In an effort to be more competitive and cut costs, employees will see significant reductions as early as Q1
17 replies (most recent on top)
A 25% pay cut would be pennies to us worker bees but millions to execs. They won’t do it.
10 to 25% pay cuts?
I wonder if this is happening across the entire oil sector… If it's not, people will just leave and go work for the competition.
@2sir:
Legacy PDC? Cool your jets. You’ll figure it out soon enough.
What are the latest brackets pay by PSG?
Yeah this is bs. The axeman is sharpening his blade but he likes to chop dead wood. Everyone else will be happy with their 1% raise and 0.8 CIP when things get tough.
Yeah I hate taxes. Pls pay me less
Great, I was making too much anyway and now I’ll have to pay less taxes!! Just keeps getting better!
Troll alert! Why event respond?
I retired last year after 34 years and in all that time I never saw a freeze or reduction in salaries. I don’t recall the year, but during some difficult financial times, refining gave a 2% raise to all salaried employees, regardless of performance. Chevron’s goal is to pay near industry average salaries. That typically means yearly salary adjustments are based on industry rather than economic times.
I have never heard of any large energy company ever cutting salaries. There have been years of no pay increases and no bonuses, but never a pay cut. If companies want to cut salary expenses, they reduce headcount. If the CVX were to cut salaries across the board, they would risk loosing their best performers.
Across the board, won't happen. Chevron will instead freeze wages and stop hiring. What's more likely true is that people coming in from PDC will be asked to "re-image" their jobs to Chevron pay grades, i.e., a pay cut.
Man I thought we have these fun stuff on April's fool day. Someone is really messed up during Texas heat!
lol what a load of BS
This this not likely true (i.e., I have not hear this, and it would only lower moral further). If it needed to be done, with current inflation levels, all they would need to do in freeze current compensation levels for a few years.
Our location (Houston) is short of staff, hiring, and considering retention bonuses.
Right 10-25% for Q1, but then another round just after bonus land, another 10%. That is just 2024. By 2026, employees will be required to pay to attend work - if they have not already been cut.
Our chapter manager already told us, 10-25%