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Dateline 2015-09-26, The Star:
THE slide in global crude oil prices has left a trail of casualties in its wake.
Oil companies and governments that rely on the price of crude oil for profit and revenue have been hurt by plunging receipts from lower crude oil prices.
For countries dependent on commodities such as crude oil, the effect cuts deeper. Their currencies have felt the brunt from the weaker crude oil prices and it is this group of countries that have a reliance on commodities that have seen the biggest depreciation against the US dollar compared with oil importing countries.
While the macro picture hogs the headlines and generates most of the chatter, the real micro cost of plunging crude oil prices has been felt by employment in the sector.
Many oil majors have announced job cuts to manage costs that had spiralled upwards during the boom days in the industry. Oil majors now have resorted to slashing their workforce amid the biggest downturn in the industry for decades.