Need to reduce by 1/4 to 1/3 based on balance sheet. To reach the 100M, we need another 400-550 more on top of the 300 VSP.
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The third category of layoff that hasn’t been mentioned here, but was discussed at the SCM meeting last week, is once the isp has been completed and the shifting of employees to fill gaps has been completed, if an employee is in one of the positions that has been designated to be moved to another office, like position currently in LCO but will be moved to Midland, or vice versa, that employee will have to relocate or if not, will be let go without any severance package. That is the 3rd group of layoffs that management/hr has not brought up.
FYI the vsp package was designed to garner more than 80% acceptance. But keep pulling numbers out of thin air and post them here!
Total number of cuts will be close to 700. Vsp plus isp plus people walked off for poor performance. Maybe isp will be less than 300 but there’s a third category that hr is not talking about.
Multiple communications saying a “majority” of cuts achieved from VSP (expected 50% acceptance, got 90%). That tells me final number is 300 or less additional cuts. Also, employee costs does not make up the full 100mil cost cutting effort.
Those who volunteered for the ISP will be let go w/o the package 😂
Good severance
Well it’s been fun, gonna miss my peeps, but when we leave those of us “ lucky” won’t be empty handed.