With our competitors offering bonuses most notably the recent Shell 8% surprise for everyone except executives is it time for ExxonMobil to include an annual bonus payment?
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Shell payroll has much fewer highly paid Americans than XOM. They have a less costly payroll because of the UK and EU payroll is cheaper. Also the retirement pension are administered by the govt. Ask a brit or EU citizen in XOM how his salary compares to US payroll (30% lower). Hence we need fewer Americans and more in the International service centers. More OUTSOURCING of US jobs is coming. Work from home will not be expanded. WORK FROM INDIA WILL BE EXPANDED.
Exxon will never do 9x80s or pay a bonus to regular employees. The RSUs are the type of bread crumbs they throw to the peasants.
After paying out 24 months salary to Mobil employees and 36 month pay to Mobil Executives that left at the merger, Lee Raymond supposedly said “Never again will we pay people to leave when we only need to show them the door”.
This seems to have resonated with current generation of leadership.
Ironically Lee Raymond’s exit package was said to be $81 million dollars the day he left.
Prior to the merger of Exxon and Mobil, it was normal in downtrend to offer 4 weeks pay per year of service up to 24 months total as a severance package.
Lee Raymond's famous quote was, "We do not pay people to leave this corporation."
There are still many management committee executives today that grew up under the "Lee Raymond" culture.
In the US, last time we got behind in salaries of our competitors due to big variable pay bonuses, we all got an off-cycle 6% raise (not a bonus or one-time cash payment or whatever they called that 3% payout). This was in addition to your normally scheduled raise.
Not sure if that will happen this time because as far as I can tell we have not yet hit the desired headcount target that Dallas wants. The attrition is not an accident but a plan. Dallas does not mind those that “self deselect” working here as that’s the most efficient way to reduce headcount (at least from the MCs viewpoint).
I brought this up numerous times to executive management (probably my “fit” issue during the layoff, not afraid to speak my mind). My justification for it was it allows for a pay structure that can maintain manpower during the troughs of the commodity cycle, and you can retain people better at the peaks. It makes perfect sense at a commodity company. My new company has both short term and long term cash bonuses. By year 4 I will be making at least $200k in cash bonuses.
Other companies have variable pay based on individual performance against SMART goals and how well the company/business unit did for the previous year. Supervisors and are rated by those who reports to them in 360 reviews. It’s a better system in my opinion.
The way people are ranked and rewarded at XOM is asinine. Breeds bad behaviors and elevates the wrong people.
This sets a new industry benchmark in what HR always say they use to determine "competitive" pay structure. By that logic - and if we are in fact following this 'market based' approach to determine pay - yes we should also get a similar one-off pay increase. If we don't, it's yet another confirmation that all that talk about industry competitive pay is BS.
Your bonus is the PIP. If you want more than 5%, you can easily get 8%.
The new trading organization has been talking about bonus
This is just a way to keep employees longer
This will never happen
Really confused by many of the replies here. Do you all take pride in making less money?
Time to admit to ourselves that were are a commodity business and operate it as a "commodity".
The internal Kool-Aid that management and HiPo's has been drinking for over a decade stating that we are a differentiated company is over.
All we are going to get here is more of the same ol'S...No more money! 3% bonus was enought for years.
What have you been smoking?
@OP If you like what the competitors doing then apply for position with them.
Trying to bend a company like Exxon to the arc of your personal preferences generally doesn’t work.
Of course you’d be just as miserable working for any peer company, because the same miserable people move between these companies. Misery loves company (tehe).
Yes, it is. They fact that we are now on one year contracts necessitates it. More of the workforce deserves a payout and RSU’s don’t cut it.
Cash
In
Hand
ExxonMobil's competitor is not Shell.
It is Home Depot and Xerox.
No