Wonder if this is a option to save jobs in NOV, cut pay like Baker Hughes ? Below link. Not great but better than getting let go. Also I haven't heard no one in NOV going to furlough work days ? I have been a couple of down turns and have been on Friday furloughs. It hurts to loose 8 hours total of 16 hours per biweekly check.
http://www.bizjournals.com/houston/news/2016/09/01/baker-hughes-to-cut-pay-in-effort-to-avoid-more.html
NOV does not know the meaning of 'good people'. When the market turns around they will burn and rot. Can't wait to see that day because they hit really good people in the stomach to keep their goons on a monthly or bi-weekly pay cheque.
At this point in the game, this would have been a good option. You can reduce operating expenses (somewhat) and still have good people in place for when this market turns around (assuming it does). With the number of plants shutting down and the number of quality people being let go, does NOV expect to be competitive when the market rebounds? And while at one time this thought seemed preposterous, is management setting up this company for purchase by the likes of GE or some such company?
Better you just keep your current pay and hope you are not one of the ones laid off. SLB has done this (pay cuts and furloughs) in the past and then continue to lay off people. Furloughs don't save anyone's jobs.
Management are not interested in cutting pay, since it needs to be across the board. Anything to keep their own grubby mitts in their pockets.