Company is losing billions, will 6% make a difference or are they just delaying more cuts in 6 months time?
9 replies (most recent on top)
250,000 what the heck, give me a pair of those knee pads.
Are you kidding? If they are cutting 1000 people. And we guess that every single person makes at least $250k per year. That's saving a sh--load for sure. However we are losing over a billion per quarter. So. If we save 250 million cutting everyone and lose 4+ billion. Does that really make sense? Of course not
The whole idea is to prove to the investors that you are serious. And the only way to do that is to toss people.
Saying we changes our process. Lowered costs. Doing better. That doesn't mean anything. We tossed 1000 families into the street? That's means cop is on the ball and doing what is in the best interest of the stockholder ( which naturally benefits the higher ups)
Lost in translation. It should read: Walmart Greaters of the E a nice touch....
I hope they address the huge cash sink holes like HR, HSE, Communications and health/wellness opposed to hacking away at groups that are involved with operations and production. Having those individuals in excessive numbers are a relic of the $100/bbl era. I kind of viewed them as the Walmart greaters of the E a nice touch and good for optics, but minimal added value.
We were told today that we still wanted to get our cost structure down to $45 a barrel, and that we currently sat at around $50 a barrel for breakeven. This reduction of another 1000 employees globally, and another budget cut supposedly to be announced at Ryan's town hall on the 28th. Either way the company I joined 15 years ago is long dead, and what remains just flat out s---s right now!
Not enough to help. That company already went bankrupt... now they're idleing by laying people off as their bank rolls get smaller just to make payroll... Hope/no pray you get cut. That way you get out now before your paycheck bounces!
No, of course not. It's no where near close to being deep enough. That's why they had to quit calling these waves of layoffs Phase 1, Phase 2, etc. Now that we are probably somewhere in the neighborhood of Phase 5, it just becomes too distasteful for even the ELT to stomach. I guess they figure if they stop numbering the waves of mass destruction that maybe the masses (or whatever you would call what remains) won't notice just how bad it really is. It's the latest trick in their stellar morale strategy.
No this is not deep enough. Management is stalling hoping price will come back up. They will continue to protect the execs, managers, and all the good ol boy club and cut hard working people that have loyalty to the company, and they will kick them to the curb without a thought to save their bloated bonuses. They will hold out as long as they can and not make the correct decision to clean out the worthless center. They add zero value and are a worse drain than the US Federal government.
Delaying more cuts. Pimpin' ain't easy but somebody's got to do it