So many requests denied. Why even bother with offering EOIs?
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In the end (for this round anyway), most likely will see ~20% to ~25% being EOI exits, of the projected 10,000 cuts. Realizing of course that 10,000 is only the beginning of the re-imagined trimming. Just got to hold onto our hats!!!!
I’d that is the case then very few people are applying for the EOI payout.
I also heard most everyone who submitted an EOI is being accepted. Except for front line essential folks. Sadly they will have to wait.
I’d heard that the vast majority of EOIs were approved.
Is BP still going through their ranking and forced distribution (so-called "guided distribution")? Someone has to be "in the barrel" (below averaged performance). Yes, it's abundantly true that after the layoffs, the ones who are there are above averaged performers or ones whose skills are needed. But look out for that next ranking. Unless you've found a way to bring in money for Looney, you too will be made redundant. Look for it. It's averaged to be around 3 years. The information about a "diminished package" is disturbing. When I left, the interest rates were very favorable and I netted a decent lump Doebest wishes to all of those who are going through this. Know that I don't care for the way this company is managing, but I still care for those who remain.
Thank you for the explanation.
It’s because leadership announced all this change way too prematurely. They aren’t ready to cut staffing by 25 percent. They never will be ready. After the cut happens, I will feel bad for the people who stay. Bp will not reduce work - they never do. The employees who remain will have to do more work for less compensation. And they’re supposed to be “grateful” that they have a job.
Well, it has been explained to us by Management that after this round of layoffs all future layoffs will be done under a diminished package. So less expensive for BP. So it’s only logical that BP wants to keep higher performers to get all the backlog work and future downsizing work done as well as possible. If you were denied you still have a job which is good and do the math to find your break even point between severance and future salary and pray your work is done by then. Won’t matter at that point that you lost the premium package. Important factor though is the ability to take the lump sum distribution. Right now that option is available to us through September 2021. All bets off after that point.