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

[jaylo]

This quote is hidden because you are ignoring this member. Show Quote

Well I guess it was that time. Job is pretty well coming to an end, so I'm back to laid off status as well. Not much for a welder going on right now, and if there is, thousands competing.

What do ya do I guess, nature of the construction business. Usually there is a job right around the corner, but not so much right now.

Good time to take a break, or take advantage of making gym equipment like racks. There's a huge demand and I've seen some sell for $750+ in Kijiji.

[killramos]

Murphy shutting down its Calgary office permanently. 110 staff.

Everything going to Houston.

https://www.bnnbloomberg.ca/ex-syncr...osts-1.1433174

[revelations]

This quote is hidden because you are ignoring this member. Show Quote

Tell them to give it 6 months, they wont have any work come the fall. We've seen design work drop off a cliff the last 2 months, everyone is holding till they know WTF is going on.

Thats a strong possibility - once the C19 bucks stop, people will end up looking for work - and thats when the day of reckoning starts.

[mr2mike]

MEG cut 40 ppl today.

[Disoblige]

Chances are if you are a technical operations tech/engg at a producer, you are swamped as fuck because they are trying to do everything in-house. GG.

[lasimmon]

This quote is hidden because you are ignoring this member. Show Quote

Chances are if you are a technical operations tech/engg at a producer, you are swamped as fuck because they are trying to do everything in-house. GG.

I’m still busy as a 3rd party eng consulting company. In fact one of my clients laid off their in house staff.

[sabad66]

Our company is now doing voluntary layoffs. It's been offered many times in certain business units in the past, but this is the first time it's been offered company-wide in Canada apparently.

I can't imagine a lot of people will be putting up their hand for this given the job market so probably the next step will be forced layoffs. 2020 going to be ROUGH!

[ExtraSlow]

This quote is hidden because you are ignoring this member. Show Quote

I can't imagine a lot of people will be putting up their hand for this given the job market so probably the next step will be forced layoffs. 2020 going to be ROUGH!

Assuming there's some kind of package to go with it, it should be attractive to people who are within a few years of retirement. Hopefully clears out some of the top salary levels, which should create opportunist for mid to lower levels to expand their roles (although maybe not their salaries yet.)

[sabad66]

This quote is hidden because you are ignoring this member. Show Quote

Assuming there's some kind of package to go with it, it should be attractive to people who are within a few years of retirement. Hopefully clears out some of the top salary levels, which should create opportunist for mid to lower levels to expand their roles (although maybe not their salaries yet.)

Oh yeah definitely they come with severance packages. They even created a tool where you can ask for an estimate of your payout with no strings attached.

Most of the people who are close to retirement would have DB pensions so hard to imagine a scenario where they give that up voluntarily. I know i wouldn't.

Personally I see 5-15 year people being more interested in this especially if they think they can find a job quickly or have another job lined up.

[ExtraSlow]

Yeah, if you can't quite get your DB pension that's different.

[flipstah]

Giving up pension would definitely be a game changer.

[ExtraSlow]

A lot fo details for the individual and the company. Some places there's a "magic number" that your years of service plus age have to meet. If you started working there early enough, you may hit that magic number as early as age 55. Very specific to your employment/union/pension agreement plus your own employment history.

[A2VR6]

^yep. I also have seen some cases where companies bridge the gap between the "magic number" and now so that someone can take an early retirement and walk away from the company early as a form of a "voluntary layoff"

[dirtsniffer]

more layoffs today within my company. sounds like a 30% reduction in headcount is possible. Planning for 5 quarters of depressed activity.

[mr2mike]

From what I know, early packages are better than the 3rd round packages.
But that was before the oil and gas down turn.

[vengie]

This quote is hidden because you are ignoring this member. Show Quote

more layoffs today within my company. sounds like a 30% reduction in headcount is possible. Planning for 5 quarters of depressed activity.

What company?

[ExtraSlow]

Kind of fascinating way to do things, this is from Oxy in the USA. Basically sets up an auction type situation, AND gives the company valuable information.

[Tik-Tok]

Race to the bottom.

[ExtraSlow]

My linkedin feed is blowing up with this. Some reputable people say it's legit. I have no reason to doubt it. Some real hunger games type shit. However, I can understand the company viewpoint here. Oxy needs to she a few thousand positions, and it's better to doit as cheaply as possible, or they'll have to shed a few thousand more. If there's folks out there that would take 6 months severance freely, why pay everyone 12 months?

[speedog]

This quote is hidden because you are ignoring this member. Show Quote

A lot fo details for the individual and the company. Some places there's a "magic number" that your years of service plus age have to meet. If you started working there early enough, you may hit that magic number as early as age 55. Very specific to your employment/union/pension agreement plus your own employment history.

TELUS' DB plan has a 55/35 magic number - if I had stuck around I would've been a perfect 55/35 person. As far as early retirement packages, it really depended how close you are to retirement. The closer you are, the better the packages look. If you're farther out from your magic numbers then it becomes far less attractive because the incentive won't be enough for to make up for your reduced pension - taking a 2-3 year pension penalty is a whole lot different than a 10 year penalty. Of course you can defer your pension as well but it won't build up as much as if you had continued working.

Personally, I resigned without a package from TELUS - my mental health was not worth waiting around for a package from them, it had become such a stressful work environment and leaving TELUS was the best thing I ever did for myself and my family. Yeah, I deferred my pension and it's reduced (am now collecting) but I'm in a much better head space. In reality, that should be the first thing anyone looks after is themselves instead of sticking around and chasing that package in an work environment you've come to despise.

Over the years, far too many of the people I worked with at TELUS stuck around in jobs they came to dislike and a company they came to dislike and I ended up going to their funerals when they only had 3 or less years to go or up to 3 years after they retired. People become blind to their own well being because that package might be out there that'll allow them to retire early, seen that far too many times.