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

[msommers]

I know of three people now that have received an annual bonus: Husky, Sinopec and Nexen.

I suppose things aren't all bad, while being employed.

[mr2mike]

Define the bonus?
Most are optics as these "bonuses" are very minor just to say they gave out a bonus.

Hearing DVN retention bonus if you stay until sale date is 3 months salary. Not bad for this environment.

[sabad66]

^ Shell staff got their bonuses Feb 28 as well.


Anecdotally, i also noticed pretty light traffic going westbound on Mcknight at 16:30 on Friday March 1 when i picked up my wife. Normally it is backed up past the Wendy's/Tim's on 12th, but it was pretty smooth sailing for once. I assumed people are on holidays but hard to tell for sure.

[msommers]

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Define the bonus?
Most are optics as these "bonuses" are very minor just to say they gave out a bonus.

Hearing DVN retention bonus if you stay until sale date is 3 months salary. Not bad for this environment.

Kind of crude to ask specifics about their bonus... The fact they got anything is what surprised me the most! So >$0 is better than a paycut or layoff that I've heard from lots of places.

Needless to say they're all excited about a vacation now, wherever that takes them.

[thinmyster]

Bonuses at BNP also.

[Mitsu3000gt]

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^^^ I meant layoffs last week. Crowchild and Memorial seemed light. Anyone else notice?

I take 14th --> Crowchild --> 9th ave/bow trail every day into the office and traffic seems worse this year than last, but the construction has something to do with that. Compared to 2014/2015 it's still way busier, at least at my commute times (730ish), as best I can tell. The summer time is the best, everyone with kids or teacher-spouses go on vacation and commutes are sooooo much nicer. Certain Fridays I really notice it as well, presumably from all the companies that have Fridays off and half day Fridays. I also think a lot of people went away over the last little while to escape the cold - everyone I know with a place down South went to it haha. Coldest February in 40 years, apparently.

[nzwasp]

Being that alot of these oil companies are public are the required to specify anything about their bonus structure publicly?

[Tik-Tok]

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Needless to say they're all excited about a vacation now, wherever that takes them.

"I'm so scared of lay-offs!"

*gets bonus that should be saved in case of lay-off*

"WHOOHOO! VACATION HERE I COME!"

[Xtrema]

Most got their bonus and RRSP matching etc before Mar 1st deadline.

I don't find traffic any lighter until I hit downtown core.

[ExtraSlow]

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"I'm so scared of lay-offs!"

*gets bonus that should be saved in case of lay-off*

"WHOOHOO! VACATION HERE I COME!"

True story bro. The proportion of people who don't even consider saving is really high.

[msommers]

Resisting the impulsive nature to spend because you can is hard, especially when you're used to making money (and quite good money to boot) and have never been in a position to truly realize how stressful it is otherwise. I'm getting a pretty big tax return this year because of my school credits and I just want to get back some of the camera gear I had to sell during school....but alas...mortgage payments...booooooo

[mr2mike]

Get $1000 after tax bonus.
Spend $4000 on a vacation.
Say how they took a holiday with their bonus.
Complain how they can't retire...

[Neil4Speed]

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Being that alot of these oil companies are public are the required to specify anything about their bonus structure publicly?

Yup, proxies will be released in the next month or so.

[Disoblige]

Dumping bonus into RRSP seems logical to me, especially if you been slacking on it and have the room. My company even makes it easy for me and it can go directly in it. Nice to see a full amount go in there without taxation (for now, of course).

[killramos]

Sounds boring haha

[msommers]

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Get $1000 after tax bonus.
Spend $4000 on a vacation.
Say how they took a holiday with their bonus.
Complain how they can't retire...

LOL well you're not wrong. Also sounds like most O&G workers 50+ right now.

[suntan]

Shell bonus was very good this year.

[Mitsu3000gt]

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Being that alot of these oil companies are public are the required to specify anything about their bonus structure publicly?

Executive bonuses are usually public. Regular staff is probably lumped into G&A. Where I've worked that's how it's been, anyway.

[roopi]

I'm not in O&G but I'm wondering what are bonuses based on? Overall company profit or is it per division, etc.?

[sabad66]

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I'm not in O&G but I'm wondering what are bonuses based on? Overall company profit or is it per division, etc.?

depends on the company. where i work the calculation is:

<target bonus based on job level> * <individual performance multiplier> * <overall company-wide business performance multiplier>

For example say the employee had a really good year (outperformed peers quite a bit = 1.4), but company did OK (met targets = 1.0) and their target bonus for their level was 20%. It could be something like:

20% * 1.4 * 1.0 = 28% bonus

Personally I think it's better to look at overall company vs. individual divisions even though it might seem unfair to others.