Thread regarding ExxonMobil Corp. layoffs

Lol!
How’s that corrupt and useless USW doing for y’all?

By October, most employees have contributed their maximum share to 401K plan—EM prorates their contributions monthly which leaves the employees short on the planned benefit / agreement.

Sounds unethical?

Everyone on this board saying "time to jump to chevron" .... good luck with that, nobody in oil is hiring. Might want to focus on skills that are competitive outside of oil industry.

Do you mean that you can take the pension payout option when you left in 2017?

Good luck to XOM'ers relying on their pensions for retirement. Wish I took the cash out option in 2017.

Rex Tillerson screw up the XOM stock, now Darren Woods destroyed the company. One from UT and the other from rival Aggie, what do you expect? The entire management s—s, they are all arrogant, they take care of their friends and have no respect for technical employees. This company will be broken up in pieces within 10 years. Chevron will be bigger than EM in 3 years, if not sooner

Good luck to XOM'ers relying on their pensions for retirement. Wish I took the cash out option in 2017.

KLTC to the rescue!!
Stop sharing Houston...

PIP darren!
Hell PIP all the management.
Will anyone with a backbone please stand up?

There are not going to be much recruiting in the US. It is all going to India. They can’t get the work over there fast enough. What do you think happens next? My guess is another round of “layoffs” for technical folks.

Exxon Senior Vice President Neil Chapman said on Friday the company was planning both capital and operating expense cuts to defend its dividend, adding that investors "come to view that dividend as a source of stability in their income."

Hey Neil: don't you think your employees have come to view that 401(k) match as a source of stability in their "income"? Apparently that doesn't matter. Do you expect your employees to work forever to support the dividend being paid to wealthy investors and other company's retirees?

This is a sad reflection on where the U.S.A. has come to in worker's versus investor's rights & benefits, to say nothing of the state of the retirement "system" in our country.

As a show of protest, I will not buy a drop of gas from Exxon until the company reinstates it's company match!

Answering to who it was that said it’s a small price to pay to keep your Job! Wake up Nim rod this isn’t about going out of business it’s about paying a stock dividend at the cost of the worker’s who hope to have a little something extra to retire on after working for20-30 years breathing in a chemical you can think of day after day. The board should have cut their pay in half 1st that’s leadership!

Haha. The nerve to say exxonmobil still remains competitive. With who? Themselves? Our direct competitors are not doing this. Our direct competitors pay similar salaries.

Who do they think they are kidding? Exxonmobil has a problem of only comparing things to themselves which is entirely asinine.

Best part is contract negotiations between union and company is going no where. Give us less and take away the 401k. Sure, why not. And then let’s make the employee work 80 weeks with no relief insight and demand record numbers. Hate to say this but the reasoning for working here is growing smaller and smaller by the day.

Its a small price to pay to keep your job during these times. They should freeze the pension plan also.

Glad i retired 6 month ago. Darren is a poor leader and I hate to say I think things are going to so south for the common man. Neil is awesome but will never say a word. Sad company is too top heavy and will retain management while letting all of the pions go. Bye, bye EM. Glad I sold all my stock at 89.

A once great corporation headed for the corporate garbage dump. Good luck recruiting top talent!

Do any of you truly think this company gives a s**t about you? Most of you will be gone in the next three years and your jobs shipped to the BTC, etc. The managers will still be here and your job will be sitting in Bangalore at 1/8th of the cost. That includes you Mrs./Mr. Engineer. Project work seem slow? Not in all areas of the company, there are several Active projects that are looking to off load your job. Jump ship now.

This is so funny. Management rewards hard working employees with paycuts.

How about canceling stock buy backs to offset dilution in conjunction with company’s benefits plan ( stock awards) to the tune of $300 million per quarter. Good cost savings

How long until they raid the pension fund?

Cash problems...

Sad day for tens of thousands of people, I have given several years of my life to EM, maybe it's time for an change at the top. Maybe it's time for a change at the bottom, Maybe Chevron is hiring?

This is the type of move you make when momma's pond dries up and all your catfish die. Leadership is so afraid to cut the dividend, even during an unprecedented global pandemic, that they will risk losing the talent that drives the ship. I'm looking for the first life boat off this sc-ap iron.

Suspended does not mean discontinued. When something is in suspense, that generally implies that it can eventually come back. A lot of companies have suspended 401k matching during the last few months.

Somebody has to pay for China 1.

Darren, the growth strategy no longer makes sense. Based on your performance, we feel you "need significant improvement" and will certainly contribute better elsewhere (not at EM). Neil Chapman may have to make the same tough decisions, but at least he'll do so with humility. The Corporation, it's shareholders and employees deserve that. Thank you for your service, now let's make EM Great Again! #fireWoods

The worst f—ing oil and gas company I have ever worked for. For a multitude of reason. That’s all I’ve got to say about that. (Forrest Gump Voice)

Imagine what your already depleted shares are going to look like if the progressive Dems win the presidency!! Talking about a nose dive!!

This should scare the snot out of every employee at EM. They wouldn't make a rash move like this unless they absolutely had to...which means there is a cash problem. Things could get much worse.

It's amazing how companies don't see the shortsightedness of these decisions. You effectively just k–led your recruiting numbers. Good luck getting and retaining talent after pulling sh– like this.

Its obvious Shareholders are valued more than employees, eliminate employee matching but keep dividens! Rude awakening when folks start leaving left and right on their own terms.

Good luck retaining young professionals now!

Honestly, if it wasn’t for this forum aka Real Yammer, I wouldn’t know what really goes on.
The lack of transparency of this company is ridiculous.
The lack of respect for workers to simply communicate what’s up is insulting.
Why do we have to read everything in the news before it comes from the mouths of the the drones?
How’s the dividend, Ms. Lincoln?

Darren isn’t going to borrow more money - only what’s necessary to pay the dividend. And the packages for management.

The rest of us, compensation cut (via the savings plan) or the door.

Titanic is going down.

Why do we find out about these things like the 401k match being cut here first or news articles? Why can’t XOM just notify everybody ahead of time first? That’s when you know it’s a shady company who lacks basic decency... sometime I think our so called leaders need some basic training in decency and humanity. Other companies are doing layoffs, other companies are cutting benefits ... the difference is the decent ones notify the employees.

This is True

https://www.reuters.com/article/exxon-mobil-retirement/update-1-exxon-to-suspend-company-match-to-employee-retirement-plans-in-oct-sources-idUSL1N2F62IA#:~:text=HOUSTON%2C%20Aug%204%20(Reuters),from%20the%20company%20on%20Tuesday.&text=Exxon%20will%20suspend%20the%20contribution%20beginning%20in%20early%20October.

At this point, it's either small impact to everyone's 401k or its saying good bye to your coworkers. Yall can figure out what the choice has become.

Is this for real? I hope its just another rumor!

• but all the DH and higher ups will still continue to collect quarterly stock bonuses. They can deny it but they definitely get this.

So next time your supervisor complains about the cost of something mention how it feels to still get a bonus while the rest of us left over get railed.

CEO making sure his bonuses stay in tack.