So people living paycheck to paycheck were laid off and given a pathetic, unreasonably low severance package while the C Suite executives sit back with their repulsive million dollar salaries and equally repulsive bonuses. How can they sleep at night?! All it would have taken if for each of them to give up 2% of their bonuses to be able to afford to keep the employees on staff.
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I do not care how good you perform your job, if your not with the smt group you are free game. Pdc is being run by management from. Noble and they are in the same situation. How does someone go from pipeline supervisor to hr supervision. Go figure. pdc does not care about their employees because if they did they would try to keep up with lay-off severance of competing companies. employees got 6 months whereas pdc employees received 6 weeks. Thanks Bart & smt for another slap in the face!!!!!
Answer me this SMT...how can your loyal PDC hands get 6 weeks severance and your newly acquired employees got 6 months severance. It appears was really looking out for their employees and it makes PDC look like S—-. How can the smt only take a 15 % paycut which is the same as everyone else but yet make tons more money????
Out of the people that I know who got laid off none of them were any where near retirement, neither age-wise or financially. Many of them performed their job responsibilities above and beyond and annual reviews reflected this. Their loyalty to the company was unprecedented and their reputations within the industry are very honorable. Several of those let go were with the company for 8 to 13 plus years, if it was based on job performance they would have been let go of a long time ago. PDC has an unwritten policy of hiring younger employees over older ones and for letting people over 50 go to make room for younger employees, anyone who reaches 50 starts sweating as to just how long they have left. I personally have been in a meeting where they were discussing potential job candidates and the terms "they are to old (50ish) and wouldn't fit in as well" or "they are young and so I think they'd be a better fit" I have known people who have retired early on their own so the company would not have the opportunity to force them into early retirement. I know of one employee in her early to mid 50s , who was asked by her supervisor four times within a year-and-a-half what her thoughts on retirement were and when she thought she might retire. She was let go in this layoff. There were plenty of younger people let go in this layoff but that's probably only because there weren't enough older people to meet the 10% cut back and I'm quite sure they're trying to keep somewhat of a quota of older employees to keep themselves out of trouble with the EEOC. They most certainly have one of the worst Severance packages in the industry. Unfortunately their loyalty to the employees does not match the employees loyalty to them.
I can tell you that those terminated were most certainly not the ones who were underperforming & most, if not all of the office positions eliminated put forth above and beyond effort for the company. Some with over a decade of employment. Some Of the brightest employees that company has had in years were terminated last week.
Welcome to oil and gas. This industry pays more because you need to learn to save more. Layoffs are just part of the game when a commodities market drives your income.
Clearly the one with the earlier comment about uneducated and work your a@@ off knows nothing about PDC. None of the employees from the Evan's office were even close to retirement, with the exception of maybe one. However, he hadn't been contemplating or had he mentioned it. And, several (6 of the 10) were under the age of 40. Also, two months ago there was a meeting where all employees were informed of how great the company was doing, no need to worry about layoffs as it had never happened before. The company has "free cash flow". Nothing but praise and positive feedback about the future of PDC. So, mr/mrs uninformed/uneducated, due your homework before you come to a thread with b.s. information and s$@t talk.
None of PDC's C Suite executives have a salary of $1MM (average is less than half of that). Also, 2% of C Suite executive bonuses totaled $51,700. Tell me how you would retain 50 employees on staff with $50k. And PDC's median employee compensation is $140k so I doubt all are living paycheck to paycheck. Reply above is spot on.
People with your mentality are the type of people who get laid off. PDC is a business, not the Colorado full employment act. This is good turnover because they terminated the lowest performing employees while others were close to retirement anyway. Doing some research will help you avoid making further unsophisticated, uneducated in the future. Work your a-- off and do your job better than anyone else could do it and you never have to worry about layoffs. You're welcome.
I agree with you. Maybe this shareholder activist will get the company straightened out!