Has your office / company laid people off or are you expecting layoffs? PART 8

[adamc]

Fair. For $190 roundtrip, tax in, can't complain too much.

[Darkane]

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The Cenovus (Husky) purge is to start in full on Monday from what I have heard.

That’ll be a big one. Any rumours if all 2200 will be in a couple weeks, or prolonged like suncor?

[msommers]

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Not my employer but big news from Westjet coming this morning, 1000+ and major route cuts coming.

https://calgary.ctvnews.ca/westjet-a...ions-1.5258896

WestJet used to be a place a lot of people wanted to work. From someone I know there, apparently morale is the lowest it's ever been and people are putting in crazy hours, like up to 14 hours per day.

[nzwasp]

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That’ll be a big one. Any rumours if all 2200 will be in a couple weeks, or prolonged like suncor?

Wife said that in the townhall they mentioned it would be waves through out the year as opposed to one big hit. I imagine this would be the sensible thing - get rid of some, see what you can manage with then reduce further.

[Tik-Tok]

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Wife said that in the townhall they mentioned it would be waves through out the year as opposed to one big hit. I imagine this would be the sensible thing - get rid of some, see what you can manage with then reduce further.

You mean like waves of 49 people?

[nzwasp]

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You mean like waves of 49 people?

No idea - I dont know whats the point of keeping it out of the media spotlight - would layoffs affect their stock price, everyone is expecting the axe to fall.

One thing that did puzzle me was if they are keeping the stock symbol of CVE then why payout everyones RSU and PSUs? perhaps to change the LTI remuneration strategy in the future.

[Tik-Tok]

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No idea - I dont know whats the point of keeping it out of the media spotlight - would layoffs affect their stock price, everyone is expecting the axe to fall. One thing that did puzzle me was if they are keeping the st.

Less about media and more about requiring to give 16 weeks notice to the government.

[INITIALD]

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^^Same story at NAL

GG, NAL was a great company to work for.

[Xtrema]

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Wife said that in the townhall they mentioned it would be waves through out the year as opposed to one big hit. I imagine this would be the sensible thing - get rid of some, see what you can manage with then reduce further.

Knowledge transfer.

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No idea - I dont know whats the point of keeping it out of the media spotlight - would layoffs affect their stock price, everyone is expecting the axe to fall.

Paper work.

If an employer intends to terminate the employment of 50 or more employees at a single location within a 4-week period, the employer must give the Minister of Labour and Immigration written notice of at least 4 weeks.

You don't have to do that if you let go 49 every month.

But if they have 2200 to go thru, may as well put that into 2-3 pools and deal with it that way.

Also going slow may also allow some to leave voluntary at relatively low cost... but usually those are the ones you really want to keep.

[nzwasp]

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Knowledge transfer.

well im hoping my wife keeps her job as i have been accustomed to her large pay and my cushy lifestyle. Won't be the same if we have to live on my income.

[Xtrema]

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well im hoping my wife keeps her job as i have been accustomed to her large pay and my cushy lifestyle. Won't be the same if we have to live on my income.

Well, always have a plan for that scenario. This is Calgary, we have got thru these cycles like every 5-6 years. This is probably the longest down cycle in history, probably even longer than the one in the 80s or 90s.

[R-Audi]

Although Regus/IWG have been in Chapter 11 for a while, it seems like their rapid expansion is catching up with them in Calgary. So far Ive heard of clients in two locations that were given less than a weeks notice to vacate.. with talk of more to follow. Most recent one was the 17th Ave location this week and from what I understand it was a days notice to clear out your office.

[ExtraSlow]

I rent a "virtual office" from Regus/IWG in Denver
They've been fantastic to deal with. Hope that location keep operating.

[msommers]

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Well, always have a plan for that scenario. This is Calgary, we have got thru these cycles like every 5-6 years. This is probably the longest down cycle in history, probably even longer than the one in the 80s or 90s.

There is statistical data that strongly suggests this downturn is something different from previous cycles because it isn't a cycle but a downward trend.

[flipstah]

Is it time to gtfo of Calgary

[mr2mike]

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Wife said that in the townhall they mentioned it would be waves through out the year as opposed to one big hit. I imagine this would be the sensible thing - get rid of some, see what you can manage with then reduce further.

Until you work in that environment and literally everyone starts to say, screw it I'm probably next.
Definitely pro for large layoffs and get it out of the way. As opposed to the Penn West/Obsidian method of layoff round #30 and constant team changes because "contingent worker #5" has now been axed.

[bjstare]

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Is it time to gtfo of Calgary

Yeah, 10 years ago.

[adamc]

I left in '15 when I was told "take your vacation now, we'll be flat out this winter" and then the winter was completely dead.

Miss the mountains but happy I pulled out when I did.

[Buster]

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There is statistical data that strongly suggests this downturn is something different from previous cycles because it isn't a cycle but a downward trend.

Every downturn looks like a trend until it doesn't. If people didn't think it would be a downward trend, then things would be going back up.

[bjstare]

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Every downturn looks like a trend until it doesn't. If people didn't think it would be a downward trend, then things would be going back up.

Where's that guy from the short term investment thread to do his EW analysis on the Calgary economy? Are we in wave (c) of A of 3, or what?