When employees take home the same amount of money whether the company makes a profit of $10B a year or $60B a year, you have a massive problem. $17.9B 2Q 22 profit and XOM employees got a 3% one time inflation adjustment. Ridiculous. Almost all other companies are giving out bonuses (annually). I can tell you the pension ain’t going to be that awesome if you spend 35 years creeping up 1-3% salary raises when times are good, because we all know there’s been some 0% increase years during the so-so and low times.
Besides a pithy RSU program, your base salary is the ONLY compensation you have. All the while the rest of the industry is paying same salary plus bonuses, profit sharing, stock gifts etc. Once you get out you will be amazed and feel a little foolish for not leaving sooner.
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You nailed it, @chw+1ji9dc9H.
6 replies (most recent on top)
Leave. Transfer your 401k to a stable public stock, not a volatile commodity that is going away. Transfer your pension and reinvest it in private safe bets with a decent financial planner. Sit back and watch your portfolio ki-l your ex exxoner goners. Get a new job with a high side better than oil. Live happily ever after.
It is good for an employee to be vested in their company, so RSUs are fine. Agree that vesting duration should be equivalent to other companies. Also agree that RSUs are not at levels equivalent to a bonus and are not the same thing (ie no immediate payment)….so yes, employees will regret the money they are losing by not leaving.
Finally, buy-out by a new employer certainly exists, but not for many ExxonMobil functions. You need to have a very special skill set.
Does anyone else know of a company that has a 7 year besting period? Many tech Co’s have changed to 1/3, 1/3, 1/3 over 3 years.
WAKE UP PEOPLE! THE COMPANY DOES CLEARY SUPPORTS A LONG TERM VIEW! JUST NOT FOR AMERICANS!! THE VERY THINGS YOU LIST HERE AS NEGATIVE INCENTIVES ARE THE VERY THINGS THAT ARE APPEALING TO THE BTC ETC AND THE AMAZING TOP DAWG DW! GET A CLUE!
You can negotiate with your new company to compensate you for your lost RSU's at ExxonMobil. Some companies will provide incentives if they really need your skill set.
The new company can offer you cash or increase your salary or even issue you their RSU's in the first year of employment.
Everything is negotiable unless your work for a company that insists a PIP is not a layoff.
Agree on the RSU program...it no longer aligns to what the company is doing. 1) its ridiculous how little RSUs are provided (typically 160 shares for those O or OwD). AND 2) its 50% vest after 3 year, the rest after 7 YEARS! The story is...its "built for the long term view" but the company clearly no longer supports a long term view for employees. RSU's are essentially worthless to those who may no longer stick around, either by choice or not-by-choice (i.e. "involuntary" reasons). Most companies offering equity vest all of it in 2-3 years and offer a much higher amount than the standard 160 shares.