With gas and oil prices so high and profits going up will management reward the employees sticking with the company after all the change and the transformation or will the dividend, stock buybacks and management take it all? I personally really hope employees are given a bigger piece of the pie after all we have gone through.
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Merit raises will be nominal, with pockets of higher %’s sprinkled for retention purposes.
CIP has the potential to be >1.5, but like MW said last year - not if SIF events occur. SIF events in 2022 are the biggest risk to a great 2023 CIP payday.
@3lng, Well if all it takes is a few hours to do your job then that's all you should be getting paid for, or your workload is too light for your compensation, don't you think? If not then we can find someone else who is honest about it.
Just being honest, not PC, as you put it.
The core is already hollowing. Lots of older people left in 2020 with a bonus in hand. More have left recently as interest rates have ballooned and lump sums have declined. Now we have a few new people and a bunch of mid career people moving up. Of course that pulls up and then experience just goes down across the org.
Likely we will have 2023 layoffs with the upcoming recession. That will hollow us even more. Great call to preserve cash and pay down debt or buy back shares now. Management may go along with buybacks as it generally inflates share price and all the higher ups are compensated by stock and options.
@4jwq The point i think that poster is making is that if the company doesn't stop all the layoffs and changes attrition will be massive and they are going to lose all their talent. The older workers will stick around but many early and mid career people will move on. Hard to run a company at that point.
"They might not have to layoff people if all the employees leave" Ya think? Nah, they would still find a way to lay someone off. They would reach out to your new employer and lobby to get you laid off.
I really wish management would try something else outside of a massive layoff. They are highly paid and allegedly smart people. They can't think of something else outside of sacrificing the rank and file to increase profits? They have put the average employees through enough the past few years so its time to look elsewhere for once for some change. They might not have to layoff people if all the employees leave, especially younger employees.
Honestly I’ll take a monster CIP in lieu of a raise. The inevitable recession is coming and by staying low on my PSG I can stay off the chopping block.
@3pap, no, many of us figured out during WFH how to do our jobs in just a few hours, as well as avoiding the time-wasting chit-chat in the office. This is our forum to be honest, not PC.
The only thing they will do is “Raise” your blood pressure by giving you as little as possible while giving you the “koolaid” and say “CIP” on this!
I sure wish I had all day to troll this site like some people here instead of working, I guess that's all the people who are whining to be always WFH, lol.
We ought to start by trimming the HR team who religiously comes through to down vote thing to make it appear the workforce is more evenly split. Cut that fat and dead meat ASAP.
@2bzn Absolutely agree with you. Save a little so the rank and file are not gutted again but thats just not going to happen all extra cash will go to raising the dividend and stock buybacks. We get the leftover crumbs and then nothing left over after that.
I would rather have a reasonable raise and CIP and have them keep some cash on hand to weather the inevitable recession so their default option isn’t just to cut people loose once again. But who am I kidding…why think ahead more than 1 year?
@2lxi when the company loses its talent and has trouble operating we'll see if the arrogant attitude sticks.
Uhhh, Buh-Bye. Don't let the door hit you where the good lord split you on the way out!
I can tell you I'm almost to the point of just needing to move on. Far too many changes, lack of staffing, and no job security here. The pay and benefits are fine but Chevron is becoming a difficult company to work for quickly.
The only thing guaranteed is that Jr won’t be good enough to keep people from complaining on this board.
Management has got to do something to raise morale. We are already extremely understaffed in many areas and people are getting tired and frustrated.
I would anticipate the standard 3% and depending on where you are at in your PSG, a larger raise if you were lower. They already are aware of the negative feedback of the new PMP process but have yet to do anything. Bonus should be at least 1.5 given the prices of oil. They will lean on that to offset the lower raises. The San Joaquin valley just finished integration and it looks like they created more positions and did not have enough people to fill them.
@1lrg It might have been great for the boomers during Reagan but the future and your kids future was sacrificed in the process. Employees has gotten the shaft since Reagan. The obsession with shareholders, dividends and stock buybacks started all with Reagan. Since him companies have not cared about employees or customers. Its why we are in the situation we are in now with people barely being able to afford things, not talking about inflation. So in the 80s things might have been great for you guys but they are terrible for your kids.
Reading the tea leaves: First, sizeable CIP and bonus next year, to try and calm down the masses. Note that big bonuses and small raises (less than inflation) is all part of the plan to reduce bloated professional salaries while SR tries to figure out what Chevron is going to look like in 20 years. Second, unfortunately, is another round of reductions as the upcoming recession puts a damper on oil prices and demand. The unfortunate part is that a reduction program (and associated reorganization) takes months to orchestrate, so those layoffs won't be until late 2023.
@1hdp, you're just parroting what your socialist professors told you in college. If you were working during the Reagan years, your saw 1) the economy healed after the stagflation years of the 70's (stagflation might be about to repeat itself), and 2) the 'rank and file' (yes, the Boomers) flourished as their 401(k)s blossomed. Reagan made mistakes, but all-in-all if you were working then, you did quite well for yourself.
I believe our reward will to go through another ROM as management will be ready to put us through that again in 2023. Thats of anyone is still working here. Management is doing everything they can to destroy employee morale around here.
The Reagan administration was the boomers worst gift to the American people he hosed over the rank and file of America for years to come with his terrible for employees policies. We have never recovered since and are in this terrible state of things due to that. I agree we will get the bare minimum from the company even though we are putting up with managements non stop changes, disruption, and layoffs.
Until the Regan administration, direct company stock buy backs were illegal. The reason was it allowed company managers to pull the wealth out without adding any value (harvesters rather than “job providers”. A lot easier to liquidate value built up in the past and run, than to think up new ways to generate wealth. The last decades we are seeing the wisdom of many of the laws passed after the Great Depression (and not just for O&G!).
It’ll be another year of “record profits but…”. They’ll claim we could do better or they can’t “afford” a structure increase that’s comparable to inflation or profits due to “industry comparison”. Mark my words.
Well more than 1.5 cip but maybe less than 2.0. Perhaps 1.7 or 1.8.
Raise will probably be 3-5%
Absolutely not. It's 100% going back to executives, buybacks and dividend. MKW has made it blatantly clear that he has no care for the rank and file. His only worries are for his inner circle and the shareholders. In his eyes, you should be worshipping him for letting you stick around.