I know its bad. what is everyone hearing?
There has to be some rumors of what is coming going around.
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FGS will be meeting on Sept 16th
Our team was told no more travel unless it’s absolutely necessary. All customer interactions should be through Teams if possible. Probably wouldn’t hurt to dust the resume off.
Re-orgs, consolidations and reductions are all being planned. A lot of these will happen before the end of Q3. Forecasts are down for the quarter. September should be interesting.
I hear massive cuts are coming. its not going to be good for the slow business units
When is Big Papi giving me a raise????
manufacturing locations outside of Houston will be consolidated. To keep the Houston locations busy. So many people will get cut
3Q layoffs will be substantial for under performing segments
You guys are making a big deal. If you’re an old timer and you were here 7 years ago then this little gossip shouldn’t scare you. All these new employees with 4-6 weeks vacations and hefty pay are really worrying. This is nothing compared to old times!!
They need to cut some of these VPs. We have regional VPs of Sales and operations, then VPs then senior VPs. Then you have directors under them. This is before you even get to facility and location management. Crazy. Why cut the people who actually make the money first? Go after some of these deadbeat VPs.
Agree 100%. No way they make a dent without trimming management down. Way too top heavy.
I have been at NOV for many years and have seen these lay offs many times. This one seems different. It seems like management does not really know what is going to happen.
We know that there still has to be many many cuts to hit the 75mil cut back.
I have a feeling this one is going to be bad for management lol
Thinking Clay is close to retiring
They’re going to hit the senior tenured employees hard this round to get some of the larger salaries off of the bottom line. If you’re not sending your resumes out by now you better start. No loyalty here.
The next month will be interesting. We’re entering budget time. All operations are being looked at.
Verps were given out last year and there are always layoffs after. It’s just happening later than everyone expected. Good luck!