Anyone know when... which departments?
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Make no mistake, this is a move to take advantage of employees in a difficult situation (granted the company is in one too). A furlough allows the company to hold on to employees and avoid having to separate them and pay severance, etc. So now the table is flipped and you are totally at their mercy. If you can’t afford the pay cut for 3-6+ months and have to leave, your option is to resign with no severance benefits. Has the exec team announced that they are voluntarily cutting their salaries? One possibility to consider: budgets for 2020 are already cut by 30% w/more likely coming and six months is Oct. Spending doesn’t ramp at the end of the year, so 1Q or 2Q 2021 is most likely when the oil market storm will let up and budgets can get reset. That means you’re really talking second half of 2021 when activity levels will readjust.
Am I wrong to interpret this as a long stretched out version of a lay-off? 90days and possibly 180 days?
Then what, severance? Prices will not rebound for a while even if SA and Russia were to shut off the tap tomorrow. Job market is saturated with covid layoffs
If your furloughed you have health insurance for 180 days then your boned.
Furlough and part-time status is initiating. Active as of April 6th
That’s just the companies way of not paying severance
I am currently employed at Noble. I have been working with such incredibly talented people. I am continually learning and growing at Noble and I absolutely love the position I hold. I am sincerely heartbroken with this current environment.
I have not heard anything at all from management regarding employee reductions other than than that reductions will happen. 😢 NUMBER of people nor WHEN it will happen are not known.
However, it is time to get serious about finding another industry where the I can find employment. I have been employed at Noble for over 5 years and In the industry for over 30 years,..,and I have learned so very much at Noble and I have worked with the best in the industry. I have made it through 5 major layoffs and umpteen mini layoffs.
Time to look at how I will survive, if I am laid off this time around. 😢
What happens when your employer goes bankrupt while you are on furlough?
I’ll take a furlough with health insurance benefits over layoffs during a pandemic.
Furloughs are better than a lay-off!
Rumblings of furloughs...