Given the current market condition and virus, will CVX still offer EOI? Any inside news?
10 replies (most recent on top)
EOI = Expression Of Interest. Now you have the answer. Learn something new every day.
What does EOI mean?
You could definitely sue to get the same severance others have received. You wouldn’t be signing any agreement not to sue either, although those aren’t strong limits either.
Since, as you stated, the severance is not written down, promised nor part of your official contracted compensation in any way, a lawsuit would be fruitless and a waste of time for any who tried if indeed anyone were that stupid to. There are ample reasons during this crisis that CVX could argue that they are not continuing this unwritten. not guaranteed, not part of your compensation practice. And they have absolutely no legal obligation to do anything severance wise.
However, given Chevrons past record I would just take a wild guess that you still have a reasonable chance of getting one upon layoff. (not resignation)
"mega class action lawsuit" uhh, no. Try harder Beavis........ Think.
Severance is not written down anywhere as a mandatory practice in Chevron’s policies. But it has been a longstanding practice for Chevron to payout severance packages during layoffs, ROMs, etc. There’s the standard 2 weeks pay per year of eligible service practiced at Chevron over many years. Never an instance when they did something different. The range is 8 weeks minimum and 52 week maximum severance pay. As difficult as it may be for Chevron to pay the boatload of employees that will get pink slips this go around, the standard severance will be honored, else a mega class action lawsuit will surely follow.
I have no insight or inside information regarding what the ExCom will do given the current circumstances; however, I wouldn't bank on getting severance if you are laid off.
In mid-2019 I was told my position would be gone in 2020, and I needed to be placed in another position to remain with Chevron. I was ready to leave anyway and made little effort to land a job, assuming I'd get severance. When my end time was near and I hadn't been placed, HR advised that because I had an opportunity to apply for other jobs but was not placed, I was not eligible for severance.
Not sure how widespread this practice was across the enterprise, but was told recently that my former group had been advised that they initially were going to be laid off in January with no opportunity to post and no severance, but ExCom paused all OpCo-led restructuring plans to roll their efforts into an enterprise-wide ESP.
Keep in mind WTI and CVX's stock price was much, much higher then. If there is a layoff of 5-30% of the workforce and ExCom is trying to hoard what cash it has, what is the likelihood it will offer a similar package to what was provided during Alpha - or any at all?
Apologies for the lengthy post. Good luck to all professionally, personally and healthwise.
Whats EOI???
Yes. I'll wait for the severance tho, better benefits
No severance as well
No more EOI, probably just a BYE