IOL will announce 10% cut across Canada by year end.
Managers have signed confidentiality agreements last week and submitted names to HR. No forced or incentivized retirement.
Severance will be 1 month per year of service, so expecting mostly mid career employees to be let go.
Considering the bottom 5% already gone, total headcount reduction will be 15% for 2020.
7 replies (most recent on top)
hope DM is ok
No one is safe, top performers and new hires have also been laid off previously. They don’t give you any reason.
Those who will be laid off are already aware if they can read through the lines of their performance improvement plans... just laying the groundwork.
Most cuts will be MPT, not wage.
May the blord be with us all...
What about voluntary packages for non-retirement eligible employees?
I am an newly experienced hire from last Dec. are I safe?
Is ExxonMobil East included in the 10% or just IOL?