My good friend is a VP at NOV and has told me that the severance package is going to be pulled from the table in May. The memo will come out in two weeks to allow everyone to digest the 401K contribution announcement. I worked here two years ago and realized this is a bad company to work for and moved on. People wake up! NOV does not care about you and they ones making the calls only worry about the right now and how much money they can make before relaxing at their massive beach house with all the money they have made. I feel sorry for some of you as I worked with some good people that truly put NOV first and really cared. All of you 20+ year employees will not be getting your money when your name is called. Take care and god bless.
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If your friend were a VP at another company, I might believe you more. ANYONE can be a Veep at NOV, just a matter of sticking around long enough and be a relentless s*ck-up. Heck, Mall Cop knows nothing about sales, operations, or management and was STILL given the VP title. Check your sources, son!! 2 weeks have come and gone without "the letter", we'll see if your boy comes through in May.
Friday is the turning point and I have yet to see an announcement on the loss of severance packages. Maybe that isn’t the case at all.
Recently let go from NOV, paperwork states, between 2 and 19 or more full years of adjusted service - 1weeks pay for each full year, prorated for any partial year.
neither one of you works for NOV. Trolls !!
I think we all know a company can change policies etc when ever they want but we accepted employment on the premise of said benefits/policies. If you can't understand that then you are either NOV management or a mo–n.. maybe both. We also understand there is ZERO legal obligations to pay out severance packages but when your senior management team gets insane bonuses and numerous stock options you would think they could or would do everything to keep this option open for the men and women on the floor that made it possible to get said bonus. You married your wife or husband on the premise they would love and honor you... they have no real obligation to do so but if they decided they no longer wanted to put up with your ignorant a– and left it would still feel sh–ty... so yes NOV can do whatever they feel like doing but that does not make it the right decision to do so. This use to be a great company but poor decisions in the past 6 years has made this place go down hill. Oh by the way I told your wife to stay with you regardless of your "short comings"
You can copy our products but you can’t copy our DNA.
@qyu+14jRFPib Companies can change their policies anytime they want and only thing you can if you don’t like is to quit. They are not bound by anything unless it’s a union job or employee has a contract.
People get angry when they hear something they don’t like but companies have no obligation to offer severance package or even pay for unused vacations. It’s capitalism, you can quit whenever you want and be laid off whenever they want.
Find YOUR life! Live YOUR life!
Dont let corporate america dictate your life. Ive known for years that these people are only out for themselves. They all claim, we care for you, we are family oriented. Im sure each and everyone has heard that sales pitch.
I will tell you, and dont need to cause its all in the feed here.. They dont care! They only care about you until it starts affecting them. In the corporate world, were all trash.
Unfortunately that’s why I said ‘stubborn’...they want, not need, to work. They are in denial and sadly affected many younger up and comers that do need to work and could contribute for many years to come.
When a VERP is offered, it is because they want you to take it! Many will learn the hard way :(
@bqg+14jRFPib yep exactly! I don’t work for NOV but I’m familiar with the VERP as my friends good buddy was offered it and turned it down.
All of those guys who were offered VERP and declined it are gonna take a very hard hit.
@bqg+14jRFPib I agree. Some senior employees need the money but there are also some people whose kids are all grown up and houses paid off but refuse to retire early because they are used to corporate life and like the extra money. People just tend to lose what matters in life and get addicted to work. They should have taken their packages while they could. I knew a guy who used to brag about his retirement savings and talk about his plans; a few months later he got sick and was dead in weeks.
All those ol'timers that were too stubborn to take the VERP are gonna be hit the worst. One of the reasons they didn't take it is they were still betting on the severance since they would get a year anyways. This is going to be ugly. I hope all come out ok.
And yes, the company is under no obligation to give you a severance.
@ttq+14jRFPib agree that the company doesn't have to pay or do anything BUT just as adhering to company policy as documented in the employee handbook is a condition of employment, so to is the company bound by the policies that they have documented in the employee handbook.
I guarantee that if the company conveys that they owe you 2 weeks for every year of service, they either pay it up or a Judge will make them pay much more.
Lets be clear: unless there is a contract, companies have ZERO obligation to pay anything when laying off people. The reason some pay severance is to compete against other companies that do so. They just want to look good against their competition so they can recruit future talent . I am condoning it, just stating the facts. Don't like it? start a union.
Actually the company and employee are bound by vacation and severance policies as documented in the employee handbook that is provided by company.
If the employee handbook establishes that an employee will receive 2 weeks of severance pay per year of service then legally, the company is required to pay accordingly. BUT what I’ve seen many companies doing recently is modifying their employee handbooks and more specifically the area related to severance and vacation. As previously mentioned, companies paid out millions for 2015 and 2016 severance, they are not in a position to do this again and it’s why they are intentionally hosing their current employees who’ve been dedicated for years.
The executives will most definitely take their millions and be setup comfortably while the employees will be left with a few crumbs. It’s really sad.
My advice to you if you have 20 years of service is to visit with HR right now and get some type of documentation that substantiates your severance pay should you be released, even better if you can get it in an email.
HR should have no issue with this as they know many have been released and many more will be, that is the function of Human Resources is to provide information and assistance to the employee.
lol I am not HR calm down. Go to Weatherford Layoff forum and ask them.
Technically you are an id–t. Ladies & gentlemen, just proof that HR is alive and well in these boards.
Technically companies aren’t even required to pay for unused vacations let alone severance packages based on employment length. I know for a fact that Weatherford doesn’t compensate their employees for unused vacations.
This is very sad but I’ve been in the oilfield a long time with many fiends in it as well. I can say that those who received packages back in 2015 & 2016 got exceptionally deals. I know a “friend” :) who received over $500,000 and then jumped right back into a high paying job.
What I can say is that from experience, those receiving packages now from the majority of the oil companies are getting completely hosed, I’ve seen it as well as all of my acquaintances. What happened is that during 2015 & 2016, huge packages where provided as the industry thought this was a temporary downturn and at that time had the money to pay.
Now that this deteriorated situation has extended for 5 years, these companies do not have the cash to pay fair severance so they have gotten creative with tons of reasons to fire employees via d–g test or just random other issues. Those who don’t get fired for a bogus reason will be met with the disappointment from HR and a floppy red folder containing a few weeks of pay, medical coverage ending at midnight and a paper with a few phone numbers that you can call for “psychiatric” help with dealing with your situation.
Sorry to be depressing but wanted to give it to all of you straight. Whether you have 1 year or 20, going forward there is nothing much being given in these current severance packages.
I don't doubt it for a minute. This is the way these guys operate regardless of the situation. One would think they would give extra thought to people and their families while we are living with this pandemic and oil prices but not a chance, these guys are scum of the earth.
I hope this is fake news. I have spent two decades here and the only real light at the end of the tunnel was the severance pay if I was let go. I am close to leaving the workforce anyway so getting laid-off was not going to hurt me too much but not getting my 44 weeks pay will.