Name: Halliburton CEO Talks About Difficulty Laying Off Half His Workforce
Uploaded: 2018-08-20
Duration: 4 min 49 s
Description: Halliburton is rebuilding and rehiring after recovering from the oil crisis.

 Jeff, many people say that the ultimate test of leadership comes in a time of crisis. And you certainly had your dose of that a few years ago, during the oil recession. Halliburton was forced to cut 35,000 workers. That's almost half of your workforce. What was the most important leadership lesson that you learned during that crisis? Let me start with that was the hardest thing I've ever had to do. The learning in that was having to do the next right thing, even when the next right thing may not be tasteful. It's just something that had to be done. How did you motivate your employees during that time? I mean, what did you do as a leader to encourage them so that they would keep coming to work? I mean, I was in the field a lot. We talked with our people a lot about what was happening in the business, why we were taking the steps that we were, and also the commitment to the company, in the sense that we're doing this for a stronger, sustainable business through this downturn. I understand that you have worked in pretty much every aspect of the oil business in your 20 years at Halliburton, from being out in the field all the way to finance. How did those years of experience help you to manage and lead during this crisis? Well, I think I have empathy for what everyone does in the company, or just about everyone. And everyone has a role to play. And all of those different jobs, the takeaway from that was how important each piece of that work is. And so at least I can communicate clearly and openly with people and appreciate what it is that they do. I also appreciate why what they do so important. I hear that you still go out in the field and you talk with workers. What do you get out of doing that? I love to get around that group and really hear what's on their mind, talk to them about what we're doing, and what their role is, and what we're doing as a company. Look, I think I make better decisions when I'm clear around what's not only what's really happening, but how it affects other people. You told me that you're a big believer in cutting edge technology at Halliburton. The things we talked about, like artificial intelligence, machine learning, Cloud, big data-- why is this so important to you? Look, technology is the heart and soul of our business, and really, our industry. And it's one of the reasons why oil itself is still so competitive as an energy source. And it's because technology is how we either make more barrels or lower the cost. And from a Halliburton standpoint, it's how we make returns. That's why shale oil today is even competitive at $40. It is because technology has allowed that cost to come down. It must be tough, hiring tech people, because there's so much demand for them. And you're competing against employers like Facebook and Google. What do you have to do to get these Silicon Valley types to work for an energy company? Well, first thing we have to do is show them how technical our industry is, to start with. And I think that you'd be amazed at the complexity of-- really, we drill through two miles of water, five miles of rock, we put a bit in a five gallon bucket, and we do that all remotely and in real time. I think that's exciting to technologists when we present our business that way. But it's clearly-- it's very competitive. Has this created a change-- a pivot in your company culture? Yes and no. I'd say yes from the standpoint of we're moving faster technically than we've ever moved. But the reality is so much of our culture is baked into execution. The technical people that have joined the company are very much enrolled-- and this may be a difference-- are very much enrolled in how we do what Halliburton does better. And that is a subtle, but important difference. And it makes it very exciting, because all of that talent is applied to something that is so important to our customer. As you look back on your long career, Jeff, both on all the jobs that you've had, but also on the personal side of your development, what would you say is the best leadership advice that you've ever received? And how did it shape you as a leader? Best advice hands down came from my grandfather, which-- three things. First, take the jobs that other people don't want-- funny one, but that's the first one. Second one, treat every job like it's your last job. And then finally, always be learning. And that is absolutely shaped my career. 

Halliburton CEO Talks About Difficulty Laying Off Half His Workforce

Leadership

Halliburton is rebuilding and rehiring after recovering from the oil crisis.