They have done it before and WILL do it again. Then they will throw a party to congratulate themselves for doing it.
https://www.nytimes.com/1986/04/26/business/exxon-move-for-slash-in-staff-called-startling.html
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Houston, as a HC10 city, you have a problem?
Yes and they replacing those workers with contractors. Several calls this week.
Nice...kltc and btc folk must have done great job...houston is redundant and not required anymore...
I’m rarely one to defend the company, but the mid 80s was a massive shock to oil and gas that lasted for several years, with the impact being felt for years after oil prices recovered. It wasn’t just Exxon laying off huge numbers, it was the entire industry, with smaller or weaker companies failing completely and disappearing. And if oil markets tank again, especially for as low and long as they did in the 80s yes there will be massive layoffs across the industry. The mid-late 2000-teens were bad enough, the 80s were much worse.
@ba
the 39 trillion US debt enters the chat
(around 2000 the debt was about 6 trillion)
Don’t forget to also predict the stock market crashing and the world ending…
Through my career, there were layoffs in 2004 and 2014, but then when Covid hit, so many wanted to be part of the layoffs. But EM waited the longest they could before offering severance packages and it was really only for those who were RE. EM got “smart” during covid and simply bumped the NSI percentage from 3% to 8% and voila - they could force separations without having to pay severance.
For layoffs (in the traditional sense) to happen again, there would have to be some major, significant event, like the price of oil going to under $20 a barrel. Until that happens, they will use the NSI to force people out. Once you see NSI percent go above 5%, you know they are “laying people off”
Voluntary.... The dream
1986? Really. You weren’t even borne. Not a single decision maker from that layoff is with the company and almost all have left this life.