Do you think it was possible for Imperial to choose reducing the salaries instead of resorting to cutting and hiring employees in cheap locations, which someone mentioned in one of these threads?
I also think it was a much better option, however, I think it was unrealistic and unenforceable in this company after all.
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Almost all oil producers in Calgary reduced staff salaries significantly from last year in order to stay competitive. Unfortunately, Exxon/ Imperial is firing in high cost countries including Canada and hiring cheap overseas. In addition, some less qualified incompetent employees work here till 10 pm to please his boss and make your life miserable ( as your d-mb manager also expect you to work 60 hrs / week). This Company is good for pretenders and cheaters.
Greedy management won’t go for salary reduction as they only care about their own money, stock and bonuses. They also have set some criteria not to fire any Manager ( even first line supervisor). That’s why all supervisor only follow the direction of their superior and always lie to their subordinates and send them to PIP without any reason( only reason is high salary to their same level peers, even though you achieved that high salary by good performance in the past & you don’t kiss their a-s).
Most of operating companies including Suncor reduce employee salaries significantly. Even their recent hire contractor rate is 40% lower than 5 yrs ago.
Imperial policy is to fire all high salaried employees and only to keep Supervisors and junior folks in Calgary and almost all work to be done by cheap overseas. Thus, upper management salary won’t impact by year end profit. Don’t forget why they so much worry about share price as they own million dollar shares!
This kind decision has to come from the very top of the company. And, the top guy(s) have to be willing to give up a portion of their salary or dividend.
A few friends had work 4 days a week with a cut to salary during covid and everyone was on board. Small to medium sized eng firms though. They had great morale throughout their firms.