its supposed to help us with cash flow until things pick up but why do the employees have to take this hit?
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To my understanding with WTF if you get laid off or fired in that year you loose the stock.
I heard weatherford already implemented something like this
This same post is also on Weatherfords site.
Agree to below approach from below posting. There is still too many layers of Mgmt. Another good cost savings would to be close more offices that are not generating revenue. Still lots of those lingering around.
"A much easier step would be to eliminate all managers with less than three direct reports and reduce at least one layer of management. It is no secret that there is a surplus of management and advisors that are little more than ornaments - hanging around and doing nothing useful."
they are just looking for cheap shot ways to reduce the wage bill and totally demotivate the employees in the process
stoopid idea. can't believe some fool idiot suggested it. desperate times.
Komunism idea...do we really need that ?
Illegal in Texas for hourly workers. Just salary people and would probably be used in place of bonuses.
That's why I sold mine a,month ago.
I had to check if such an idea was even legal. Turns out it is if the stock is granted immediately without restriction. I'm not sure that the one-year restriction on selling would pass legal muster. Assuming that it is legal to place a one-year restriction on sale of the stock, the employee still has to pay taxes on that stock as if it were monetary compensation based on its Fair Market Value at the time it is granted. It is also a nightmare for controllers.
A much easier step would be to eliminate all managers with less than three direct reports and reduce at least one layer of management. It is no secret that there is a surplus of management and advisors that are little more than ornaments - hanging around and doing nothing useful.
I bet Mr. Paal dare not do that since I believe where is the Enron's CEO end up with.
That's s---s and ain't gonna fly
So we'd take partial pay in overpriced stock shares that would require us to purchase puts or short the stock outright for a chance to not lose money? What a load.