It was confirmed that instead of "lumpy" layoffs every 4-5 years that they plan to reduce headcount yearly in a "less lumpy" and "more smooth way," whatever the he-l that means. There was a lot of time spent explaining this. Any other areas of the company confirm that they're still planning to reduce headcount every year?
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With this kind of "job security", it's no wonder people are having less kids in the USA, especially with health insurance tied to employment. Sad.
Wells hardly had to lay anyone off because so many voluntarily EOI’d.
S&T should reorg the trading teams into pods like hedge funds
that will be fun and PIP will definitely be in action
@e2
That is what I heard in my org, 5% employee staff moved to PIP each year with the intention to terminate them not improve their performance. I have read some comments on other posts that in the past a PIP could be achieved, but from what some managers have told me the intention is 5% PIP to termination each year for the next 4 years to get to the 2030 plan of increasing employee staffing in the ENGINE while reducing staff in the USA.
@dm let's not forget the PIPs they plan to start doing. There's a reason that 5% of people per function are going to be forced to be ranked low.
Basically no backfills, minimal hiring in the US, limited promos, and continued movement of jobs overseas.
Not sure why it is viewed as an "either or."
Chevron's wells org is ridiculously fat. Needs to see 50-75% cuts to be in-line with peer norms relative to activity levels.
And, this is before you factor-in any shifts to India.
S&T won’t backfill but no word on annual layoffs.
Ongoing, continuous layoffs in perpetuity sound like a winning strategy for a growth business.
Don’t worry all the wells LT kids in the system will pick up the slack
Attrition also counts towards the goal of reducing head count. I know another organization outside of Wells who lost people who decided to leave and are "at balance" for the next year or two.
I wonder who within the company is going to drill all of these wells.
They’re reducing everywhere.