All non essential personnel will be ousted by May 1. All expats called home to work remotely. If you don’t have an oil field skill you will be gone.
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XOM deliberately staffed positions with contractors, knowing that when a downturn comes, XOM can release contractors much quicker and easier than employees. This downturn is worse than 1986, so it will require more layoffs than XOM has seen since 1998 layoffs. Bottom 10% gone soon. Next 10% gone by 2021. 50% reduction in expats. 30% reduction in executive positions. Everyone drops down a full quintile when bottom 20% gets cut, so pay raises will be limited. Many will lose restricted stock. and promotion frequency drops for 5 or 6 years. I expect hard limits on number of CL 28+ jobs like 1986. These took VP approval vs Automatic today. There has been too much CL inflation and too much compensation inflation since 2005. Dramatic reductions are required or work will be sent to India and BA.
Good Friday ?????
Many more SAP people were let go last evening ( Please check with your friends whether they are still there, my friend was told yday by his vendor that he shouldn't log in any more around 4:30 PM, his team is one of the biggest cloud team that lost many)
Not only spring even woodlands will be EMPTY . Already 2 major teams ( Close to 25 numbers) in East were given last day on 31st March
clean sweep spreading across all the projects in Spring! ( Moving them to Brazil!!!)
Never understood why Exxon misses news when it lets go of substantial numbers of contractors that have been embedded for years. Contracting companies have been hit hard.
Management is ready to chop off the old contractors ( > 5 years ) as a first Step along with delaying many projects. In Spring 3 Major projects halted indefinitely.
Next week we will know whether they will continue our project or not, chances are looking bleak. ( We have around 20 dedicated members for this multi-year project, just POC completed successfully )
In our team, they let go 3 ABAPErs . 1 MDG, 1 Netwrork and 2 ODATA members let go in spring( all of them were with XON for more than 8 years )
It has begun...
Do you have any type of proof?