I wonder at this point if bringing back the 401k would even be enough. I think people have already made decision to leave and it is just a matter of time now even if the 401k comes back. Take the plunge and send out your first resume. It is liberating. It is strange to walk around the office knowing it is just a matter of time before the right role appears and I am gone.
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@xla+1bvd8NHo True but your point is? Bonus amounts are not equal to yearly value of pension. In current environment bonus is more value add to employees who don’t trust they won’t be PIPd long before retirement age. You can invest bonus yourself if you want to.
Bonuses are taxable income in the year that they are received. Pensions and 401K retirement plans are tax deferred until you elect to retire.
Other companies offer bonuses…
So 401k match and pension is essential the ‘bonus replacement’ that incentivizes long term retention.
…just saying…. There is a reason why both programs were there.
It doesn’t matter cause management knows the type of people that work at XOM … low risk taking threshold, just wants to come in and do their job stay quiet, and generally overpaid (I’m generalizing but that’s how I view all the office workers)
If you haven’t left yet after getting repeatedly beat down the past year, then let’s face it … you’re not (for whatever reason: not that skilled, won’t leave houston, etc,etc) and leadership knows they have you by the ba--s.
A matching xx% (probably not 7%) will eventually return to the 401K when the traditional pension is permanently suspended. Ernest and Young has told everyone in a public forum that has attended the ExxonMobil early, middle, and late career retirement courses that ExxonMobil is only one of three corporations that still has a parallel traditional pension and 401K retirement plan. Ernest and Young also stated publicly that the these three corporations will eventually stop providing the traditional pension and only provide a 401K like everyone else in the Fortune 500.
If you were a boomer, you benefited greatly from a parallel pension and matching 401K. If you are a millennial, your retirement portfolio will look like the other 97% of the Fortune 500 companies.
If you are asking if 401k return will result in regaining the trust of management the answer is obviously no.
What ExxonMobil doesn’t realize is that it is both, not either/or. Lose 1 and the total salary isn’t competitive.
401k is coming back. . . It will ease the blow of EM taking the pension away.
401k absolutely matters. My goodwill “take one for the team” attitude on that one expires in 3q.
Bringing it back won’t erase the knowledge that they can take it away at any moment and not being it back even when oil is at almost $80.
Not a shot, it’s a benefit we once had and was taken away. We will need 401k, raises, and something on top to win back any motivation to stay.