XOM posted record profits for Q2, mostly due to the steep rise in prices and company scale. No matter how well the company does, I'm still glad I resigned on my own terms in 2021. A few reminders:
- Company took away the 401k match with zero heads up about it (even for managers). Totally botched the communication.
- After saying "no planned layoffs" the company forced a "voluntary" and "involuntary" program which was essentially a layoff. Many of the managers who made the communication to the affected individuals had zero insight about it....it was done in a black box. It was also done after the GSC President mentioned specific numbers about involuntary layoffs, which were totally understated....
- The ranking system with an 8% mandatory bottom and the adjustments made, moving from a 1/3 system to using terms like NSI or OwD....seriously? All this did was reinforce the message to ranking managers that this is a layoff year. Why not just layoff individuals rather than bleed them out through a PiP or other process. So ridiculous!
- - The continued obsession from 50+ year olds (or YEE of 32+) managers that an MSP adds more value than employees (while knowing they would be gone in 3-5 years). This just forced middle mgmt to work even harder trying to make peace with customers when employees complained about GSC/EMIT services. This was extremely true in EMIT.
- - Borrowed 22B for the dividend....in spite of the items above.
I was sold the idea of a long term career with ExxonMobil. I wanted that to happen, but after the companies reaction to its own employees after 2020-2021, that term should never be repeated to a prospective employee again. Just remember that after seeing these record profits....the "long term view" is not real when it affects employees otherwise, the facts above would not have occurred. If you can leave now and dont have the golden handcuffs, I'd get out ASAP. For those with a YEE of 27 or higher....hold on, 55 is coming soon enough.