After 21 years working for weatherford was unceremoniously laid off . The business although productive with a high skill level and a product which now as we speak being made by sub contractors was shut without a thought about the future. The worse thing was the global production manager got the workforce to take a drop in wage then less than a week later announced closure . This dropped the redundancy package, so people don't trust any of them .
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I was there in Huntsville in the beginning and got the BP account for Weatherford which made them what they are today. What did I get? Laid off. But there is life after Weatherford.
120 day+ to pay suppliers, if indeed they do pay.
In the recent job market you should be grateful you have been employed for 21 years. I hope you saved some money and are willing to compete in a global labor market for much lower pay.
They don't give a hoot and this is the oilfield pal.
HR Manager.....you need to take a good look at yourself and your practices !!!!
The original post is utterly false and further comments on the thread are worthless. WFT do not conduct business this way.
@1tua Yes, they don't owe him crap, but at the same time, they are losing the future of the company. They may have hated to have to have let them go, but they were doing some pretty underhanded scheming there. If they can't predict their cashflow a week in advance when they know it months into the future, they lose any pretense of knowing how to run the company better than most any educated employee they have.
They don't spend money right away besides payroll, nor do they get it right away. They like a lot of companies do invoicing, and they've lost suppliers in the past because of their terms. They want to be paid on a net 30 schedule last I'd heard(full invoice price paid within 30 days, could be sooner but a lot of companies want to wait till the end to try to make more money off the money they owe), but they only want to pay on a net 90 schedule and have paid higher prices for products simply because the cheaper supplier would only give net 60. Obviously the less risky your company is, the easier it is to get a longer schedule, but smaller companies also have limits as to how long they can go without getting paid. Payroll happens every 2 weeks for pretty well everyone(very rare to see a company do monthly pay as it puts off a lot of new hires), and that money is gone as soon as the paycheques go out.
So they basically know the income of the company for the next month and most expenses for the next 3. This is where it becomes a bit of a shell game for management that gets to see all of the bits and pieces. They basically know the income to expense for the next month, so they can start at the bleakest picture and paint it upwards. Reducing salaries and then suddenly shutting shops points to someone trying to do a quick patch job on the finances(may have been looking at a quarter below analysts expectations which would have hurt the stock price more)
Wft will feel it in the end. Many good employees that cared about their jobs and the company have been let go while others have been retained. I hope the ones that have been let go will find jobs elsewhere and never go back to wft. I personally will take less money to work for a competitor. Wft burned the bridge with me and you should never burn a bridge.
Wow, that sux!
Disgusting
Yep, underhand describes this outfit to a T, devious, conniving lying scum !!!!