Look for Devon to offer early buy outs. This a great way to downsize and keep morale up. Let those that are close to retirement get out gracefully. This is win - win. I hope they come through with what they are discussing. What they did with IT jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjApril was horrible and a disgrace. Very low class.
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Oxy is offering early retirement to those within 2 years. Seems like a good way to shed some high salaries while keeping the worker bees. This way we won't have to rehire when the commodity price recovers.
They have already done this to numerous people close to retirement. I know becuase I was close to some of them.
Yeah it might feel and look better but early outs often cost even more than severance. The layoffs right now have nothing to do with class. It's called survival in this pricing environment. The very low class thing to do would be to not do everything possible to survive this commodity environment.