Yet there is nothing for the worker who made all of this happen.
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Plus there's a whole class of employees that have not seen a raise in 5 years. And they wonder why people are leaving...
@2krm+1jqe6Hio Hey Einstein, that’s exactly what EM is already doing and is one of the many reasons why employees are pi---d off. We all know the rankings are mostly political and are not a true reflection of our performance. Why stick around when your compensation is tied to a dubious system run by sociopaths?
“All animals are equal but some animals are more equal than others.”
EM needs to give 1% pay raises to the bottom 40%. 3% raises to the middle 20%. Hopefully they quit and EM meets its (billion cost savings target). If they do not quit then PIP 5 % every year.
XOM clearly needs to continue cutting...Next stop 50000 employees and instead of work from home...work from India. More asset sales. Will need to rent out 5 buildings at campus while growing India office. Also open a large office in Guyana...within 1o years XOM can have most of the technical jobs filled by Guyanese.
Comparing to tech isn’t the immediate point, to me. It’s recent (past two years) divergence of how XOM is treating its people relative to its main competitors, including the highest levels’ lack of recognition of this issue.
XOM cut the 401k match for a year to preserve $400-$500M, while raising $8B in debt to maintain the dividend. The cash preserved by cutting the dividend was equivalent to a 3-4% dividend reduction (annual dividends $16B+ at that time), but XOM decided to take the route which effectively slapped 15k+ US employees in the face, many of which would be needed to “pull more than their weight” when projects were restarted with a reduced workforce. XOM prides itself on long term thinking - they know what $400-$500M means to employees after 10/20/30 years with compound interest, let alone the optics of taking something away that was previously framed as a given, due to XOM’s messaging of “we hire the best people and we compensate to incentivize them staying for their whole career”. If that $400-$500M was needed so badly, how does passing on the option of a 4% dividend reduction (and instead hurting your people) make sense? Even splitting the difference with the 401k match reduction, to show that we’re all making sacrifices together ($250M from 401k match reduction of 7% to 3.5%, $250M from 2% dividend reduction), feels better from an employee perspective. At the same time this was all going on, direct competitors cut their dividends 50-100% overnight, because just like bonuses, they view dividends as not a given and and should be commensurate with how the business is doing for any given quarter/year.
I’m not going to ignore that other competitors took some of the same actions XOM did during this time, e.g. salaries frozen (and bonuses for companies who have them). No problem. But they didn’t freeze promotions - while the pay increase may not have been their at the time of promotion to a higher level due to temporary salary freezing, they still recognized their people progressing professionally. XOM acted like everything was at a standstill, including professional development.
And more recently, when things like bonuses came back this year, you had companies like Shell whose CEO felt like their system’s output of a ~1.25 business performance factor didn’t fully represent the workforce’s contributions, so he lobbied internally to get it increased to ~1.5, which effectively meant a 20% higher bonus than what each person would’ve received. And then of course, a great 2nd quarter led to another 8% bonus.
So whether XOM is unable to recognize what others are doing, they do recognize and don’t care, they do recognize and aren’t doing anything because they know it will facilitate attrition and further help get to target headcounts without layoffs or exceptionally higher NSI rankings, etc. it’s all unacceptable to me.
If you're all so underpaid for how brilliant you are, why don't you go for a leadership position yourself? This is one of the most successful companies in the world. Not recognizing that convinces me that you are all trolls who are just trying to hurt morale. With the high pay at the likes of Google, compensation at EM is no longer as competitive as it used to be, but it looks like the unsustainable good times in tech are coming to an end while I will be happy continuing to provide a very comfortable life for me and my family relative to most people in the world.
Our performance ranking offers pay differentiation and promotes a true meritocracy.
The company will recognize those deserving credit for these record profits.
That’s why the executives will get massive stock options and deferred compensation, while you all get thiz nutz.
And no bonus unlike shell and total.
They show us a pippin' good time and make loads of cash. .....
If you watch linkedin, you'll see all competitors have ceos with personality... Xom has a cardboard leader. Based on that presence, you guys messed up selecting this guy, he's an F in PR. People didn't like Raymond, but he was able to survive in that time. While it may seem like the titanic is sailing at full speed, the iceberg is bigger than anyone imagines. Good luck!
This is gold:
The “others” may have pulled back on capital investments relative to XOM, but they did invest in something XOM did not - their people. And now the “others” stand alongside XOM approaching or exceeding record level profits, but with a workforce morale/culture which is in a better place than XOM’s.
“Where others pulled back in the face of uncertainty and a historic slowdown, retreating and retrenching, this company move forward, continuing to invest and build to help meet the demand we see today and position the company for long term success in each of our businesses,” Woods said.
The “others” may have pulled back on capital investments relative to XOM, but they did invest in something XOM did not - their people. And now the “others” stand alongside XOM approaching or exceeding record level profits, but with a workforce morale/culture which is in a better place than XOM’s.
NOTHING FOR THE WORKER???!!! Well of course there is! We have the wonderful performance review system. Also, we have plastic forks, spoons and cups! Plus we have a lovely 'neighborhood'! We have wolfgang puck! What's not to like!? :(