Got offered a payout figure if i were to be accepted which equates to one year salary. There are non-oil and gas companies which are hiring in my field, pay might be less but it looks like a good opportunity for a fresh start.
I know the grass is always greener, but sometimes you gotta break up from that long term relationship that you've become complacent with to see if you really had it that good or not.
A recent study that Chevron did shows that Chevron has twice the people in support organizations as the competition. If i had to guess i would say in some groups it may be up to 50% layoffs to correct for this. Except for IT that has security of data implications i don't know why Chevron did not completely subcontract these departments years ago.
Are you eligible for unemployment if you accept eoi?
go ahead..... but remember you have it GOOD now.... nobody else can come nowhere close to what you have.....
Lol @ohb, was waiting for that same troll going onto every post that ends up in a reference to a$$. Cool story bro, hope you get the coronas.
Yea, For sure. Move forward with eyes wide open and both hands on your red sore A$$ after you just got reamed and put on the street while they laugh because you got bought out for pennies on the dollar. Same as taking the discounted lump sum. You will likely end up without comparable benefits, lousy health care options, lower 401k options & match and no or very little pension. Welcome to the real world, junior!
Nobody will be denied EOI. You are all very special, but in Chevrons eyes you can be replaced pretty easily. The sky won’t fall without you. The enhanced severance is a great deal!
@rpu, I'm in IT bro, appreciate the thoughtful post. By coincidence, I started scanning the market and talking to recruiters prior to all this transformation business going down. Guess next step is go do the interviews to sharpen up.
Pretty likely, especially if your high PSG for your mid-career and if your function/BU is getting slashed and burned. More then likely you already had it too cozy at Chevron if you have been here long enough to collect a 1-year severance which means you have not been scanning the market for a while to see what life outside the Chevron bubble is like and what skills are marketable. You might not like what you find to be honest given that Chevron is one of the few places where you can use the minimal amount of brain power, and still be well compensated for your ignorance given the level of stupidity that runs rampant in the company. Just look at some of the VPs in UC if you doubt me.
I am guessing you are in some support function like Finance, HR, Legal, or IT if your field is hiring these days as those would be industry neutral. Best advice I can give you is to start applying now and go on interviews and see what the market is looking for these days and how you stack up comparatively, or at least get harsh reality of what you need to brush up on to be market competitive these days especially when your interviewers ask you questions and you start blanking on the basics your expected to know in your field and at your level of experience in the current market without muttering Chevron jargon.
My advice is regardless of how your first experience in the new world out there goes, continue to apply for jobs and once you get an offer for something you want, hopefully EOI at the same time. Best of luck whichever you decide bro.
What field are you in if I might ask?
One year equivalent severance if a great deal if you are looking at the door anyway. That said, consider that for most of us salary is only half the total compensation Chevron pays us: bonus, pension contribution, insurance, and, for some, options. Just move forward with eyes wide open.