BP Freezes Salaries

[jshell]

http://uk.reuters.com/article/2015/01/26/bp-pay-id...

Wonder who else will follow? Gonna be some deep cuts in the industry methnks!

[Crusoe]

Saudis saying they have increased their output today which won't help prices either, trying to increase their market share.

[Kiltie]

jshell said:

http://uk.reuters.com/article/2015/01/26/bp-pay-id...

Wonder who else will follow? Gonna be some deep cuts in the industry methnks!

I'm reading from that article that BP aren't giving any staff salary increases this year - as opposed to cutting salaries.

Am I missing something?

If that's what it's saying then I reckon it's a bit of a non story as I doubt many of the 80,000ish BP employees will be surprised at all.

On a related matter, none of those stories about BP job cuts seemed to mention that they'd started planning those cuts in Q3 '14 when everything was still hunky-dory and nobody was predicting a significant price drop.

Edited by Kiltie on Tuesday 27th January 22:59

[jamieduff1981]

That's true. The BP slimming down seems to have been on the cards for a while. Likewise the Talisman cuts also seemed fairly inevitable before the oil price drop.

[downthepub]

Yep, salary freeze for the staffies and 15% rate cut for contractors. Upstream first, no doubt the other business units will follow.

[drab]

Petrofac announced the same today for most uk personnel

[8bit]

ConocoPhillips freezing pay for staffies this year too.

[Du1point8]

Not sure of the issue here.

Banking always goes through this, pay freezes and contractor pay cuts, its just normal...

Maybe some people leave and get rehired later.

Same thing is happening in Fashion too, friend is a SAP contractor and they wanted 20% cut off him.

[Robert Burns]

We have just been told, certain expenses are now under watch of the head permission only.

Pay freeze, no bonus, no annual ball dance and a few more things

But 20million pounds in backlog projects yet to be started

[Kiltie]

Robert Burns said:

... no annual ball dance ...

That'll be a relief.

[Robert Burns]

Kiltie said:

That'll be a relief.

I was like fantastic. Never been never wanted. Its all up in aberdeen and I'm in Falkirk. So who gives a toss lets save some money hehe

[MidnightXR6]

I sold up in Aberdeen in october and moved back to Falkirk.

Glad i did. Slashed my costs big time.

[CraigV6]

Salary freeze is no shock.
If that's the worst that happens, then you should be relieved.

[8bit]

Just heard today, I am still in contract but have to take a 15% cut. CV ready for when the market picks up again.

[jamieduff1981]

8bit said:

Just heard today, I am still in contract but have to take a 15% cut. CV ready for when the market picks up again.

Sorry to hear that. I have another 10% cut effective from Monday.

Feels like we're swimming against the tide a bit doesn't it?

[Gareth135R]

jamieduff1981 said:

8bit said:

Just heard today, I am still in contract but have to take a 15% cut. CV ready for when the market picks up again.

Sorry to hear that. I have another 10% cut effective from Monday.

Feels like we're swimming against the tide a bit doesn't it?

Depends how you look at it.
For a long time there's been the contractor gravy train. If you were dumb enough to live your life to your contractor salary, then a 5%,10%,15%,20% is going to hurt.
Contractors have to accept they get a decent salary when times are good but have to accept on the downturn; they're the easiest way of cutting costs.
So...have a slush fund for times like this and ride out the storm.

[jamieduff1981]

Gareth135R said:

jamieduff1981 said:

8bit said:

Just heard today, I am still in contract but have to take a 15% cut. CV ready for when the market picks up again.

Sorry to hear that. I have another 10% cut effective from Monday.

Feels like we're swimming against the tide a bit doesn't it?

Depends how you look at it.
For a long time there's been the contractor gravy train. If you were dumb enough
to live your life to your contractor salary, then a 5%,10%,15%,20% is going to hurt.
Contractors have to accept they get a decent salary when times are good but have to accept on the downturn; they're the easiest way of cutting costs.
So...have a slush fund for times like this and ride out the storm.

I had an expensive year with moving out of a 2 bed flat and into a family home but in general I wasn't "that dumb" and monthly commitments aren't too bad.

I'm fortunate to have held on to my contract but nobody likes to go backwards despite making genuine effort as opposed to made-up roles raking in impressive rates with nobody really knowing what they actually contribute.

Still, 2 pals have lost their contracts in the past week, so can't complain.

[8bit]

Thanks Jamie, sorry to hear you've been bitten again. I didn't really have a choice but to take the hit. My wife is still on maternity leave so mine is the only real income at the moment. It is a bit galling, my day rate wasn't astronomical by any means but I'm glad not to have the stress of trying to find a new contract at a time like this. Keen for a change anyway and my current contract ends or is renewed in May so will see what happens.

I heard through the grapevine that some here took as much as a 30% cut. Wonder how much they'd have to have been on in the first place to get hit that hard.