Thread regarding ExxonMobil Corp. layoffs

Engine 1 shd Lobby for DW to be removed . He is an ineffective leader , in fact “ ineffective “ is too kind a word. He is the worst ceo in history of Xom. Brought xom to territory that it has never been before in a real bad way :
1) kicked out of Dow Jones
2) unprecedented layoff
3) lowest payout VS competitors
4) worst earning in 2020
5) Low morale across all zones
Wondering how much Low is he going to bring this once deeply enviable company down further ??? Where is his accountability to the company and stakeholders for such Miserable state of affair ?

People who are unhappy will make plans to leave and maybe that is what the corporation wants. The Sh3ll ceo took a huge pay cut because he was "in it" with his workers. Tot4l laid off zero workers because the company was in it together...funny how that never gets mentioned. Our leader got a huge pay raise, cut thousands of workers, and provided one of the absolutely lowest severance packages possible so that workers with 9 years and less received less severance than someone who was ranking in the bottom for performance (layoff in disguise). The corporation had the opportunity to take care of its workers and you see how they acted.

The company always says they pay the best, well when I came almost 10 yrs ago as an experienced hire I took a 40% pay cut. I was told we don't pay the best and we don't pay bonus but we don't lay off either. The company has never paid the most and they have used the guise of stability to pay less than others. We routinely have the lowest consultant rates in the industry according to several friends who have done consulting for the company over the years. When the company wants to compare worker bee compensation they base line against service companies and leave out bonuses. When the company wants to compare management compensation they compare against other operators and add in every form of bonus compensation. Of course this shows then the worker bees are over-paid and management is underpaid...they make the results say what they want them too.

8 % is not a major cut, but 8% this year through 2023 to take another 10,000 workers out probably is a major cut. As the statisticians say, if you tickle the numbers they will say anything you want.

d–bwood and cronies are trying to block Engine1 from electing 4 new directors who are seen to be able to influence and steer the company’s direction away from fossil towards renewables . Why? Simple ... DumbW is not interested in the long term survival of the company but rather his f-tpay ( ties to Div and shares) . He and his clowns are not willing to take the short term pain for long term interest . Bec his time horizon that he is looking at is now till his cushy retirement . Why rock the boat ? As long as the ship doesn’t sink before he retires . I think shareholders and stakeholders should just boot d–bW out. Put him on PiP and save on compensation for the company. He does such a lousy job that he doesn’t deserve a cent !

"A large layoff is not part of the plans" says Darren Woods this week. Bwahaha. It looks like deja vu all over again.

Xom said before when I joined the company that although it doesn’t pay top $ , but it provides long term career . Check out what they are doing today :
1) it decided to retrench workers although some of them impacted are not bottom third based on subjective metric of “ behaviour and strategic fit “ which to me is a black box. Looking back , the black box seems to suggest whether u have a godfather that looks over u.
2) what is being consistent is its more inferior payout VS its competitors

Based on the above act ( plse note the disparity of what was being said VS execution) , it’s is signalling the following :
1) the so called long term career is just rhetoric . Applicable only good times
2) retrenchment is not applicable to leadership positions . They are not held accountable for mismanaging the company but they are handsomely rewarded when the company does well. It’s a case of “ head I win ( for the Mgmt) tail u lose ( for the ranks and files) “
Ask yourself is this the company you still want to slog for ? Is this the company you still want to burn your weekends , working more than 8hrs a day ? You are not recognised for the reward bec of the effort u contributed but u are definitely punished for the sins made by the Mgmt !

They will keep laying off 8% until all jobs are moved to the BTC

Last year, didn't DW announced to the whole world that there wouldn't be any layoff? And yet, a few weeks after that, the PIP event and then the layoff. Such a publicity stunt to protect the dividend and stock price. We can't get away with PIP perennial showdown, that's for sure.

The 401k match is in response to the increase in attrition after the layoffs. Some of the young talent are moving on and being targeted by other industries. Who won’t think about quitting; no pay increase, no 401k match, since 20+ percent of the folks were laid off your ranking just went down, less opportunities, and an industry that is perceived to be declining.

