A recent WSJ article titled ‘Cutting Staff Pay to Keep Workers’ highlighted how some firms are doing anything they can to avoid layoffs, despite the dramatic decline in oil prices. This caught my eye due to a recent three-part series one of our associates, human resources expert Alec Schrader, put together on this very topic. Finding […]
Oil and Gas Layoffs Part 3: Mobilizing Teams Around Productivity Improvement
The rapid decline in crude oil prices has led many oil and gas organizations to initiate layoffs as a major part of their adaptive strategy. Layoffs Are Not Always The Answer The first article in this series highlighted layoff related risks and costs that leaders often ignore or underestimate. These included: diverted management time […]
Coping with the Crude Oil Price Crunch: Layoffs are not Always the Answer. Part 1
Oil and Gas is a cyclical business that experiences regular and severe swings in crude oil prices. During downturns prudent organizations take various steps to adjust to decreased cash flows and earnings. Early actions typically focus on discretionary expenditures and underperforming assets. However, headcount reduction is also a common tactic. This article will review the true […]