I worked for a midsize company in a different industry during 2008-2009. The business was so bad at that time, we lost 70% of headcount in a few massive layoffs. The company was losing money badly and we had no work at all. The employer still treated the laid off employees pretty humanly. 2 weeks pay per service year plus full insurance benefits during the severance pay period. The company hired an outplacement firm to provide counseling, Resume and job hunting assistance. Most of the guys enjoyed a year long vacation with the severance money and pretty decent unemployment pay from the government bailout. After that, most of the guys got hired back to the old position. Hope SLB is treating the guys being let go the right way.
6 replies (most recent on top)
Gents who experienced lay off. please help me to understand a point. I have been with SLB 10 years. Now I expect to be laid off from IM status on which I spent a year only. as I know IM has a specific way.. SLB pays a month salary for each year of service as IM. well, I expect to have that. but I am still concerned if SLB shall consider paying something extra taking in account all years I serviced as HCM, HCR and EM ?
I have been with SLB for 30 years and until a couple of years ago (wink-wink) we used to talk to people and explain what is going on, we used to be sympathetic. Now the list comes from London and/or Houston and the managers dont even find out until the same day their people are let go. everyone sees piles of empty boxes coming to the admin's office and start to speculate about the number of people to be let go. This is Immoral. This is not the company I know. This really sucks for all of us and will bit the company back on the upturn.
When you were in the 6th year, did you get 14, 12 or 10 week pay? Best luck to all!
Wait until you receive your lump sum severance Package. The government takes out over 40%.
For NAM, 2 weeks plus COBRA (regardless of enrollment) for each year with a max of 26 weeks for exempt and 1 week per year with a max of 13 for non-exempt
Laid off yesterday. Package was Cobra insurance employee pays & severance pay of 2 weeks per year employed. Not sure if there is a cap to that as I was in my 6th year.
Best of luck to those who take this home to their families before Christmas.