We have made significant progress on this front with 6,192 positions already identified for termination starting the end of the first quarter with estimated annualized cost savings of $466 million
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as of 2/26/2014 2 were layed off so far. with what the company has caused with the over seas bribery and the fines they got with 253 million causing 7000 lay offs there should be able to be a class action law suit against weatherford. what did I do to cause this? nothing I went to work every day did my job and left and im getting layed off. several of the shipping guys are always sitting in their shack and sleeping and as of last heard still there.
any lawyers out there think we can class action them. as we were all told we employees were held accountable for what we did now how about weather fords people who caused the fines and lay offs
Well at least blameless people losing their jobs because of the inadequacies of others is going to save the company money.
Anonymous5547 - who knows. I don't think they know themselves. Thinking about it, there are BU, region & GBU roles. How many go will depend on who you work for (in the end who pays for you). Looking at the above, it's hard to say how many we are talking about overall. Comment from 5577 above about not knowing what further cuts will be demanded by Houston in the near future. Sounds ominous (and I agree).
the UK & Europe region as a whole will also pay its dues unfortunately. Hit lists are being drawn up by managers and reviewed by HR. Lots of HR closed door discussions and stern faces. Here, it's not just the non-revenue generating roles, it's also going to affect some 'easy victims' that ARE in revenue generating roles (not just the low performers) that haven't completed 12 months service. This is because they have little or no employment rights & severance payments will be low. Thing is, looking at the website, they are still recruiting quite heavily - which is crazy as it seems there will almost certainly be another round of redundancies in a few months. Couldn't some of the people earmarked for redundancies be re-deployed into these roles???
Essentially, it looks like this is the 'rough cut' and fine tuning will be in a couple of months. Also, people in Aberdeen/region can give all the assurances they like. FACT is, they don't know what they are going to be told to do next WEEK, let alone next quarter.
The impact on morale is there for all to see. People are talking pretty openly about applying for other jobs, clients are questioning whether staff on their contracts will still be there. I have heard from more than one person (one in BD) that it looks like clients are starting to award work elsewhere as there are simply too many question marks hovering over Weatherford's capabilities.
Must be brilliant if you work in sales for BHI, SLB or HAL - picking up more work than you expected! These companies are almost certainly sniffing around our best/most experienced staff in anticipation of more work.
Thing is: support (non-revenue generating roles) is already at the bone. You can see anyone in any of these teams is worked like dogs as a result. Quite how the company thinks it can find 7000 jobs in this group that are not needed (not including those that are in WDI), is beyond me. Engineers NEED support to do their jobs! As WDI is labour intensive, once they are taken out of the equation (not included in the 7000 cuts), rather than a 10% reduction in staff, we're looking at 18-20%.
Last year, for the reductions, they used an ax. This time, it's the full chainsaw.
If you haven't got your CV out there already, get it out. Soon the job market will be awash with WFT people.
Been here 2 years now. Got my UK citizenship now. One thing I know is this month will be my last (one way or another)!
Good luck everyone.
All regions, all business units, and all departments will likely be affected in some way. Up to a point the focus will be on non-revenue generating personnel (primarily those that should be generating revenue, but aren't). Performance problems are also targets. Of course, mixed in with these are going to be people whose managers take advantage of the situation to address "personality conflicts", AKA "getting rid of direct reports that they don't like". Hopefully this will be curtailed by HR but that may be expecting too much out of them. They seem to be focusing on the US right now. Over the next month or two it is likely to spread around the globe.
Do you know which department /GBU/region will be affected?
Do you know how many will be selected in the UK