Anybody watch the Netflix Boeing documentary “Freefall”? The parallels with what we’re currently doing will have you shaking your head.
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This is 100% true. Bad mistakes made several years ago never seems to haunt the people that made them later on in their careers. They can leave an area in total chaos and move on to the next role to do the same. Nothing is learned so we keep making the same mistakes.
The real employees who are left on site are the ones who have to figure out how to make it work. These are the people who are punished for the poor management.
“Doesn’t matter to the current leadership - when sh-t hits the fan, they’ll be gone anyway with pockets full of cash.”
After the change in leadership back in 2016/2017, the company did a big reorg to get more efficient. Around 2020, the corporation changed its mentality from “ people are our biggest assets”, to “ shareholder value”.
It’s like any other project right now - lowest dollar bid wins. Same philosophy when it comes to hiring. Why hire or keep expensive labour when you can get it for way cheaper. Doesn’t matter to the current leadership - when sh-t hits the fan, they’ll be gone anyway with pockets full of cash.
@bp they are importing Indian expats to run the US assets. EMHC and Permian are full of them.
It’s such a short term strategy to run a company this way.
We used to say that our people was our greatest asset. That is what built XOM into the company it is today.
We have strayed away from that philosophy and it may work in the short term. You are running on the system which was handed to you. Driving away older employees and outsourcing your technical/IT/business functions will not lead to long term success.
You can’t run a Refinery from the other side of the globe.
Same management philosophy all tied back to Jack Welch. In a nutshell, asset strip great companies whilst in charge, line shareholder pockets and leave behind a disaster.
The issues will take longer to manifest in EM but be under no doubt they will. The problem that EM will have is that non-US regulators are less likely to accept their bullsh-t explanations when something goes wrong. I predict within 3 - 5 years something significant will happen driven by poor leadership, poor oversight and poor culture.
There are parallels but the product is different. Unfortunately