$334,000 cut from out future

Why do the employees need to suffer for the lousy decisions made by our senior management. It has been only 1 month since they took away the 7% company match. But we will be feeling the impact for along time. DW said it will be gone for a "few years".

The long term damage is huge, especially for younger employees. For someone in their 20’s making $100,000 today, the loss of that match ($7,000) for the next 3 years will have an enormous impact by the time they are in their 50’s. Using a return of 10% (historical stock market return of the S&P 500), the loss is THREE HUNDRED THIRTY FOUR THOUSAND DOLLARS.

$334,000

I want that number to stand out. Let it sink in.

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If you believe you are paid the going market value...QUIT

The Bakken and the Permian are also getting pay cuts across the board. 10% for the permian and 5% for the bakken so thats awesome.

I don't know why you are going back and forth on nominal versus real dollars. Who cares.

I think the OP was making the point this is a very large number. He/she is absolutely right.

In real dollars (constant dollars), a newly hired engineer today earns 50% more than than one hired 40 years ago. New engineers are fat and happy and driving BMWs. Hard to feel sorry for the loss of 7% match. and I won't feel sorry for those you are FIRED

@1viq+17M5NYwg

Why wouldn’t you use real dollars? OP said he wants that number to “stand out”, but it’s not an accurate number if your using the incorrect return rate. He’s literally off $185k. I think my comment is relevant. I’m glad you are impressed by my simple math though.

@1wzu+17M5NYwg Thanks for the useless additional comment. OP didn't say it was real dollars did he/she? I checked OP's math and it's right. And everyone knows about inflation. But wow we are impressed with your mathematical prowess (sarcasm).

Got laid off back in July (graduated May 2019 and started June 2019). Working for a company in chemicals now that has the same 6% match, comparable pay, and I'm vested immediately. Good luck y'all! Wishing you the best in whatever you decide.

Think you need to adjust your calculation for inflation. You are using the average nominal return for the S&P 500. The real return is about 7%. For an employee retiring in 30 years, losing 7k a year for 3 years would be $149,627.
Calculation: (7,000(1.07^30))+ (7,000(1.07^29))+ (7,000*(1.07^28))
For 35 years, it would be $209,860.

If you don't like it, then leave. Go somewhere else. What makes you think that you are so special and deserve it?

By and large, you are much better off than the vast majority of America.

Silver lining....grandmas dividen is safe! :)

I've lost that much in my 401K just since January.
I'm not in my 20s - far from it - but they'll get you on either end somehow.

I'd be far more concerned about the long-term impacts of tiny to nonexistent raises for the foreseeable future. That will stay with you as reduced earnings every year for the rest of your time at Exxon. (always assuming you don't get laid off/PIPed)

TBH the smart employees making over $100k in their 20s aren't planning on working here until their 50s

Google "FIRE movement" for more info

You could just as easily be making the argument that those in their 20s are losing $15 for every one dollar they spend on today lunch and don't save on their own. (by your 10% guaranteed, no inflation math).

Yes, compounding is a real thing. Yes, it's a bad time in the oil and gas business and that is going to affect pay. Yes our upper management has been noteworthily poor. Its a 7% pay cut. Nobody likes a 7% pay cut. Save your money.

They should have larger worries, like continued employment in a contracting industry

If you have employees earning $100k in their. 20s then they can afford to make up deficit, EM do not pay anywhere near this in Europe , golden goose comes to mind

It is a shame to say the least. Even small companies pay the contribution match now a days.

I agree...They should have kept the 7% match and fire 20% and lower salaries 20% on the remaining 80%.

Thread regarding ExxonMobil Corp. layoffs

$334,000 cut from out future

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