With the announcement of the buyout by Enbridge, the two companies say they'll save $540 million annually beginning in 2018. Of course, no mention in any story anywhere about employees in general or layoffs in particular, because who cares about employees?
If all of the $540 million comes from layoffs, there's going to be a bloodbath.
What is the matching % on Enbridges 401K? How does their vacation/sick time work? Do they get family medical leave? How does their retirement work?
Maybe Enbridge will finally clean house in the corporate budget & forcast department. They have a manager (with no direct report) that talks big but actually do nothing all day long and always on vacation, sdo or work from home.
Per my friend at Spectra: The first round of cuts at the Mangement level should be a no brained. In order of rank and over compensation ($400,000 to $100,000 +) General Managers, Directors, Managers - several of these have 0 to 1 direct reports ( talk about corporate welfare ), others at this level may have a few more under them but flattening the organization will be a big help in making the numbers. A word of advice on finding projects to be cut specially in IT and Supply Chain, " these people live and die by PowerPoint presentations, cool project names and dazzling color schemes is a dead giveaway ".
What kind of benefits does Enbridge offer? 9/80's, pension, 401K match etc?
ofcourse. They are not cutting dividends to compensate the massive debt after Spectra acquisition. Management is aware of adverse market reaction if they cut dividends. So the only other option is to layoff employees , Our corrupt government is not helping either. There is no regulation to stop this acquisition. Capitalism at its best.
Enbridge said the $540 million saving going to come from layoffs from both enbridge and spectra.
enbridge had several layoffs in the past 2 yrs. Get ready to work under incompetent management of enbridge.
35-28=?
Its a magic number. The numbers do not lie.
A ton of layoffs in the backoffice