What options do you take? Do they terminate you or ask for your resignation?
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When you took the option of resigning. They you for 3 months unless you find a job. How will they know you started a job? Is there way to continue to get benefit while starting with a new employer ?
5) Most of the recent grads with which they replace an experienced engineer/ scientist will NEVER be around long enough to be eligible for much of a pension in the distant future.
“Im sure this is first wave of many.” It is definitely the first wave. People in corporate planning have a very aggressive target for reducing “overhead”.
Look around ... the casualties over the next year are probably more likely to be technical people (albeit non-managers) with 20+ years of experience based in the US than low performers for a number of reasons:
1) EM can pay two recent college grads for the price of a 50 year old engineer / scientist with a couple decades of experience.
2) At the new “technical centers” set up overseas, EM can probably pay 2+ EXPERIENCED people for the same $$$ as a US based engineer / scientist.
3) Once an employee hits 50, the corporation has to start contributing to your pension at a higher rate. And the rate increases again once you hit 55.
4) There is a big benefit for EM in not letting you get to 15 years service plus age 55 — only retirees can stay on the EM insurance.
Lol to the person who believes 8% of management will be cut. Numerous managers have been given new jobs as consultants / experts in UIS, etc. instead of being forced out entirely.
You are AT WILL employees. NO contract. Note: all of XOM executives are also AT WILL and 8% will suffer the same fate.
Im sure this is first wave of many. They claim to lead but are not clearly leading.
No real plan for energy transformation. Algae has been r&d for more than a decade. Minor progress. Ccs sort of interesting but no true market yet.
No cash flow due to inability to decide on capital in the last decade.
So where does that leave them?
Just go. Other start ups and places need non-xom types (why you didnt fit).
Let’s be honest here, no one is surviving the PIP if the following occurred:
- ) The headcount is still to high, HR will override and say you have to be let go
- ) Your manager still doesn’t like you
- ) You lose another popularity vote
The fact that they had to pull a “sneak attack” lay-off on you should describe that particular managers character and show you they were not prepared. 3 months is a long time so just start looking early.
I was invited to a meeting about something totally unrelated, then handed a packet with the option to resign or PIP. I was given no feedback, and zero information on what the PIP would entail, only that it would be developed after I make the choice. Suspect... I’m leaning toward “Immediate termination (resignation), or delayed termination (PIP)”.
Depends on your department. Mostly it is a force resignation or retirement. However, some it is force resignation with no PIP option (due to performance....).
Both are terminations as they are not furloughs with the chance of restart. Ask for a copy of your letter to prove it is a resignation or they could have you listed as a termination.