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Rigzone – Oil Companies Trim Back at the Top
Falling oil prices have triggered a swathe of job cuts in the oil and gas industry this year, with reductions also reaching the executive ranks, reports Rigzone. In view of this new market reality, Egon Zehnder consultant Trent Aulbaugh says companies have a, “natural prudent and fiduciary responsibility” to downsize. “Companies are under a lot of SG&A (selling, general and administrative expense) pressure, and that pressure is going to go up and down the organizational chart,” explains Aulbaugh. “If the investment in people doesn’t coordinate with what the market may bear […] it would be a surprise if managers weren’t part of whom companies are looking at,” he adds.
Full story: Valerie Jones: Layoffs Continue to Affect Oil, Gas Companies at All Levels, in Rigzone (14 October 2015).