With all the recent announcement about furloughs, 401k, paycuts, does this mean the recent announcement about 6,000 layoffs will not happen? What is the status on this, hopefully they have decided not to lay off anyone else.
Thank you
3 replies (most recent on top)
The layoffs will be a result of shutting down facilities that are redundant or slow, and will likely get slower through the year. Field offices will consolidate and service a larger zone. If there's more than one manufacturing factory it is likely that one will be shut down? Unfortunately it is a question of capacity, existing inventories, and speculation when things will turn around. We also shouldn't expect things to turn around to previous levels.
That is how those numbers will be achieved.
We can all blame Bernard for the state of things, but I would like to blame the 'American Way'. Corporate America is greedy and ego driven. All you hear is that you must be the biggest to survive, that being large drives economy of scale, we must outsource manufacturing and clerical work to China and India. Well none of that has really helped us or our competitors.
All the stuff happening now is a correction to bring things back to equilibrium. Unfortunately (or fortunately) this cycle will repeat. Oil will pick up again and there will be a demand for workers and overtime. A lot if people will jump ship to other oilfield companies. Some workers won't come back to the industry because of the risk these jobs carry. The void will be made up by a lot of young people who will live large. Lots of money will be thrown our way. Bernie and his equals at other service companies will brag about how we survived the storm and are better off now..
Layoffs are still going to be going on. Furloughs are short term cost savings. Firing thousands is long term cost savings.
Please dont be naive. All of these changes Will Not stop layoffs!!!!