This might be good ideas from Baker Hughes to keep oil and gas people in the business during downturn. Read the full details below.
Houston-based Baker Hughes is cutting employee pay for many U.S. workers by 5 percent through a new furlough program to reduce costs and lessen the need for additional job reductions.
The pay cuts, which Baker Hughes described as temporary, will stretch from the pay period beginning Sept. 11 through the final paycheck of the year. In exchange for the pay cut, employees will get holidays on Oct. 10, Nov. 23, Dec. 23 and Dec. 28, according to an internal memo acquired by the Houston Chronicle.
The memo said the furlough program is designed to “help Baker Hughes reduce the need for additional layoffs and to achieve the cost savings needed to enable profitable growth.” Among those excluded from the pay cuts are some top executives and other global operations employees in the United States; many employees in chemicals operations; some human resources workers; many sales people; and corporate security and information technology workers, among others. Most leadership is included in the furlough, according to the memo.
Baker Hughes spokeswoman Melanie Kania said in a prepared statement, “These efforts will allow us to lessen the need for additional workforce reductions while remaining focused on serving customers and maintaining safe, compliant operations.”