Severance packages are one week's pay for every year of service and they pay the current balance of earned and unused vacation. Ex: if you've been with WFT for 5 years, you get 5 weeks of severance.
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Does anyone know what the severance packages look like for the Houston location?
Just sold all my weatherford stock took a loss but in a few more weeks won't be worth anything
If you are foolish enough to still be investing in WFT stock, STOP IMMEDIATELY. If it goes to $0.50 - $1.00 more than you paid for it, unload it IMMEDIATELY. Pay close attention to what Wall Street is saying. WFT is simply not worth the risk. Mr. Danner, is not the person that should be running this company and the company cannot afford to let him go. More and more layoff will be forthcoming. WFT once was a company with 4 columns supporting it. Someone had the idea they could get by with only 3 columns, and replaced everything with a 3-leg jack up rig. The problem is the legs on the Jack up cannot reach Bed Rock and the slow sinking of the 3 jack up legs will lead to disaster. There certainly are not enough life jackets to go around!
Most managers get their bonus' s because of their hardworking employees. I have had several different managers and none if them got their hands dirty. They don't reach those targets by themselves.
Typical, some D bag in SJP wanting a bonus. I haven't seen a bonus in 5 years. WFT tells managers to be discrete about their bonuses. That way WFT can leave people out and simply tell them no bonuses were paid. This is why the circles are so tight at WTF. All managers are screwing their employees. And none of these managers will lose their job.
Hate to tell you but most of us have never gotten a bonus from this crappy company what do you do that allows you to get one?
Some effective managers work for a bonus. This is tied to targets and Kip's (key performance indicators). Some of these targets are under their control and some are not. Bonus to a manager is often tied to his teams performance. It could be tied to her's. I do not know of many non deserving managers that regularly receive a bonus. Top drawer managers always do wether it is publicized or not. I have never missed mine, and have not had to release a team member in the previous four rounds of layoffs. This is a good place to work for individuals willing to dig deep and work hard daily. Coasters are for drinks, they get wet from whining and tears, and that should be the focused target of these layoffs. Bernard wants to be within five handshakes of each employee. Hope real managers are not lost in the de-layering ex cerise we are undertaking.
@67 - I do not think anybody would mind if we expand discussion here beyond layoffs. We had many threads here that were not layoffs related, people talked real estate, imterview questions, management styles, strategic direction, oil prices, etc... Nobody complained, why the fuss now, we all benefit by having more info.
Bonuses is a very good question, and one that should not be overlooked. While hard working employees are being laid off there are managers still not doing their job. There are some who go out to branch plants, drink at the hotel bars and charge it all to their rooms. They have been getting away with this for years.
If WFT has to cut people then they should cut the BONUS, and the worthless managers who have taken advantage of the company for so long.
I'm not a union person, but this could be the right time for shop personnel to start looking at forming a UNION.
@Anonymous66066 - This is a layoffs forum...
Well it's not uncommon right after rightsizing to pay bonus or give a raise. A company does this to justify increasing a persons workload due to people cut. Can't see it being done this time given the focus on cash. I know I will get some harsh criticism for saying this, but some peoples pay structure is based on bonus pay, which is based on meeting performance objectives. If this guys bonus pay is based on meeting variable goals, then he is entitled to it. It is the terms he agreed to when he was hired. As far as I am aware, no existing employees have been asked to reduce their wages.
Anonymous66055 and other - I am not the original poster, so please hear me out. While I am as frustrated as all of us are and my job is still in danger (we are letting people go as of this morning), I also know that we do not have many avenues for communication as employees. Maybe the original poster is using this board for a discussion that goes beyond layoffs, and she or he simply cannot find a different forum to use. Now, the topic of bonuses is a sensitive one as we have a bloodbath in our house right now, so I 100% agree that the question is not appropriate at this time, but at the same time think if terms of us using, once things stabilize, this forum to discuss a range of topics that relate to WFT. That's just my two cents and God Bless.
What an idiot!! You thought it was a good idea to go to thelayoff.com and ask a question about your bonus... Brilliant!
You're either trolling or the biggest d-bag in the company. Hopefully you're in the unemployment line soon.
Actually it is people like you that are the problem with WFT. Do you not think the ExCo's will be getting large bonuses? Why should the "regular" employee get screwed it is not them that are behind the cuts. Perhaps you should direct your anger at the ExCo's, most of which, have been in their positions for many years and have driven the company into the ground.
Good morning Dip ST! I think people like YOU are exactly what is wrong with WFT. No regard for human sorrow from loosing a job they may have been working at for multiple years. You and all of the others like your self can go FK yourselves and take your bonuses with you!
Yes, 120% actually. Should be dispersed at the end of this month after everyone's job that got cut can pay you and your stupid, thoughtless, inconsiderate, dumbass self. Have a great day dillweed!!!!!