It’s pretty clear to me Finance is dying. Already have seen so many jobs migrated overseas. It’s cheaper and just as educated population overseas. No doubt more is coming. So many external hires at the top in finance also makes me think the corporation doesn’t value the finance staff they’ve been developing. Polaris is going to eliminate finance jobs. They are standardizing processes and increasing their risk tolerance so that eliminates people.
12 replies (most recent on top)
I'm looking for a man in finance...
EM management is effectively nothing BUT folks who are incompetent engineers.
I left after over a decade in Treasurer's. Everyone else in my hiring class of a half dozen analysts is gone too, even some that made exec. I remember the upstream treasurer had a townhall meeting with the whole function in 2021 and said verbatim "please don't quit." Well guess what - he's still there (making $1mm/year I'm sure) but 75% of the folks below him are gone.
Finance (Controllers in particular) has been a revolving door for the entire time (nearly 20 years) that I’ve been here. People from other functions that are rotating through are generally fine, but beware anyone who’s made a long term career in this part of the company. Even those in pretty senior leadership positions have in my opinion exemplified the worst of Exxon
Similar to many other parts of the company , finance places limited or no value on any employees other than hi-pos. As other posts indicate jobs have been offshored and centralized over the last 20 years (along with some other staff functions). It’s what upstream , downstream, and chem is seeing happen in their shops now.
What is interesting in finance now is the wholesale replacement of finance upper management with external hires. This is a signal to the hi-pos that they are not so valued either. Couple that with the drive to move many already offshored activities to contracted managed service providers and the systematic elimination of work from “hc10” countries and it is a bleak career outlook for us folks in the mid 30s to mid 40s. Some jobs will be left, sure but it’s likely most of us will have to find our way elsewhere or will be simply shown the door. This applies to anyone working in a high cost country and possibly some gbc locations as well
@1tfa Agreed. They failed in Engineering at College or quickly learned when they joined the company they could not handle real world engineering which is different than studying set information and memorizing for a test.
I had even had a manager tell me once that he might not be good at engineering but they could put a mean power point together.
Just take a look at your US W-2 form. It was issued by ExxonMobil affiliate in Argentina. Payroll (SAP) was moved to Argentina before Exxon acquired Mobil.
I love that this guy thinks he discovered this big secret that they’re offshoring finance jobs when they’ve been doing it for over 20 years. What next, are you going to tell us there’s steroids in baseball?
Look around at management. Most not all. Failed in engineering or their prior assignments. Your right it’s not needed to be promoted
I don’t know where this idea comes from that all it takes to be a valuable employee is to have a good education in finance or engineering or whatever it is. That’s the table stakes. People need years of good projects to work and good mentors to reach the point they can truly contribute. It also takes dedication to learning and being the best in your field, which is fully incompatible with this idea that we are all interchangeable and replaceable..
Finance jobs have been moving overseas for 20+ years.
? Asked and answer your own question