How stupid are you. They aren't saying you can't retire, they are saying you can't retire through the program.
My guess is it's either to remove the incentive from people that management actually wants to keep around or deny it so they can get more people in the involuntary program. From a headcount reduction metric, near retirement eligible employees will likely go in the next few years anyway while someone in the 40s has decades to go. The voluntary program is essentially a PR stunt.
How stupid is the management permission? If I want to retire I don’t need permission. If I want to take four months I pretend to work for the last 4 months. id–tic.
How stupid is the management permission? If I want to retire I don’t need permission. If I want to take four months I pretend to work for the last 4 months. id–tic.
Someone posted that on internal Yammer? 😂 Could you please post the link? I need to see for myself.
The 4 months pay, bridging over into 2021 which adds next year’s vacation pay is a heck of a lot better than the mid-year lay-off the last group got. It still won’t pile up many bodies, that will come from another bogus PIP, putting more employees out on the street with the Scarlet Letter of “poor performer” that we and the company know is complete BS. Once again, management passes on an opportunity to do the right and honorable thing by its people and continues to treat them like cr*p.
People! Since WTH does a “voluntary” program require approval from management? We are not aligned with any other O&G company. If an 8 year Shell employee was separated, they get 3weeks of vacation per every service year. This employee would get 24 weeks of vacation pay. That’s more than what an XOM 36 year employee would get with this 4 month pay. What a joke!!! And the id–t on Yammer screaming, “leave! Save a job! Quit being greedy!” I hope your job get saved....haha! Just sayin!
Fake news. CVX is 3 weeks per year of service capped at 52 weeks. Min 12 weeks so even new employees who get the boot get something decent.
@gih - I agree. It's better than 3 months, plus the salary for Nov-Feb, plus the additional 401(K) and pension contributions, plus the discounted Medical and Dental insurance. I don't know why we were discriminated against, by being NSI'd in July when so many of us clearly didn't deserve that ranking. The company should have just come clean and targeted NRE and RE employees with a package, right from the start instead of causing anxiety, resentment and embarrassment.
There is no incentive for anyone to take the retirement deal that is on offer nw, unless you were already planning to retire in 2021. However, I would have been spitting nails if the company had offered an incentive this time around (e.g. 2/2/1). I guess they figured that they didn't need to, or might open themselves up to a law suit from those that left in July without an incentive.
I suspect that @wtc+17GABS11 is correct and the quoted numbers are based around expectations of low voluntary take-up which will allow higher numbers overall than quotes through longer term attrition through normal retirements. Incentivizing too many NREs now would reduce future attrition reduction, so they are likely counting on that.
The involuntary layoff is a PR stunt in which they hope to get a few straggling age 60+ employees to take it. Doesn’t cost much. Then they quickly pivot to the more costly involuntary layoff (ie. 45 year old with 24 years of service). The vast majority of layoffs will be involuntary.
Xom wants more cuts in Phase 2 (involuntary) imo. The needed reduction targets could have easily been met with a slightly better package for phase 1
The voluntary package makes little to no sense. I strongly support protecting NRE employees, but i do not understand why they are being disencitived from retiring early.
@lcj+17GABS11 Unfortunately we have a CEO (Darren woods) that got us into this.. laying his own pocket and telling us a whole lot of BS.. he got us into this state
I feel your pain. I took a package earlier this year but haven’t found a job yet. The company that I worked for was targeting older workers for layoff and had begun offshoring hardware and software development. The main reason I took the package is that upper management did not seem to have a coherent strategy. Remaining employees have struggled getting work done since so many experienced employees have left the company.
At least it’s 4 months plus next years vacation. Those of us that got shafted in July only got 3
@xqk+17GABS11 XOM does not claim to pay in the top quartile - they say the compensation is in line with the peer group.
I read this on the Chevron page: "3 months of salary irrespective of years of service"
So this is close to being true then? Good lord that is awful, especially for a company that claims they pay in the top quartile and "take care" of their employees, fiscal well-being I only mean. The oil industry emperor has then voluntarily taken off it's clothes.
I don't work for Exxon, but I can tell you they really seem to be a cheap company to their employees. I would really think hard before taking a job there after reading all of this PIP stuff that seems to be a backstabbing way to shed employees. I have worked for two smaller companies and left one with a VSP and the other with a layoff package. Both vested all my stock and paid my next year's bonus plus 12-18 months salary. At my current job we have been losing people left and right to the VSP offers, and people young and old are walking away with a minimum of six months pay, and some got as high as 36 months for long-term employment, and were eligible to continue retiree insurance with 5 years service and 55 and older. The point is all these companies had less resources than Exxon Mobile, but they took care of their short and long-term employees. For EM to run people off with three months pay is a disgrace during these tough times. From an outsider I wish you all well, and things will improve once we get a cure for this virus and things get back to normal.
The EM "voluntary" program isn't meant to be competitive, as it clearly isn't in line with CTX, BP, Shell programs or our overall industry practice. The "voluntary" program value comes from being able to say to employees and shareholders, EM is doing everything possible to cut costs, and has a hybrid voluntary/involuntary program to do so here in US. But of course, the voluntary program is a charade, and EM continues prefers to "select" who will be laid off. They prefer to take out "low performers" and those deemed not aligned with "EM". So, yes, 4 months is an "insult" if one imagines EM was actually trying to create space to avoid laying off younger employees. But that's not the case here. EM continues to subscribe to command/control selection for lay offs, especially in US.
And keep in mind, EM already has 50% of the cuts complete vs YE 2019, so this round of defined cuts may just be round 1, and DW will have round 2 ready to roll out as needed in 1Q 2021.
They don’t need to offer anything else. It’s there to get those that would retire sometime next year to retire early. Next year they’ll go back to NSIing.
It may help those that are tracking the interest rate as well. Since it’s a a low.
I do. Bozo decided to pay that dividends to screw us up further.. Darren Woods needs to be fired!
That's all our decades with the company are worth to them...