Someone in UOG with knowledge of the situation has repeatedly communicated this round is a one and done deal. No further layoffs will happen, at the very least for Upstream. Unless of course, we are being blindsided again :)
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Investors will insist that EM get to the promised 15% headcount reductions as soon as practical. They want to see those expense reductions and don't give a flip about EM's internal processes. Granted, I think DW said the reductions would be done this year and next, but he will be under enormous pressure to improve EM's financial picture each and every quarter. And investors don't like waiting on promises to be fulfilled. After all, why wait? It is hard to believe that EM can't cut further now based on much reduced capex levels and planned divestments.
So, I would say all bets are off. They may wait on the normal ranking cycle, or there may be just a deeper cut based on this year's ranking. It's not a science with a right or wrong answer, but at this time, lower costs asap are clearly the best answer.
I say get it over with, sooner the better. Those that don't get laid off can relax, and those that do can go on with life, as opposed to everyone being sick to their stomach every day for the next year or more.
Yes, will be a lot of PIPing. Much better for a company to PIP you and give you several weeks salary and no legal risk than to lay you off and pay you severance package.
Absolutely, there will always be PIPs -so long as there is a ranking system. The scope of the post however, meant to address strictly involuntary reductions, where performance is not explicitly nor implicitly a factor. Those will most likely not ocurr again next year (knock on wood).
We are still way overstaffed. A big time. Even when oil was $135/bbl we had PIP. There was always PIP and there will always be. With this big company there are always people who dont perform, use and abuse system, are not a good fit and so on. So, yes for sure we will have PIP in 2021. Or you think oil will go up to $150/bbl and we are all safe?
Would think if we did more cuts after this debacle then the amount of employees to leave during the next upturn would cripple Exxon for the future. Thoughts?
Everyone also came to these boards after the pip in July and said absolutely no layoffs. Just remember that and wait.
I do not believe that is true at all it might not be called a lay-off but definitely will be cutting
@ymf+18doKg0e you salty man/woman/human/...?
For sure many more people need to be laid off from Upstream. Just wait to watch. Enjoy your fake security you insecure man/woman/human/...
No March US layoffs. Cant confirm for other countries. For those saying PIP layoffs in March do not understand the PADP process. Performance Assessment meetings aren’t even done until May at the earliest. PIP layoffs will be in July at the earliest if any.