Enbridge is a failed company run by a failed leadership. Facts.
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“They are an unfortunate result of governments rolling back handouts to oil and gas companies.”
I am not really sure about this coz Enbridge HQ is in Alberta and they have the lowest income taxes both corporate and personal income taxes in the country. The reason for this is to attract or keep the business and it’s an incentive for companies to create more employment opportunities. But there’s a mismatch because for a publicly listed company like Enbridge the priority is profit and shareholder’s dividends and not to really create more jobs.
Some of talented senior leadership already left Enbridge in 2023. I personally know a few bright individuals who already left on their own. They saw the red flags early on. There will be more restructuring coming . I just hope narcissistic people aren’t promoted. That will destroy whatever motivation is left within the company. I hope Enbridge lives on for many years to come.
Didn’t Twitter get rid of 50% of staff when Elon bought it. Still around. Seems like they got rid of a lot of bloat.
Suncor laid off 1500, still around.
Countless tech companies reduced a whole lot more - still around.
There is nothing really special about Enbridge dividends if you’re a savvy investor. Stock price did not really appreciate over 10yrs, it’s flat.
And I am not sold on 7% dividends coz I can just put my money in index funds and US S&P grew by 13% annual average. Plus I don’t have to worry about the fluctuations because it’s just one of the many stocks in the basket.
Seriously if you are an employee of Enbridge and you hold lots of stocks also, you are putting yourself in unnecessary risk. The only ones happy with these dividends are the Manager and above because they get free stocks as part of their compensation. But if you’re just some level employees, dump it and invest in low fee index funds.
This company is in trouble. The employees are now viewed as a commodity rather than a source of value. The arrogance that is present in the senior leadership team is sickening. 88 vps and your answer is to lay off front-line workers? Give me a break. True leadership would take the first hit in any manpower reduction situation. Alas, this isn't the situation here at present. The 20 or so people at the top are going to find out that they aren't smarter than the 15,00 working for them. She's a ship heading down fast.
I don’t know if I agree that layoffs are a symptom of a failed company.
I do think they are a quick attempt to bandaid a much larger problem. Can the current leadership make the necessary fixes? Time will tell, but I’m not holding my breath.
They are an unfortunate result of governments rolling back handouts to oil and gas companies. Rather than cut executive compensation or shareholder dividends they choose to cut staffing. This ensures the stock price stays high and they can continue to use the value of the company as collateral for loans.
Oil and Gas are going away eventually. They need to keep the company value as high as possible for as long as possible.
The problem is the Directors. They are narcissistic troublemakers that add no value or direction.
Anyone who provided honest and real critique on the survey was released. I know for a fact, that they know exactly who provided what comments, etc. That is a fact. Period.
Enbridge will continue to digress- the stock performance doesn't lie. Investors aren't stupid.
Layoffs are not a symptom of a failed company. They reflect changing business landscapes and realities, changing technologies, the ebb and flow of skills demands, evolving business practices, and the fact that nothing stays the same forever. The largest, most successful companies in the world have done layoffs, and they're still around.
I agree with your assessment senior leadership is lost
They should be the ones walked out, not us.