With results as great as they have been, I'm expecting a lot of people who've been plotting to leave to reconsider their plans. I also think many are regretting leaving at this point. I couldn't understand before why people are leaving and it would make even less sense at this point.
18 replies (most recent on top)
@1bhc+1i0IptQ7 I don’t think you have any idea what you’re talking about when you mention the spouse benefit changing in the relocation program for the move to Houston. I can guarantee you my spouse has seen no negative change to that benefit since it was increased several years ago. We have significant experience with the relocation program. You’re making up the “change that was made quietly”.
@2jjy, all the retirees that I know, (and that is quite a few) diversified out of CVX years ago. You may want to rethink your snarky comment.
@2eqa, "...retirees are mostly cashed out now and not interested in dividends." So you're saying that retirees, who love a sure thing, aren't interested in Chevron's bulbous, guaranteed dividend? Also check out NUA, another reason for retirees not to rush to sell their stock. I think who you're talking about are those who left unceremoniously and involuntarily, so had an "axe to grind" with Chevron, and 'we'll get them back' by selling our tiny portions of Chevron stock. All the retirees I know love to see their net worth grow, especially contrary to the general equity market, and are cheering you and MW on every day to keep on paying them their dividends.
All the retirees I know have been nervously sitting on their Chevron stock the last 5 years, praying for some price movement as it hovered endlessly around and under $100. As soon as it surged, they all started selling. Some sold at $125 since that was a new level breakthrough. If they didn't sell it all there, they did when it roared over $150 and up to $170. So, retirees are mostly cashed out now and not interested in dividends.
OP, I doubt any of the people who have left have had 2nd thoughts. For years Chevron would tell its employees, 'we know you can get more money elsewhere, but just look at the wonderful culture in Chevron!'. Well that 'wonderful culture' has transitioned into a culture of favoritism and cronyism, not to mention the preferred demographic tone put on just about every job in the company (well, except the C-suite). Another perspective you'll like - most of those people likely still have all their Chevron stock, so they're collecting those fat dividends based on your "hard work".
According to RM, there is not attrition issue in Chevron!
@1pey+1i0IptQ7 There she is! Hi, RHONDA!!!
Some good points here: 1) high profit does not mean high performance; 2) Chevron no longer cares about the individual employee, only demographics; 3) The industry is declining, so everything employees value is also declining. The last point is the one to take to heart if you have a long career in front of you. Also, the point about declining production is very important. The bookkeepers can massage the reserves numbers (for a few years) to fool Wall St., but if Chevron's production starts to decline, that points to a systemic failure in the company. Look for more acquisitions to bandage-over that problem.
The record profits are industry-wide and due to high prices boosting both upstream and downstream earnings, which is very unusual and why analysts estimates were lower than actual. Disentangling that from actual competitive performance is not easy.
You will note that our production FELL 5% from first quarter (after also falling first quarter relative to 2021), a fact our press releases tried hard to obscure. So, you can beat your br---t about our great results but with falling production we continue our downward spiral.
Great results only impact the bonus. They don’t allow us to increase salaries or increase headcount, which is what folks would value. If structure is less than 5%, our steady decline of personnel will continue.
Here’s the problem with OP’s assumption: Our benefits and pay have steadily been declining for years. For starters, getting a nice bonus is not as beneficial to me, as an employee, as getting a raise is in the long run (think about, for example, your pension calculation, your opportunity to move up in the PSG, etc.). Certain nice-to-have benefits like LifeWorks quietly went away. Cost of medical, in particular, when you really scrutinize the copays, coinsurance, etc., has really increased. I have Kaiser HMO rates from a few years ago vs. today, and it is a real eye opener … look at what you’d have to pay if you were to actually use your medical for non-routine care. Other changes came to light in the spouse benefit when we were looking to relocate to Houston … another example of a change that was made quietly, and if you weren’t familiar with what it used to be in the past, you wouldn’t know.
I get that the industry is not what it used to be and yadda yadda, but when we were hired, part of the deal was having these benefits, and it sure seems that when things are taken away, they get taken away from the little worker bees. If an executive has to pay an extra thousand a month for medical costs, it likely is not a big deal. It is, however, to someone like me.
We reported very good results, with many of us working our tails off and dealing with staffing shortages and trying circumstances. Could we not even kick employees a tiny bit of an inflation adjustment? Someone on this board was asking about food pantries a while ago. Now, I don’t know if they were joking but didn’t seem like it.
I’m not so naive as to think that anyone from corp reading this will care, but it made me feel better to vent. At the end of our lives, each of us will need to account for our actions. I can honestly do so with a clear conscience; not so sure about some other folks.
If your pay and benefits don't improve despite record profits, then why would a blow out quarter make any difference?
It may slow attrition, but it will not slow the miserable butthurt losers who constantly complain on this site. They have no career, no life and no ambition or goals. They think that constantly whining and complaining anonymously online will give them some sort of inspiration to succeed on their own merit, apparently since they can't do it on their own and are not getting it anywhere else.
Nope. Still plan to bail the energy industry entirely.
No,
Everyone who quit or planning to leave knew the Q1, Q2, and even Q3 earnings and profit would be massive. That is due to high oil prices and not the company performance.
Also, most people are leaving early because of higher interest rate that impacts their pension, others leave because of better jobs or better flexibility on WFH.
So expect more to leave by end of the year regardless of Q3 and Q4 earnings.
Yeah the companies morale has been destroyed and its no where near the kind of company it used to be. Management with the transformation ROM ruined the company for the employee. Having great numbers does nothing for average employees if they don't share the wealth. They will only give it to shareholders and probably will reward employees with another layoff.
Well since she put me down I've been out doin' in my head
I come in late at night and in the mornin' I just lay in bed
Well, Rhonda you look so fine (look so fine)
And I know it wouldn't take much time
For you to help me Rhonda
Help me get her out of my heart
Ok Rhonda