I totally dont agree with the last post. it is true that the industry is cyclic. however the cycle has shortened so bad. it is every 4-5 years now. but the problem is being laid off or someone is feeling joy other people are losing jobs. the major problems how the layoffs are taking place. when you see people with useless titles and no real value still have jobs and getting paid 200k while field and front line employees let go. then you feel upset. when our exec team get paid millions of bonuses when the company was losing money, you will be mad. When they cancel the profit sharing and the pip is at its lowest, and you hear some VP selling their shares 2 days prior to shares collapse, then you know you are working for a bad company. when our CEO going around the world taking selfies, then go home to lay off more people, then it is hypocrisy. tell me how many titles you come across who do nothing except giving presentations and trying to convince the employees that it is the new way to go. Most of them are the transformation managers which failed miserably to achieve any target. now it is digital transformation manager, or market value manager.
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I joined the layoff club this last week, but I could smell the blood in the water when the oil price and stocks started the downhill tumble and knew it wouldn't be long before I would get it. Been around way too long to not have known that it was coming especially since my old title disappeared when the Transformation took place and I was told that they didn't know what to classify my new position so I was given a title that didn't pertain to me. They tell you it was a difficult position to decide, but somehow it still feels like a bias decision made to save some diversity agenda.
PK ran the company into the ground when he was brought in. Granted outside forces didn’t help matters but he totally changed the company and it was not for the better.
In past times, when layoffs have occurred, it was for the benefit of the employees remaining. Yes, the exes always get their money, more than others who deserve it, but rank and file could continue.
This time, the layoffs have not come yet and that worries me. Preparing for a worse outcome than layoffs- retirement fund gone, 401(k) gone, no lay-off package, pension not payable: BANKRUPTCY Even if oil prices come back in June when OPEC+ meet next, the damage will have been done. There aren’t enough cash reserves left to last through June. No publicly traded company, or private equity will buy portions or whole of SLB. Suppliers will have gone bankrupt even before SLB does - there won’t be anything to come back to either.
HAL at least put up a plan - furloughs - means they are trying to survive. SLB has not done or announced anything - management has thrown in the towel and are now looking to secure their golden parachutes.
No. I copied my own reply to the other abs started a new thread. We are not schlumbots or any BS you try to call us. We are people who have families. Worked hard and in many cases went above and beyond to make the company more revenue and keep being successful. Now we are losing our jobs. And our families are suffering while our VPs go around to be called among top women in oil and gas. Or executive of the year and all these BS selfies. So whoever think front line. Field employees are worthless, is only a little jealous sick person. I wish ppl revolt for a change.
Well said! This was a fantastic industry until the late 2000’s. That’s when the corporate bloat kicked into high gear across many industries - esp ours (sustainability VP, diversity VP, etc). Being that oil was predominantly a male industry, we really rode that wave to our own detriment. Many of those types of positions survived the 2014 crash because it was not PC to cut these worthless positions. Now it’s our day of reckoning, it’s about to get nasty unfortunately. I don’t wish this on anyone but I sure hope the talented folks are spared and these worthless positions eliminated.
I agree wholeheartedly. And I'm one of the recently laid off. This week.