A match is not a "perk" – its a component of an employee's compensation.
XOM is paying its employees 7% less. HOW SHOULD EMPLOYEES RESPOND?...
Employees should exert 7% LESS EFFORT. Engage in a work slow-down. Delay responding to emails. GUM UP THE WORKS. Slack off as much as you can. Do what you can to impair shareholder value — just do it in such a way so that they can't pin anything definitive on you.
They hit you; you gotta hit them back. Make them feel some pain.
Oh We are following IBM lead. Great it worked well for them
Downvoted comment by @ijy+16iqs0KV speak facts. If you're so talented, you'd make efforts to get a new job too instead of complaining all the time. I worked at and EPC company for much lower pay for an equivalent position and I shifted industries, I still have a decent job even after I was let go for events beyond my control. Learn to adapt instead of complaining.
I'm only going to read downvoted comments from now on. Disgruntled annoying exxon employees refuse to accept reality.
IBM got rid of their defined benefit pension and now IBM pension plus 401k is much worse than XOM. Shell and CVX also made changes and their defined benefit plus 401k is worse than XOM. CVX formula for defined benefit is about 60% of XOM's so lump sum values are much worse than the XOM calculation for a 35 year service employee
Manager? Bubba Sup?
Wow
To the id–t claiming "perk". Your happy with a pay cut?
401K matching was a perk! you just lost, get over it.
Car allowance/parking fee allowance, etc.....is another "perk", if you have it good for you.
As an employee, it is all part of the "compensation".
If you feel you are being ripped off, you are.... go play Van Halen "Jump"...
Polish the resume, tune it to fit the position you want, and find something new.
The grass is not always greener on the other side.
If you enjoyed hiding inside a huge corporation, with multiple layers of matrix management, and you just were a "yes" man/woman/transvestite, then look for another big company position. If you want to be heard, make a difference ,feel important again, jump to a startup.
Management has their head buried in sand denying the current environment, while the entire industry is cutting down expenses and becoming efficient, Exxon is very slow to follow up. Maintaining 8% dividend comes at a huge cost.
IBM invented 401k pause eons ago
just sayin