Is Weatherford still borrowing money to make payroll?
11 replies (most recent on top)
@Anonymous193729 Yes, the basic rule of thumb for it is any personal use of a fleet vehicle is a taxable benefit, unless your company has made a deal with the revenue agencies for it to be a non-taxable benefit(basically means that there is 0 personal use of it, drive it straight to work, at work and then straight back home, even stopping for a coffee is starting to bend the rules). It is still part of the compensation, but you are effectively just renting the truck for personal use stuff. And turning them in can be a sticky proposition. I know of a guy who was caught on either a red light camera or photo radar with a bike in the box of his truck. Company policy at the time was no personal loads in the box. Picture would have gone way up the ladder because of the infraction. Didn't even get a hand slap for it.
@Anonymous189917 I worked with a guy who kept his vehicle in pristine condition(kept it almost spotless when he wasn't in the field, any mechanical issues were taken to the mechanics ASAP) as he felt that it was a good privilege and that he would be able to buy it for a decent price when it miled out so that he could get a reliable truck for personal driving. On a truck that was miled out, they wanted to charge him the cost of the new truck to replace it(something like $35-40K), while he was expecting under $10k, then they sold it at auction for less than $5k. So they could have sold a truck for double the money at less cost, but wouldn't because he was an employee. At the same time, they had guys who accumulated so much garbage in the back seat that the garbage filled up all of the floor space until it was level with the seats, with no repercussions. Needless to say, no one went out of their way after that to keep the trucks in such good shape again.
Company trucks are for work. Wft has changed policy over the years. No family in vehicles, only customers. As far as gas card it for company vehicle only. Also I have to pay tax on it. You idiots don't know what you are talking about , if you know of someone vilotating this you should turn them. I have had a company vehicle many years used to be part of compensation Not any more. We could save money by not paying you hourly people sick time. We all know that's abused. Besides most Wft fleet is junk and a Saftey hazard. Would not want people I care about near one.
When I had a company vehicle in Canada in the 90s and into 2000 for a long time we were were never taxed and it only started around 2004 and was still only around 90 +/- dollars a month. We had full personal use of the vehicle and basically that pickup was ours from the time it came the dealership until it went to auction which was around 2 years. We were allowed one tank of fuel for days off anything more we had to pay for ourselves.
I calculated that I saved roughly 1200 - 1500 dollars per month by not having to to buy a personal vehicle so it was considered a privilege to have it. This was a strong motivation for people to work up the ladder to get a company vehicle and it worked very well for the most part. Weatherford has since taken this away now so again another kick in the butt for morale but most people understand the situation and accept it while others just bash Weatherford and run what's left of the company vehicles right into the ground.
Technically the trucks are considered as part of the compensation for the employees that get them, so it is a bit of an apples and oranges kind of thing that they use as a smokescreen. Like say an engineer made $30k a year base salary with Weatherford and they make $35k base salary at Schlumberger(just pulling numbers out of the air, no idea how accurate they might be). But say Schlumberger didn't give them a truck while Weatherford did. Now comes the smoke and mirrors part of it. They need to hope that the employee sees the vehicle as being worth more than $5k per year to make the Weatherford compensation better than Schlumberger's. Of course they hope that the lower level employees don't realize that they don't take any taxes off for the personal use to try to make the take home pay look as high as possible and they'll have been there for a while before they realize what a big tax liability the vehicle ends up being.at the end of the year. I've seen guys who were probably in a better position financially in a year after the trucks were taken away because they just bought a sensible vehicle for themselves.
@188602 That would actually save money for this debt ridden company so it wont happen. Those company trucks arent for work theyre for personal pleasure on the weekends to shop and take the family out. We all know supervisors and managers cant afford their own personal vehicles right? Theyre so underpaid..... Oh yeah all weatherford vehicles should be marked with company logos
Employees need to step it up and turn in their trucks instead of using them to drive to work and park them in the garage at SJP. Also, they need to stop getting their mulch on the weekends with the company truck!
186686 you forgot the bogus expense reports that feed their family and friends.
You are so right 186686. I totally agree with you
Upper management is a joke and they will not do anything to help the people that actually care about their jobs. Hell I have heard one of our mangers say its hard acting like you care for these employees. Then played it off as a joke when he realized others heard it. I love my job but its the upper management that's killing this company. That's where the money needs to be cut from. I agree with that.
Good read but that would make total sence so it won't change.