Some of McKinsey top US consultants were hired to develop the CnG-30/40 initiative to take a new positive and proactive message to the investor community
The acronym means “Cut n Grow” and the target is 30% reducimos in our cost base while growing the top end by 40% in next 12 months.
Can this one really work after all the cuts we have already had ? How do you grow revenues by cutting costs is beyond me. Let’s see what the details say when it gets launched.
Nothing good form town hall meeting unless you like seeing them Pat each other on the back. Another flat year ahead. But I am sure they will all get their astronomical bonus.
Clients don't trust big blue. The leadership needs to be in front of them trying to regain their trust. Instead all we see is more processes, more roadblocks.
none of the functions are of use. IT is sh--. Procurement is c-ap, can't order a part for godsakes... Reduce their influence. IT transformation is bleeding money. it needs to be shutdown..
Who cares will it work or not as long as the consultants can fool the investment community and make SLB stocks go up. We can just sell our stocks and run !!
Is this the approach to finally get rid of all the redundant management ?
The problem is that they will only cut the rest of the work bees NOT the useless managers just like the way how they laid off 70k employees. The result will be pretty obvious.
How come management doesn't know who is useless?
Or do they know and still keeping them!
What a business!
One would think that with the numerous managers employed that PK would not need the services of expensive consultants. Is not this what 'managers' are employed for. Same as E2E...the lacklustre management should have known the answers without the necessity of paying $millions to another bunch of consultants. PK is really losing his grip and it does not bode well.
This is the one way to save this company, so many idle employee in this office. They should start with Canada software office. So many strange position and titles, they all have redundant staff.
Yes
This initiative needs to be upgraded to CnG 80/40 and get rid of the excess management monkeys
9/10 people do hardly anything. Lower and middle management pay is way out of whack.
Yeah, this initiative will be a winner. Difficult to see and understand for the one guy carrying the rest.
Sorry but yeah, it will work.
Heavily mismanaged company. They can let go masses without any impact on revenue.
Never understood their sales team. They don't work. Most of them don't know their products and services and only pretend. Met some who even openly speak about not having any experience or skill in what they do or think they should do. They don't see clients. They get no commission. They don't sell anything. They are wasting oxygen to get a paycheck and play internal politics all day and night. Suppose it's all just a reflection of upper management...
They can simply cut their ridiculous compensation and money wasted on this kind of BS. Then the company will grow.
They tried to increase drill production this year to meet the expected demand that the out of touch bean counters predicted...a miserable failure so far as with all Schlumbergers' planning forecasts.
Schlumberger would be better off getting rid of the huge redundant inventory that is gathering dust in its warehouses. With the share price heading south, large and generous ' use us' inducements and far too many supervisors, business initiatives and managers, Paal needs to bolster the already nervous and twitching investors.
Can the man not just retire already? How many millions does he need to s--- out of this company? You've bled us enough pal, just move on and let us recover in peace.
Of course it will work, Paal said so.
Farcical garbage from an out of touch CEO
Cut and Grow? Give me a break
Farcical nonsense
How many millions per year does he get for this BS? Cut the amount of executive managers by 30% would be a much better approach including himself
Does that mean another lay off round??