Anybody knows what was used as criteria for these layoffs?
From what I can see, it was certainly not performance based. We lost some of our very best people today. Some of the hardest workers are gone and some people who should have been gone are still here.
So if it was not performance based, what was it?
It’s clear that the company is attempting to make CHK more desirable for a buyout.
M-o-n-e-y!!!
Highest performers that were kept? Let’s see...Eminem , the Big D, Strawn Stinkley, Lambchops, Fail Merman, Swifty Isocks, Devon Mudd, Rhett Losses, Graham Cracker, Mob Stembree, Geri (Stembree’s bff)...do I really need to continue?
We lost some damn good employees today, & kept somebody that should've never been hire in the first place. Some people think looking at their phones all day is work. They kept their jobs. Those that actuallly work, lost theirs. Pad your pockets Doug & chronies.
I was laid off from a Tulsa area gas company in 2016, and the reasons they gave were 1) my job was no longer required, 2) my jobs skills were no longer required, or 3) my performance reviews. I always received excellent/superior on my reviews, and they are still doing my job, so I don't think it was my job skills. I think I was laid off due to my age (58) and my salary. They could hire a 23-year-old college graduate at half my salary.
In my department it looks more like highest paid or a flip of a coin when there were positions that seemed to cover similar roles. Either way, overhead is reduced which gets closer to the company's goals. Regardless, some decisions were idiotic and will reduce efficiency and likely result in resignations after bonus payout. Once again, they looked at statistics instead of actuals and this time made it a lot harder on the company. In my group for sure. Didn't learn sh@$ from 2015.
I can only speculate, but I think it might have to do with reducing compensation by a certain amount to impact profit (i.e., if you reduce salary and benefit expenses, you increase profits). This is consistent with the theory of the company being acquired. When companies want to get acquired, they try to increase profit as high as possible, in order to warrant a greater purchase price. However, anyone with a business background knows that laying off your best people is stupid, as you will now have a lost in productivity.
The highest paid people in my (now understaffed) department were canned. Perhaps just a coincidence.