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 2: Finding Alternatives
Finding Alternatives to Layoffs During the periodic downturns in the Oil and Gas business, layoffs are often part of the predictable response. The first article in this series ‘Coping with the crude oil price crunch’ highlighted some layoff related risks and costs that may be ignored or underestimated. Under-appreciated costs of layoffs 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 […]