any one else hiring in dfw
28 replies (most recent on top)
What positions?
Covey Park is hiring
Replying 3 posts down. I hope you aren’t making much since you do not know the difference between “where” and “were”.
Depends if LTI pays out or not. My boss said it’s completely up to the execs on if it pays or not. So we will see in July.
The LTI needed to be reworked. It really was an incredible asset for all the employees but it was just unsustainable at that level for an industry where everyone is cutting costs and most companies didn't offer to everyone. With base salaries finally showing upward movement and transition payments most of us not hugely effected in next couple of years. I don't know but I see this as transition to get us through this tight market and may see some future positive add ons later if market gets better? Who knows. Everyone has to decide what is acceptable and what is not. Not interested in moving to Houston, not interested in going to start up, not interested in jumping to company that pays same bc my non financial benefits and people I work with are worth something to me and not willing to start over.
Cut some of the monthly expenses that you have! Denbury should have cut back spending years ago! You always have a choice stay or go. From what I have seen from traveling the fields and offices a lot of people where over paid already!!!
sorry to hear that. hard to know wo seeing the individual numbers, but the people with higher LTI multiplier percentages will be hit harder unless they bumped up the bonus multiplier or salary for those people more to compensate.
the old combined (LTI + bonus) levels went from 15% at tier 21 all the way to 235% at tier 49. that is a big range. last year's was less bc the LTI portion was cut 1/3 across the board.
our compensation structure has too many variables to make generalizations, but at least now we can all make our calculations and decide how to proceed. in the end, Denbury will have to contend with the labor market. knowing the value of your time in that market is crucial if you plan to negotiate for more here or make an informed decision elsewhere.
Lucky you! I have VERY little hope of even coming close to break even. At a bonus payout of 100% I will be LOSING about 10% of my total annual pay.
I'm one of the no-more-LTI people. I'll break even with last year if our bonus pays at 79%. if there were no transition payment, it would need to pay at 99%.
everyone will be different depending on your salary and incentive level, but you can use the formulas in a prev comment to work it out.
my only gripe w this situation is that we've ridden out much of this downturn and now that stock is hovering ~$2, most of us won't be issued any so that we can profit when it moves back up.
however, as long as the bonus pays out well enough to compensate, it could be seen as an advantage. nothing stopping anyone from buying DNR (or any other stock, for that matter) if you think it will go up. we just have more options now since it's all cash.
in short, figure out your break-even. i think a good chance most will come out on top this year w the transition payment. next year depends on how they are w base salary raises... or whether they decide to completely re-do the whole system once again.
Get out now if you can.
Yep, overall 30% reduction. Might as well black out the max column. Never happened, never will. Just like SARS were, it’s there for deception. There will always be some excuse to not pay more than target...or even up to target. Every year past 3 years total comp has gone down right at 4%.
The total comp number is also deceptive. That transition award is added in but $0 would be received in 2018, 50% in 2019, 50% in 2020 and then its back to 2018 number for 2021.
I feel foolish for sticking it out now.
Again with former employees trolling these pages. Me thinks they were let go and have way too much time on their hands. Certainly not bc they are worried or curious for their friends still at DNR. It's painful seeing people who just cannot move on.
Way to be original....
DNR do not resuscitate. Glad I got out when I did. Good luck though, I hope stock goes up soon.
DNR is as strong as it’s been in years. Get it together people. We have a job!
Correct, supervisors, managers and some technical staff keeping stock only incentives. The worker bees taking a pay cut but raise will “make up” for most of it. For the unlucky who made it up the food chain somewhat but are not “managing people” , you are deemed replaceable and the pay cut will be significant. You will lose that huge LTI payment. But our leaders and especially the executives are making MORE money than ever in DNR history. Because they deserve it in these hard times! Lowest stock ever = highest pay for executives ever! Get out if you can, we are a system of haves and have nots. The retirement vesting is also gone for some. Gareth where are you?
Managers and Supervsiora in Plano keep LTI but is is not promised and I think the amount is less.
Only some Managers in the field keep LTI.
That's not true!
Supervisors and managers did not keep LTI. Only a small group really high up the ladder have LTI now, and now it is 100% stock.
Who keeps the LTI? All managers and supervisors? Do they get an increase in their LTI - on top of their current (six figure) LTI? I would think this really hurts some of the “Old Denbury” employees that were getting over the top LTI.
Doesn’t effect me a lot - glad to have my job.
You give HR way too much credit. These are management decisions and timelines.
No one has any info in my department. Thanks HR!
time to math it up.
S1 = old salary
B1 = old bonus multiplier
L1 = old LTI multiplier
S2 = salary bump multiplier
B2 = bump to bonus multiplier
L2 = new LTI multiplier
T2 = transition multiplier
BP = bonus payout %
old compensation:
S1+(B1S1BP)+(L1*S1)
or
S1 (1+(B1*BP)+L1)
new compensation:
(S1S2)+((B1+B2)S1S2)+(L2S1S2)+(T2S1*S2))
or
(S1)(S2)(1+((B1+B2)*BP)+L2+T2)
Assumimg the figures the poster below gave, B2 = 0.05 and L2 = 0. also someone in another thread said T2 was 2.5% of base, so 0.025
in the town hall, Chris said those losing LTI would get a salary inc in July so that's S2. I'm going to assume 5% (1.05). that is a total guess. no idea if it's even close.
using those figures and assumimg a 100% bonus payout before and after, here's a sample at 50K base and 20% LTI / 20% Bonus multipliers. (none of this includes any holiday or recognition bonuses)
old = (50000)(1+0.2+0.2) = 70000
new = (50000*1.05)(1+0.2+0.05+0+0.025) = 66937.50, or a 4.375% pay cut. the year after that, all else being equal, the T2 would be gone and cut it down to 65625.
if the figures other commenters have given are true, the major variables in play are S2 and BP. you can plug in your own numbers to see different scenarios for yourself.
Bad for me. If the bonus payout is 100% I will take home less than I did in 2015, which wasn't even a 100% bonus payout year. And in 2019 when there isn't a transition payment grant it will be even worse. For me to break even the new bonus plan payout would need to be significantly over 100%. And here I was so excited to get a 3% raise last month! Some people are actually coming out ahead (assuming a 100% bonus payout). Apparently they are more valuable than I am.
That’s correct. You know, unless we get that 200% payout. laughing
haven't heard any numbers yet from my mgmnt.
do you mean your bonus will be based on 5% more than it was before? (like if it was on 20% of your base pay before, now it's calculated on 25% of your base?)
as far as people leaving, I'd expect to see many waiting it out until current LTI from 7/2017 vests in July.
I don’t feel that mine is good.
Bonus up 5%
LTI gone
So, overall it’s about a 30% reduction in pay.
Anyone else?
How many people are leaving after the new “takeaway”?