Devon Energy: No layoffs ever
We recently ran a story about several Oklahoma businesses that made Fortune’s list of the “Best 100 Companies to Work For.” As part of Fortune.com’s online coverage, the writer takes note of several large companies that have managed in good times and bad to avoid ever laying off an employee.
Devon Energy, which placed 13th overall in the list of top 100 companies, was featured:
The company has been able to avoid layoffs by making sure it keeps costs low during economic downturns and booms alike. Before the current crisis, Devon chopped its operating budget to match its cash flow from oil and gas production.
Devon also takes a prudent approach to hiring, maintaining an efficient workforce of highly trained employees. Voluntary turnover is a steady 4% a year. And instead of the traditional annual salary review, the company’s compensation process is flexible: In slow years, employees sometimes forego raises, and in good times, they may be rewarded with midyear pay increases.
That has got to make Devon employees feel pretty good, particularly when the company’s earnings reports turn sour.
Don Mecoy
Business Writer
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Comments
Well, Devon’s perfect record of no layoffs has ended. There were layoffs in the Houston office in June. Also, salaries are frozen indefinitely. Lots of changes (and not necessarily good ones) have occurred since that #13 Fortune ranking came out. there are a lot of unhappy folks there now…
As a former employee I can 100% guarantee that there ARE layoffs. I guess if you force your employees to quit then technically you aren’t having a layoff…
Would love to get a job at Devon! Administrative support, anyone know how? Besides their website?