This seems higher than expected and very good news for the rest of us that love our company and want to stay :)
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Departments will not be hit consistently with 15% reductions. I have heard some departments will be very low like 5% and others will cut as much as 50%.
Thanks for sharing this article. Back in 2012 (I think), BP had jettisoned its major biofuel acquisition from only a few years prior. They have also eliminated other businesses that dealt with alternative energy. I truly am curious if anyone remaining today even has any background in this area. The reason for eliminating those businesses? None other than the fact that they're too "blue sky" and will produce the type of returns to enable BP to be competitive. Please tell me how things are going to be different this time? How are they going to position themselves to make decent money?
This is quite an interesting article:
https://uk.reuters.com/article/bp-strategy/exclusive-only-a-quarter-of-bps-10000-job-cuts-to-be-voluntary-idUSKBN2711M0
The article suggests that only 23,600 people were eligible for voluntary redundancy, I assume that means the rest of the staff were considered to be essential/front-line. Someone told me a few months ago that he expected the redundancy rate to be between 33 and 40% in our business - sounds as though he was right.
I do agree that if other industries were not impacted I would have elected the EOI and used to pay down mortgage balance. Then go find another job that likely pays less than O&G but hopefully more stable with fewer reorganizations. Or a company that does not focus so much on offshoring jobs.
I am hearing a lot of people say now that the org design and appointments are beginning to be announced, how they wish they would have EOId.
There is a lot of “it’s not what you know, but who you know”.
The number of people choosing EOI would be higher if the job market was better. I know a lot of people who didn’t choose the EOI only because there are not many other options right now.
That’s remarkably similar to Shell, I think they estimated that they’d get 2500 volunteers too. I guess it’s everyone within 2 years of retirement plus a small percentage of others who were just eager to leave.
Yes
That sounds good. Reminds me of a round of layoffs one year (hard to keep straight since there were so many) where one of my colleagues had EOI. The wisdom back then was to create an organization with boxes to be populated, and then people were populated into the boxes. She had discovered that she was placed in the organization and requested (strongly) to be removed so she can retire. They refused and said that if she left, she would not receive severance. She left anyway. For her, leaving was worth more than the severance. There were no two week notices, nothing.
Any idea on the split with T3 vs T4 eois?
Is that 100% confirmed now?