Early retirement packages were offered today. Standard (up to) one year pay, 80% bonus and stock plan vested depending on age and years of service. Employees have until the 26th to make a decision.
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I think the target number HR had for early retirement was 25%. My guess the actual number will be 75-80% of people leaving that received the offer. Apache at this point has lost most of its technical expertise, while senior management has ballooned its VP count. Getting ready for a fire sale, I’d guess.
I believe yesterday was the final day to accept a retirement package if offered one. Unfortunately, this might signal the start of layoffs.
Premier? Not even close. Inferior is more like it!
Even though one of Apache's core values states "invest in our greatest asset: our people", it is merely lip service to these executives. The founder and chairman of Apache Corp, who truly lived the belief that his people were the greatest asset, is rolling over in his grave!! How far we've fallen.....
The way this has all been handled is far from premier. We are the laughing stock.
Not all the Regions, expats didn’t get early retirement packages.
So what departments and offices is this? I mean, if APA SATX is responsible for this disaster via Alpine High’s gaseousness, are they being offered retirement packages after circle jerking themselves from “managers” to “vps”?
So which departments have got the axe?
The company needs to give good bonuses this year to people who stayed, I hear some have panicked and are leaving. Even mission-critical people,
All regions?
The number of layoffs depends on the number who take early retirement. More likely to be laid off than relocated if you decline the package. It is a real c-ap shoot. Honestly, no one really knows, including management.
Two questions:
1) What happens to those who do not take the package? (First to get laid off? First to get an offer to relocate to Houston? Something else?)
2) What is the eligibility criteria for the package? (Must be over X-age? Worked at Apache for at least Y-years? Enemy of the CEO?).