Talking to a person who is in the know over the weekend, she said there is talk of another round of Verp coming. Looks to be happening in July. I heard a 20% cut, so if the ones that meet the requirements decide not to accept this package, then another round of lay offs are to follow.
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Yep, rumor is going around there will be and after that you can expect a RIF.
@8ztz+1aeaiEoC Exact;y!! Well said!
What the guys here don't realize is that there are many employees here who have 20 + years here (and a few with 40+) and are only 50 years old (some are in their late 40's). The Verp in 2019 required age + service to = 70. I was 47 and had 24 yrs. service, i turned it down and am still employed by Tuboscope. If i get laid off, NOV can't tell me where i can go to work, if i take a package deal you can't work for any company NOV see's as a competitor. Too much legal bull wrote into the package deal.
The VERP was offered to anyone who met the criteria based on years of service + age. Then they had a couple of weeks to decide if they wanted to take it, and finally it had to be approved. Plenty of people who qualified and didn't take it are still around. Several who wanted it and were not approved are still here. RIF is based on income reduction of X = cost cutting of X if the VERP doesn't reduce costs enough then the RIF takes place.
I don’t understand how these guys don’t see the writing on the wall. If they offer you a Verp they are telling you that it’s cheaper for NOV to pay you off than keep paying your salary. So how are you surprised when you don’t accept and 3 months later you get laid off. I get there is a lot of knowledge in the older generation. But they are also stuck in there ways and fear any kind of change. These guys think NOV needs them and won’t make it with out them. Please understand everyone is replaceable. Everyone is at NOV to do a job and when they can no longer do it they will no longer be there.
Should have known I would get a smart a_ _ remark. Shows how much class you have. If I would have been offered the package I would have taken it.
Old Timer....is your last name ‘Osaurus’ by any chance? You are exactly the reason the company offers the VERP. You are out of it and off your rocker. They must keep you there because they need an older person so they don’t get sued.
No person receiving a VERP is denied if they decide to take it...that’s just plain stupid. They are not supposed to be biased but yes some people tell them not to take it but it’s still a risk. I can tell you plenty of people were told not to take it only to get screwed months later.
The only thing you’re good at teaching is spewing c––p about how valuable invaluable old timers like you are. Call it a career and go home. We have enough young people that can do the job you’re doing ...which is getting on boards wasting time & money.
Will wait for your reply...two finger typing takes a while. No worries.
@4ohu+1aeaiEoC, you're not very smart are you? Let's see if this old timer can teach this Millennial but probably a Gen Z about the VERP.
When you are offered a package deal, you don't always get to take it. The company has to offer it to all qualifying employees BUT some employees are asked not to except the package and some are denied if they choose to take it. This of course depends on your status in the company. In 2019 i know for a fact that 5 employees were asked not to take the package, the company didn't want to lose their experience or knowledge. This is a right the company holds and it's written in the package.
So Gen Z, you may think all the old timers are done but we are not, you are. You see, a verp will be offered again to all us old timers, some will take it, some will not. Those that take it will benefit with a nice yearly income and insurance paid, others will retain their position in the company and you my friend will most likely be laid off in the round of layoffs that follow the VERP.
Why would they do a VERP if you didn't take it last time. End of the road for you old timers, you just hold the company back. Half of you can't even tu—na computer.
Bye boomer.
Yes, word has it another verp is in the works. In February 2019 i heard a Verp was coming, it came May 2019....this time it should be June/July 2021.
Should have taken when you had two other chances.
Not a chance. They were doing that when things were decent & trying to be somewhat of a good company. Now things have gone to sht and they have no problem laying off the old and long time employed.