There are a lot of cuts going on a lot of reorganizations. Are layoffs coming? We are doing well as a company but MW does seem to want layoffs often here so they have to be coming soon to quench the layoff thirst.
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all the people that IT promoted last year to pay grades that have very little jobs should be on high alert. particularly those in the "non-differentiating roles".... you asked for a promotion because you took agile 101, and now you're at risk of having no job next year.
Yes indeed and there is plenty of "dead wood" as you put it, ripe for the culling and chopping. The Axeman has his work cut out for him, that's for sure.
You have to understand the sequence and size, Chevron typically does major layoffs ie 10-15% after a CEO leaves, so as to give the outgoing CEO a good reputation and everyone feels good. The time to be mindful is a year into a new CEO onboarding when that incoming CEO wants to stamp his /her Ego onto the org and thus does a big layoff putting people in position they like and demoting or firing others. These minor layoffs are meaning less , they are simply fine tuning and culling dead wood from various teams and orgs.
You buy someone first...then toss in legacy CVX personnel into the synergy hopper and come up with a post-closing $ per BOE # that is better than what you had prior to the acquisition announcement. Gets you bbls and growth and obfuscates a headcount reduction which otherwise could be a sign of a slowdown and lack of opportunity
We basically have to buy someone to offset declining reserves: so it is either big layoffs before to build cash and push up the stock price short term or layoff during a merger ( the latter better for Chevron employees but worse for those employed by the acquisition.
Yea the Axeman commeth. And don't think you DEI initiative hires are immune.
The first step management always takes is to grab the biggest hammer available go into the engine room and beat on the smallest cog. If that doesn't work than repeat until success is achieved. Mix that in with changing the metrics that prove project success and further obfuscate worker performance by changing the review process (add categories to further muddy the waters). Stir slowly then make sure it's served cold.
some obscure units in ctc are already in the thick of layoffs as we speak
Yup. Everyone thought 2023 would be the year with a recession, but a strong labor market has saved the day so far.
If the macro environment turns down layoffs will come. Personally I think we see it in 2024 as I think cracks in the economy are about to burst wide open.
Gorgon 2 and kazicstan are finishing up. No big projects in US land, west Texas and Colorado are status quo to going down some. Anchor installing now. Ballymore is small scope. Israel is not growing as of yet. West Africa has not had anything big in years.
You do the math. First will be Facilities, then Wells, then Operations, then exploration. In reality exploration should go first as they have not found anything in years. Either that or we are going to buy someone and have majors cuts in the merger. Either way bad times ahead.
It seems like layoffs are the Chevron Way. With the younger generation shunning the oil industry constant layoffs are not a great selling point to bringing people in. Management here needs to wake up and try something else. Maybe cut the bloated executive pay and return it to the shareholders?
Just as sure as the sun comes up in the morning more layoffs are always coming. Never be complacent and always have a plan B. Senior leadership may have a short memory, but I don’t after 4 layoffs in 25+ years in this industry. The older I get and the closer to my final retirement range, the more I dare them to offer another large severance package, 90 points be damned.
Yup. Been nearly 4 years since the last round so we are about due. I’ve been here 21 years and there are reorgs/layoffs about every 4-5 years like clockwork. That’s why many folks are on edge….even in the good times.