Appears that their plan to move people to Edmonton is about to backfill on a listed company that makes billions of dollars every year which is about to fail. So many people have said no to the move that I’ve heard that we have about 200 job openings that they need to fill with key critical roles empty. Plus they don’t even have the licence to start the Edmonton office build yet so YE27 has not chance. So the lack of results , lack for strategic foresight and impact that the long term bottom line; does this make JW and the board NSI?
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I was so pi---d as I sold my IMO shares so earlier knowing no future but price kept going up
They will backfill no problem. The job market in Alberta is very poor
The roles you talk about are mostly "robotic" in nature, where the actions and performance is tightly controlled by a powerful parent. In the Corporate department, employees who have succeeded are typically those who are obsequious and willing to kiss a$$ at the drop of a hat. The culture during the last 5 years has been toxic. Don't be naive to think that the company cannot find replacements in Calgary or Edmonton. There are many seeking employment in this tough market. There is a reason the stock price has rocketed to around C$168, the low unit cash operating cost and cash gen.
@tm yer funny, quite inflated that is the best I will read today
Those 200 open positions will be filled by BTC in one day.
And, do you think Imperial will struggle to hire people from the street to fill those positions, considering the fact that all IOL people’s salary is quite inflated.
@OP the board was absolutely NSI the minute they cowtowed to EM and protected their cushy appointments rather than having IOL stay a strong Canadian employee developing good assets under real leadership
@a5 I think the issue is, who are you going to attract with a history of this, and no opportunities for careers and growth. It is no longer a company worthy of good talent
Time to sell your stocks
Exxon is never wrong
Imperial has been on a downward trend since COVID. It's all smoke and mirrors. The inept are running the company into the ground. Stock buy backs won't make up for lower future production and revenue.
Would love to see the stats on how many have declined either initially or once offered a role. 200 seems like a lot though, weren’t they trying to fill only 300 roles with 1200 people?
Imperial is now looking to hire an experienced recruiter (its on the IOL web page for careers) to help fill the major holes in the org. Says a lot that they really dropped the ball on this hot mess. Good luck finding experienced people willing to join the $hit$how
The long term ramifications from this decision will be felt for years. One or two missed opportunities on major investments because of delays associated with this debacle could send the company to a firesale. Short term stock bumps mean nothing. It isn’t the first time and won’t be the last time this has happened. Look no further than Veren in recent times. So yea - horrible leadership decision making.
The plan is absolutely flawed, and the board should be held accountable. This disruption in moving things to Edmonton is not in the interest of shareholders, neither is moving work to higher cost locations in Houston.
The company is losing a lot of the people it should be keeping, and is having others fill roles that aren't optimal. Yes, the company will find a way to keep things running, they always do. But this was not a good decision, and the company is missing opportunities because of it.
What should they have done? Go ahead and downsize where it makes sense, but keep head office in Calgary with the rest of the industry, sell the campus, and lease space downtown.
@am Last time I checked, IOL has been losing your so called organization capabilities over decades, and you know what IOL is still operating and make new high in stock price, revenue and profit. Yes, there will be some disruption, but you think your so called organizational capabilities cannot be met by either Exxon internally or not by staff from energy companies ? You are funny ...
Just get 600 Indians to fill the roles. Still cheaper.
They will ‘fill’ the roles but they won’t fill the capability. You can’t just lose that much organizational knowledge in one go and expect everything to be the same
@OP And you think IOL cannot hire 200 people, who are already in Edmonton and/or willing to move to Edmonton, from the market ?