Top management at offshore operator MEO Australia have agreed to slash their pay by 20% in exchange for exercisable performance rights giving the company savings of A$200,000. This follows on from other staff changes including getting many employees to work part time.
Speaking with the Sydney Morning Herald last month the company’s ceo, Peter Strickland, discussing oil prices, commented: “The deeper the price falls and the greater the contraction in capital expenditure, the stronger the ultimate recovery. The challenge for our industry is to maintain its nerve, focusing on the fundamentals.”
I want to commend you for trying to keep the work force where everybody “gives to get” . This is the right thing to do and I am hopeful other companies follow suit. I wish there were a way to more than just heap praise on your corageous decision, but I guess maybe a few prayers wouldn’t hurt for you and your workers. Thanks.