Reuters is typically quite objective in reporting.
Just quoting a CEO is not the same as interpreting the meaning.

When DW is advised by his external t–d blossoms to restore the 401K - he will do.
Same with people cuts, no matter what the method.
Hire another gas-huffer on the streets of Glasgow - cheaper than an Engineer.
Balancing the books and the looks.

The liar only wants fools to vote so he can keep the scam going.

Don’t forget short term employees (2 years or less) and people in the bottom bucket anytime in the last three years only have to be NI for PIP. So PIPs can exceed 8%, and you know darn well they will be using that. I know my PIP from last year that survived will probably get the ax this year (not from me).

Ha Ha April Fool's y'all

The Taj Mahal is going to be a little empty after all this (8% last year in PIP, followed by layoffs plus 8% PIP in 2021).

“Today” is the key word!

@nrs+1a9D36Gc

"Today we have no plans, but tomorrow is a different story"

'We have no layoff plans,' Exxon CEO tells shareholders on May 27, 2020.

“As you all know, we work hard to avoid layoffs,” Woods said. “Today, we have no layoff plans.”

Lies, lies and more lies. It’s a feeble attempt to keep our morale up. We see through the charade.
This is exactly what XOM management said a year ago - no layoffs planned. Soon after that, that did a lay-off disguised as PIP and then actual layoffs.

8% NSI is already confirmed. Managers are counting right now how many people are assessed and how many are the required sacrifice. last year the percentage was the same for each assessment group.

This CEO is the worst in history ! Let see what is his report for 2021 :
1) got Xom booted out of DJ index after staying close to 100 yrs
2) resulted in unprecedented layoff of workers
3) compensation for layoff is the worst VS Shell and chevron
4) he has gotten most employees to hate the company despite they have spent and invested half their life time
5) so much so these ex employees will never be the consumers for Xom prdts
6) gotten Xom in highest debt and downgraded by moody twice within a short period of time

Yet this atrocious CEO and dumb wood still has the cheek to “pip “ employees and retrenched workers ( impacting many livelihoods) while enriching himself with fat pay and dividend . Are these employees responsible for the huge debt that the company incurred today ? Where was the Xom that used to boost of its superior financial strength and discipline that we conduct our business through self financing ?
This CEO and all his cronies are the ones ought to be fired and retrenched instead of the ranks and files who are no responsible for the pathetic state of affair of the company today ! Where is the justice ? Where is the corporate governance ? Where is fair employment act ? It’s a mockery to what UNited states stand for as a nation ! What a blatant shame of capitalism and corrupted system !

The whole concept behind performance assessment groups is that the bottom 15-20% fall into needs improvement and needs significant improvement categories. I’m guessing the 8% is NSI, which drives the MLRP process.

A large layoff is “not part of the plan today,” Woods said. Keep in mind he said the same thing last year prior to the layoffs. Also, 8% NSI is a sizable disguised layoff.

@ qbn+1a9D36Gc you mean MLRP = Massive Layoff to Remove People

2020 8% NSI plus 2020/21 15% layoff and another 2021 8% NSI sums to 31% headcount reduction since July 2020. I guess 31% is not considered "MAJOR" in the oil industry.

MLRP= Massive layoff stupid people

Nice strategy in order to avoid severance package. 8% through PIP starting from July.

I for one, completely believe this and can finally relax now. ExxonMobil is BACK.

He is a sneaky guy. 8% NSI is not major layoffs. Last year this time he told the same thing and started to fire from July and mass layoff was at the end of the year.

https://www.houstonchronicle.com/business/energy/article/Exxon-Mobil-CEO-says-no-layoffs-planned-at-this-15298152.php

MLRP is “not a layoff”

Front page intranet, HR Vp - 8% through performance assessment.

And who said 8%? Whats the source

I guess the 8% that’s coming up is not “large” enough. They lied last year right before the layoffs and they will continue lying. Nothing that Exxon says is trustworthy.