I am in my 40’s and feel stuck due to the pension. Anyone who has convinced themself walking away is the right thing please share how you convinced yourself. I want to leave and would if I wasn’t already saddled with so much sunk cost. If I was younger and fewer years with the company I’d be long gone by now!
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Believe me, you don’t want to go to work for Aramco. Talk about getting stuck with few or no options, that’s the ticket. You have worked hard to position yourself in the top third. Entering a new company at age 40+ will have its own challenges. Despite some of the happily ever after stories you read here from employees that left EM, take it all with a grain of salt. Some are legit, but there are loads of trolls on these sites as well. There are clearly differences in priorities between the generations. Most boomers would crawl over glass every day to keep that paycheck for the family, while younger folks now put more priority on self fulfillment and short term gratification. If I had spent 20 years positioning myself at EM, I would hang on and try to monetize all of that hard work. Your job is safe, you have excellent salary and benefits, and you can always leave later. There will be new opportunities at EM coming out of the downsizing. But, if you need satisfaction and fulfillment at work, EM is a tough place to find that. If EM is a means to an end and you can get enjoyment in family or other things outside of work, why leave? It’s a job, even a career, but it’s not your life. You gotta sort these things out for yourself and your family, then the answer will be clearer.
OP here. I have worked hard to fight my way up in the rankings so am top third now. I used to really enjoy my job. I can get lost in the work and ignore all the politics but when I stop and think about what is happening I feel so sad and angry. I have no trust in the company anymore. It is so terrible how they have treated everyone. Maybe I will look into the Aramco option...
Currently the pension lump sum is available to those laid off. It was also quietly offered to those that were pip’d. If you leave on your own I’d say it’s a toss up.
Think about it this way. The pension plan doesn’t want to keep people on. They are liabilities so the more people that leave the easier it it to keep the plan funded. So if I’m the pension plan manager I’m offering anyone who leaves the lump sum to get them off the books.
I didn't think the company policy allowed lump sum pension pay out for those that resign with 15 years service. Has the policy changed or did it just apply to those laid off recently?
I worked with a lot of senior engineers in the 40-50 year range who were on technical pathways in ExxonMobil. They all talked about the golden handcuffs where if they just wanted to keep working for another 10 years or so and then retire with the pension on hand. For them, they found a lot of enjoyment doing the technical work and had life priorities that hinged on their employment being stable (aka kids, spouse, mortgages, etc). They were all optimistic that this time period too shall pass (the ones in their 50s and closer to 60s have lived through "harsher" times in Exxon history of layoffs and such). So I understand the OP's thoughts about how walking away seems as easy a choice as staying. As we get older, our tolerance for taking risks gets lower. I think being in your 40s is NOT anywhere near to being too old for a career change. But you do have to take an honest look at yourself and see if the career change is going to ultimately make your life better or if there are other life changes you can make while remaining at your current job.
This wasn't meant to be a lecture at all, so please do not take it in that manner. It's more of a 3rd party observer who has stepped away from Exxon as a "younger person" and noted that making a career change may or may not make the impact you hope it will make on your life - you won't know unless you sit down and be completely honest at looking at yourself.
If in mid 40s, I say leave if you cannot fit in. Is your ranking in top 33%? If yes, then stay. I know people who are doing well in ExxonMobil. They fit in the system well. They get along with their bosses, follow the leader etc. They have no mind of their own. They do not think much but follow blindly. They will make is past 55. With ExxonMobil being so large - chemicals will do well, oil and gas will stay stable or reduce a little with electric vehicles, but oil and gas will be there for the next 30 years and more. Do not leave because of electric cars and fossil fuel status but stay or leave depending on whether you fit in the culture. I left last year after 24 years, got PIPed, left immediately, got a new job in a month, so got 2 months double pay. I left at 59, so got my pension and decent 401K. But I have to say since 2010, life was a misery because I am technical man, do not and did not fit in the culture but the pain and suffering of 10+ years was rewarded with good pension. In summary - if you are in top 33% consistently, you agree and smile with bosses and have a no-questioning mind, stay, they need people like you in the company. If you are high energy, passionate, want to do good tech work, are not afraid of disagreeing and challenging bosses then you need to leave as you will not make it to 55 in ExxonMobil. If you leave, not to worry - there are many jobs out there. I am so much happier after leaving the sewer and stench of ExxonMobil.
Go work for Aramco, it's a 10 year and 50 retirement with LS.
In response to the second comment, I thought you could only collect when you leave IF laid off, not if you just quit. Did that policy change?
You can take the commuted value and invest it. As long as you can get a 5% return, you’ll get the same payout when you retire.
What?! XOM changed the policy so you can collect that NOW when you leave.
You can keep toss crummy 2% or whatever discount and reinvest that pension for a better return.... Anywhere!
Folks are hiring in places that pay similar with 401k match.... And you can transfer your pension to a different retirement vehicle.
Caught in the middle, huh?
Always the dollars.