Every person I know who's leaving was offered more money than they were making here. Every single one of them. We are now among the lower-paying companies in the O&G industry when we were always at the top before. How exactly do they expect to keep anybody worth their salt like this? I don't see it happening.
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Anyone remember the 12 core values, of which #12 was "HAVE FUN"? It waspart of the mentality of the company and the moral of many managers, and fun we had and made!
Nowadays "fun" is those hipo's exposing their waste of head space by sending a Reply to All while writing "Please do not send reply to all".
Cupcake, those who were worth their salt, left long ago and have not looked back much less reminisce about the good ‘ole days. Instead, they focus upon enjoying the here, and now.
Upstream CL 26 when I left XOM in early 2014 for another operator in Houston. 75k raise in base salary. A 30 % bonus on top of that. Plus 9/80s. Plus a way better 401k match and pension. All in it was a 140k raise.
Exxon never was best in class. It was the stability, expat assignments, technical/operational excellence, and insular culture that kept many.
I’m happy, loving life, for those who are not, well, bye-bye 👋🏿
Many spot on comments in this thread.
Permian employees took a bath. Salary cut 30% last year and still down 10% yet they wonder why they can’t get anyone to move to the Permian.
Yeah sure !!
It was also not too long ago (in fact, last decade) when E M Corp was rated S&P AAA … and where most of our major capital projects were financed based on IBR … and with lease capital discounted at our own (preferential) rates and terms !!
Just curious how is yall's insurance?
Who said they wanted to keep us?
I suspect EM is still best in class for Senior Executive Compensation.
Company match was paused for employees getting work done, but the “We give each other free EM shares club” did not pause giving each other big bonuses despite all their performance indicator’s bottoming out.
The “offsets” for somewhat lower pay were always
- Long term job security, well we see how that went last year and we are all on now essentially a 1 year contract with the PIP threat over our heads.
- Many opportunities for both domestic and international positions. With the out sourcing to much cheaper locations, the opportunities will continue to decrease.
- Competitive total remuneration, ok so no raises last year And suspension of company match 401k and other programs
The benchmarks will never be shared, think about it. If XOM were the premier company in terms of salary, don’t you think they would use that as a selling point. The fact it’s hidden is all you need to know
Below market benchmarking. You get what you pay for.
They don’t dare to show the benchmarks they use.
I would be surprised if XOM compensation above the median of the greater oil&gas industry. We are certainly behind the integrated ones. Maybe better than small refiners ? Who knows.
I will not talk about Tech. We are almost an order of magnitude away. Many colleagues quit for 2-4x total compensation (cash+rsu) in Tech. Good luck replacing them.
I don’t think that the company will ever recover from the damage that the management caused the past 18 months.
Competitive pay = euphemism for not top in class, and management/HR is unabashed about it since that's the company policy. Has always been benchmarked in the middle of a basket of companies in the 80-85% percentile, and no one knows how non-cash components (e.g. stock options) are assessed and computed into our total remuneration at the end of the day.
That's one of the reasons why people are leaving. Leadership and HR keep saying we are providing competitive salary and benefits but we are not even close in reality.
Me too will be leaving regardless how much the raises is going to be.