announcements. The WFT Logo is cut on CEO communication and that tells you a lot about the company. 10% cut from your CEO pay is a joke. This is no leadership.
Check executive compensation trend against stock return and revenue:
http://insiders.morningstar.com/trading/executive-compensation.action?t=WFT
Just got the 2nd letter. US OPs. US R&D, us mfg. 9.23% paycut....but we get to take 2 days furlough per month
Agreed. A company-wide cut is tolerable but a bottom-up cut is infuriating.
We've had a 10% pay cut for the last year (Canada) in the from of furloughs. I'm a little pissed that upper management is only now having to suffer this; they should have gotten hit at the same time as the peons who directly make the company money.
Everyone getting pay cut with reduced hours. For some this will be a deal breaker. They and their families will be in a very hard spot. Hopefully they can make it work or find better employment.
So BDD is taking a paycut, how generous of him, and he's promising to give it back when the going gets good. I don't know how many times I've heard that over the years with Weatherford, we'll take a cut years ago to help the Company through a slump, we lost Christmas bonuses to help the Company through a slump. Doesn't BDD realise that it's not really the industry that's on the downturn, it's Weatherford that's been on the downturn ever since he came on board.
Enjoy the remainder of your payrise BDD you won't be here to see the upturn as you have driven Weatherford under once too many times and this time it's going to the bottom !!!
Will all the Full Time employees have 10% pay cut?
CEO gets 16% pay rise, gives himself 10% pay cut. Great message to send out to the guys in the field.
Well I much prefer the furlough then just a pay cut. It gives me the opportunity to pick up side work elsewhere on my days off. Maybe I can be an uber driver.
Exactly. Furlough....day off with NO pay still the same as a pay cut. Just be thankful you are still employed. It is not easy to find something else right now
Technically no, but furloughs in the US are the same thing. I've also heard rumors that the high ups are still getting bonuses so they dodged that bullet as well.
So regular employees are getting salary reductions too?