Will Chevron's employee morale recover after the layoffs, outsourcing of IT jobs, and the long hours being put in now days? Serious damage has been done and if something doesn't change it will be difficult to retain or recruit new talent in an already unpopular industry.
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@4phg,... I came on board Chevron, during the Gulf Merger. Had been banging around with various Independents prior to the crash of '85, when everything in oil and gas went bottoms up, and I was stranded in Lafayette, La.,... and NO ONE could find an O&G job, there, at that time. Thankfully, Chevron was hiring and so,... it was off to the West Coast, for my family and I (where I started in O&G, oddly enough). And, yes,... the 20 year period you cite was, indeed, one fraught with peril and uncertainty for those of us in Oil and Gas. Somehow, though, the years passed and I eventually retired, and I must say, I was SUPREMELY happy to do so! While I can commiserate with all those, herein, facing possible layoff, it bears mentioniong that, "back in the day" we didn't have the Internet, or any of the other social media available, today,... our frustrations, fears, worries, hopes, and aspirations were not "public",... WE suffered in silence, and followed any lead we could find, in hopes of finding another job. Somehow, we made it. I feel certain that those involved in pending layoffs, today, will too. Anyway,... here's wishing fair winds and favorable tides to you, in navigating the seas of your retirement, Sir.
I went through the Gulf merger and gutting of 75% of upstream staff over a three consecutive years of layoffs by Gulf and then Chevron. I asked my manager why the emphasis on dividends and he replied that some retirees depend on them for income. Now I find myself retired and dependent in part on the CVX dividend.
There were nothing but "reorgs" and downsizing basically for 20 years from 1983 through 2003. Chevron USA N. American Exploration had a 50% layoff in ~1991!
Probably not but i hope at least to $110 a share before it totally craters so i can sell without a loss
Chevron will be fine. Many of us will continue to be automated and outsourced though. If you survive this year, enjoy the next four years and position yourself appropriately.
Yes this definitely goes into social responsibility. If you look into corporate history in the US Executive management used to consider employees and customers as a priority as well as the shareholders. Today its only the shareholders that matter. At some point we need to move back to employees and customers matter again in the US but I degress.
2 weeks after this is wrapped up, those remaining will move on and forget about the ones let go. Been through this a few times. Share holders don't care about workers, only their dividends. Its life so please move on or stop complaining.
BS. The BOD and senior management have shareholder responsibility. Other mgrs are just grunts doing their little bit to move the machinery of corporations. Don’t confuse the two.
The dividend policy will be ascertained by the terms of the Trust that formed the company. For some, it’s sacrosanct, for others it’s not (e.g. shell until recently). This opens into areas of social responsibility, etc.
@gye+17cj1dGC Please ase get a few things straight.
- Management is not here to look out for you. Management is there to look out for the interest of shareholders and then for themselves. You can take it or leave it.
- Contrary to popular believe Corporate America is not a democracy and your current employer is not any different. Most of them, Including CVX, are run by an authoritarian whose marching orders shall be strictly obeyed.
- So despite your opinions or wishes, kindly remember you work for management, management works for the shareholders; not the other way around.
- Last and the most important thing you must remember is that maintaining and growing the dividend is the number one priority; it has been as such for the past 30+ years and it will continue to remain as such for the next 30+. Simply said the dividend is, like international borders, sacrosanct!
cutting exec pay is miniscule, I agree it's a start but that alone won't achieve anything
morale will recover if oil goes above $60 and stabilizes there next year. If it stays below $40 morale will not recover because we will be in another round of layoffs.
They have already gutted their Safety Department. With the planned operations personnel cuts I see no way they will keep operating at the World Class in Safety they expound. I also believe that the cuts planned for the plants engineer staff will lead to future unit failures. This whole program is extremely short sighted and should be halted as soon as possible
It’s only unpopular during a short window and then you find out you get to stay on the boat. All is then forgotten and you hear the birds chirping and see the butterflies fluttering around happily. As long as you are, you don’t care who else they load on the boat or how while at port. Then as they sail along they determine the load is too cumbersome for the ship and head back to port to “lighten” the load......again.
Difficult to recruit new talent in the future? You must be kidding. Chevron's standard compensation and other benefits ensures that there will be a line a mile long of engineers hoping for a chance to work here. Just go to A&M, UT, or LSU on days when Chevron comes to campus.
Management will at some point need to do whats right and cut executive pay and look at the dividend so more employees are not sacrificed while all is ok for them.
Don’t worry, you’ll be fine until the layoff next year.