Thread regarding Chevron Corp. layoffs

I have put my boss on notise that 7% is the bear minimal I shall accept. Lets see.

@1lgi - "If I assign the minimum suggested by tool to all my reports, the total for my team exceed the budget I was assigned."

The reason is probably because all your reports on average is above 100% comp ratio. Your budget is approximately calculated by taking the sum of all of your reports' PSGs at 100% comp ratio plus structure, so about 103% of everyone's PSGs. If all of your direct reports are at 100-105%, then yea, you won't have much merit to dish out. The only way to move them up is to promote them.

On the other hand, @2vws- he/she probably had a lot of direct reports who are under 100% comp ratio, so he/she "was able to allocate very good raises, not everyone will be disappointed."

@3lao

If they move my desk one more time, that’s it, that’s it. Just one more time.

Have you seen my red stapler

I for one won't be sticking around much longer if things don't start getting better. Bringing us back into the office will make things worse. If there is another layoff that comes thats it for me here.

"If raises are really low as people are indicating i have to wonder how MW is going to spin it in his town hall."

Simple. Things are still volatile, we haven't fully recovered from the Covid low, we're 'balancing out' our new organization, blah, blah, blah, bottom line is this is not the time to go crazy with raises. Unspoken message is 'go ahead, try and find another job somewhere else right now'. MW counts on most people issuing only idle threats of leaving, and those who do leave will be replaced by college kids at 60% of your salary. To be quite honest, in my career at Chevron the company has never really been worried about people quitting, after that PSG bump a couple years ago most people are making too much money now to think about leaving.

The pool for budget ranges by supervisor. I was able to allocate very good raises, not everyone will be disappointed.

If I assign the minimum suggested by tool to all my reports, the total for my team exceed the budget I was assigned. Does not makes se at all! Raises not looking good.

If raises are really low as people are indicating i have to wonder how MW is going to spin it in his town hall. People are already irritated and this won't help. He's been talking about bringing positivity back but this will not help his case as people can only take so much.

@1adf That was cute. Promotions are now effective Nov 1st and not in March….

PSG bump and 10% raise here.

MW is a bell end if he's truly giving such paltry raises. He is really hurting morale further and is going to cause a mass exodus that will be extremely disruptive to operations.

At 3% With a potential for 1.5% more?!?? There is no incentive to exceed expectations. Those are category 2 raises in the old Pmp. With the amount they are asking us to do and cut this merit increase is insulting. This PMP is designated to save CVX money, keep folks in their PSg longer and give out less raises

The company made big money and upper management put us through h@ll the past couple of years. We deserve a decent raise. I guarantee MW will get a pretty good bump. If they don't want a majority of the company to leave its time to value employees at least a tiny bit.

Very naive thinking, @1bzw. You get big raises when you grow the company, not when all you did was contribute to the inflation problem.

“CHICAGO (WLS) -- Inflation is affecting prices as the gas pump, grocery store and more, but President Biden and his administration are already working to lower costs. The Consumer Price Index shot up to 6.8 percent by the end of 2021, the highest it's been in 40 years.”

Oil prices were up sharply in 2021 contributing to massive increases in Chevron revenue. The company swung from large losses in 2020 to nearly $20 billion in earnings in 2021. With FGP completion and prices holding, profits will soar higher in 2022.

So, everyone should get 7%. Higher performers would get up to 10% raise.

Just leave now. You will still get your bonus. Correct?

I guess MW won't have to get into his passion of layoffs after everyone leaves come bonus time. If the raises aren't even up to cost of living whats the point of working hard are even stay here.

As a supervisor who just submitted salary actions in Workday, I know there are going to be a lot of disappointments. Brace yourselves.

3-5!?? Is way too low. Where is the incentive to exceed? I recall getting 4.6% in 2014 when oil tanked. It’s hard not to see the new PMP system as a way to lower salary.

Heaven forbid is MW for once help out employees and give a little smaller increase to the dividend or share buybacks. Im not saying not increase the dividend but give a slightly smaller increase so the employees that have dealt with a lot due to management decisions in 2020 and 2021 could get a small reward. Instead MW goes full force on the dividend and gives the employees the finger again.

SJV needs talent (headcount) to leave anyways

Gotta buy back those shares and take care of those investors. Can’t do that if you give too much to the employees.

So disappointing to read. The days of 10% raises when you’re a 94% PSG and get a 1 are gone. How can Chevron expect to motivate EE’s to exceed expectations for barely COL type raises? They are frequently asking us to cut cut cut in the SJV and still giving 3-5% merit increases to their top performers? This isn’t going to sit well and I’m guessing talent will start leaving. Even if they are giving bigger bonuses, I would rather have a better merit increase as the bonuses taxed heavily and only a lump sum. I won’t sugarcoat it, I do not like the new PMP system.

Do not fool yourself with imaginary hope!

The reality is that the job market for petrotechs does not exist anymore, the HR and high level management know it well. You are lucky if you have a job because outside no one will pay you this much (including benefits). The cry for inflation applies for those who make less than $50,000 per year, most folks in Chevron make way more. There are jobs outside oil and gas but pay is almost half at best and most have to start as entry level. Be thankful for what you have and keep your options open in case something good pops up. The increase in salary is going to be bare minimum and bonus is not going to be very different.

Super disheartening to read some of this. It all but ensures I'll stick around to get bonus and then will see what options are available elsewhere. I suspect I won't be the only one.

No different than last year, 3% plus a merit guidance of 1-1.5% (range 0%-3%). No surprise, the message coming on down from SR is we're still in a very volatile time, staying the course and conserving capital is as important as ever. Remember, we also had to pay off all those EOIs from last year.

I typically like to discuss raises and bonuses on the layoff boards, that's just me.

@mft we hope you get higher on the CO soon! be glad you are on a higher PSG than the rest of the team!

Grim days for this industry so tight budgets for staff.

Very depressing at half inflation especially after getting rid of so many. How do supervisors allocate for example if one person is higher psg than others on their team yet very low on their grade this gives the team more budget. I’m guessing a big chunk will then be given to those at lower grades over 100 percent on the team who contributed nada.

Structure is 3%. Bonuses are normal.

2. 9% structure

Not a supervisor. I'm expecting 3-4% but a nicer bonus.

I heard MW budgeted as a reward for us sitting through his destroying of the company a 12 pack of Busch light to drown our sorrows.

the budget I got for my team is almost the same as last year. Very disappointing. I was expecting a higher budget given inflation.