Cut main office overhead salaries by 25%. I have heard many personnel are overpaid. Many will unbelievably stay because they cannot find another job paying near the cut or will not leave their comfort zone. Good talent will leave so prepare to outsource HR, payroll, accounting, IT...
Cut benefits drastically.
Mcdermott is no longer a tier 1 company so should not pay tier 1 benefits, nor tier 1 salaries.
Sell the new Houston office building. Move into cheaper leased building in a cheaper area.
Sell some projects to other companies and downsize.
Get the balance sheet back in health and then approach growth at a well thought out pace.
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How about 10~15% pay cut across the board?
Reduce 401k match to 50% up to 3 percent of employee contribution. Cost of living raises only. Reduce contribution amounts to health care. No vision no dental. 25000 funded life insurance max. That’s small company benefits and that is what McDermott is now.
Sub lease
you're not suggesting taking away BLUE JEANS FRIDAY, are you? NO-O-O-O-O!!!
Seems like this post is from someone outside the US. In the US, MDR does not offer tier 1 benefits. We also do not own the new office building- it is leased.
Tier 1 benefits, & tier 1 salaries?
FOMCL !!!
Selling a building you don’t own is a one way ticket to jail.
He, it, accounting, payroll is a big reason BK is looming.