How long do you think new hires will stick around? Entering the company at a time of historic low morale combined with the elimination of training, once great benefits, expat opportunities, reduced/stagnant wages expected for years to come, and no "golden handcuffs" due to tenure do you have any reason to not believe new hires will leave the first opportunity they have to do so?
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I personally know 6 new hires ( 1 year of service) and 2 new hires around 2 years of service that were told they wouldn’t be ranked and then ended up being ranked NSI and forced to leave at the end of July... it’s unbelievable. This company is no longer safe for new hires.
Look it up on exxonmobilfamily.com. If you leave before being retirement eligible but after vesting, you are a 'terminee.' You cannot collect a lump sum, but you will qualify for the annuity upon reaching retirement age:
- 016(years service)(3-year average monthly pay) - 0.015(years service)(social security benefit)
Inflation will eat away at its value over the years, but for someone who is only a couple of months away from vesting, no harm in sticking it out
You do not get anything until you are over 50...
https://docplayer.net/8020623-Exxonmobil-pension-plan-summary-plan-description.html
@2vmc+179shOAj
It says it in this thread below 3 comments down and numerous others, but okay:
https://www.thelayoff.com/t/1764cAGb
@2ble+179shOAj no one is going to get a $200k+ lump sum buyout of the pension....
@1imq+179shOAj - There was another thread that mentioned people that got let go with 5-10 years of exp got a lump sum of their pension because it was “low”, but it still amounted to ~$200k+. Not bad if you think of it as a delayed bonus.
@1beq+179shOAj the poster is months away from being vested so something is better than nothing.
@1imq+179shOAj my point exactly.. It's isn't going to amount to much. Plus, that's likely 20+ years out before you could collect anything
@1xai+179shOAj 5 years is probably for pension vesting. Has anyone run that calculation at the 5 year mark? Seems like with low years of service + a starting salary the pension at that point wouldnt be a huge $$ factor in career choice at 5 yrs, but i could be wrong
@1xai+179shOAj what do you think you are going to get at 5 year? Lol
I'm months away from hitting 5 years. On that day, I'm handing in my 2 weeks notice. Will go immediately if they cut the pension before then.
Leave and find a growing industry. I’m 40 but contemplating very early retirement. Helps to live in a country where healthcare is not tied to employment.
All of my 2 are actively seeking new jobs outside of the industry and have been looking for weeks/months. They are trying to get out ASAP. Although this is just a small group of people, some surprised me because I figured they would be at XOM for life. The golden handcuffs came off when the company match went away and productivity took a sharp decline when it became clear that this company only pretends to care about their employees for good PR and views/treats us as workhorses.
New hires should be actively looking for something else.
Any advice for new hires? Should we find a job asap and contribute less to Exxon?
3 years and 1 day will be the day I hand in my 2 weeks notice. 401k match (pre October 1) will be vested and they can’t take it.
@jga+179shOAj I lol'd
Exactly how HR and any CL 30+ would respond according to playbook!
Our new hire retention rates are only slightly elevated versus historical levels of historical periods.
Kidding of course. You’re seeing new hires fly out the door in a historically bad labor environment. It’ll only get worse as the macro economic environment improves and ExxonMobil’s growth prospects worsen.
Even before Covid, all of the 10-15 new hires that hired in 2018 with me were very disappointed with the company. Zero job satisfaction. Not empowered. Garbage authoritarian culture. Lack of meaningful work experiences. Investment in Software, technology, and work flow improvements are 20 years behind. Etc etc. I know of 2 people that have hired in since 2018 (out of maybe 20-25 in my department) that genuinely enjoy the work (traditional chemical engineering roles). Most are actively applying to other industries and/or applying to business school. Covid has greatly accelerated an already inevitable outcome. These are people that probably would have stuck around a few years for the pension but are now trying to gtfo. Several have already left. Many more will follow. The company is facing a major talent crisis as it is axing experienced employees, halting recruiting, and seeing major attrition in the 2-5 year range. Also, everyone I know (including mid and late career) seems to think this is an icky industry. The cognitive dissonance is palpable. The older ones can’t leave but the younger ones will.
During the last downturn every new hire with less than 5 years experience in my group left voluntarily. Many who the company had invested significantly in through training and experiences. All of them left oil and gas for growing rather than declining industries.