Thread regarding Chevron Corp. layoffs

Talk about stpid ignoramus CVX empoyee comparing 2.2B CIP with 75B buy back

That buy back is over mutiple years not 1 yr CIP you lil rabbit

And it not all going to be spent, the last time CVX announced a buy back it was in 2019 25B and they didn't use all of it so go back to your cubicle and sit down and think for a change you little troll

Remind me again how it’s my fault people at a facility 1000s of miles away died? I busted my a-s last year doing the work of 2 people.

@2jyf+ Absolutely spot on. Our BOD and executives should be ashamed for what they have done to their hard working employees since 2020. They destroyed the morale and so much more. The deaths and injuries are awful but I have to wonder if the low morale and fewer employees has had an effect on safety.

@2yyn, so nepotism is flourishing at Chevron?

Unless you are working the mail room, I can't think of a single co-worker who doesn't own a decent home and drive late model vehicles. I mean, look around the garage/parking area at work!

Think we have different ideas of what squander means. We’re not gonna spend the CIP on h00k3r5 & b10w. We count on it to bridge some income gaps like help pay for medical, fix our old cars, and have some wiggle room for unexpected expenses. I’m a PSG 19 and my husband a 23. I assure you we’re not living large.

Can’t afford basic necessities, like food and shelter? On a Chevron salary? You need a home economics 101 class, not a bonus to squander.

“ I remember the days not that long ago when we got basically no bonus at all. We lived on our salary.”

Agreed. And I remember the days when we could afford basic necessities. The disparity between executive pay and employees is staggering. Not too long ago someone on this site asked about food banks or something about where to get assistance. Presumably that was a Chevron employee. That says a lot about current financial times. People are struggling, and employees have come to count on CIP payouts to meet their basic obligations. That is my observation of below PSG 25. I’m sure the picture changes as one moves up the ladder and has more disposable income. Our pay and benefits, despite all of HR’s benchmarking, are not what they used to be, and CHEVRON has been taking away benefits over the past several years. The result is that employees are having to meet the same ir growing expenses with less. You can spin this all you want, but that’s the current situation.

Also need to compare our results from 2022 against 2021. If in a not great year we got 1.5 but in a record year we got 1.4, something isn’t right. I get that we had fatalities but like the other poster stated it feels like an excuse to avoid recognizong the 2022 performance. Also why are we tying chevron employee CIP to contractor fatalities? That’s not to minimize the loss of life but would like Wirth to address at townhall

Corp factor last year was 1.5

I remember the days not that long ago when we got basically no bonus at all. We lived on our salary.

What was the CIP # last year?

The real issue seems to be the colossal lack of awareness (or utter disregard) for how the $75 billion share buyback announcement and the less-than-anticipated CIP corporate factor would be received by employees. Communicating about the share buyback program, which is likely poorly understood by many, nearly at the same time that employees found out that the 1.4 corporate factor, after very healthy profits in 2022, is less than the prior year factor left many feeling bamboozled. All this time we heard about our strong performance and how important employees are to that achievement, but when it came to pony up the CIP, the BOD & our execs sure left a lot to be desired.

To those who come on this site to preach about how we should be grateful that we received any CIP at all, I would like to remind you that neither I nor my colleagues work for fun. If I make sacrifices, including working long hours, missing family events due to company travel, etc., and I contribute my expertise to help Chevron meet its objectives, then I expect to be fairly compensated. This CIP is not adequate for the performance delivered.

The issue of fatalities is a serious one. However, it very much feels like our execs and BOD are using that as an excuse to weasel out of sharing Chevron’s success with the very employees vastly responsible for it.

There are many employees, especially those in lower PSGs, for whom the CIP payout is a critical component of compensation. I’d tell the execs to be ashamed for their behavior; but that would imply they have feelings and are capable of giving a d4mn, and I think we can all agree that is not the case.

Cip cost chevron about a billion it’s in the annual report or the supplement.

I’ll shut my mouth and take the CIP bonus and whatever structure increase they decide is best for me. I’ll continue to show up and do my job. But I will guarantee everyone that I won’t go the extra yard in my job. They’ll get only the bare minimum until the company and management values my talent for what it’s worth.

Never a tough decision when it comes to them and their “friends” (and their kids). Stop and see the world for what it is, there is a clique on top enriching themselves, that’s it.

Companies have to make tough financial decisions that balance the interests of various stakeholders, including employees, shareholders, and the company itself. A company's management has to weigh many factors when making decisions about how to allocate resources, including the financial health of the company and its ability to fund important initiatives and investments. Ultimately, it is up to the company's management to determine what is in the best interest of the organization as a whole.

I mean you too can be a shareholder and reap the benefits of a supported stock price and reliable dividends.

Stop complaining, most bonuses in the real world are only 10-20% of your low salary. No where near the bonuses you are complaining about- tens of thousands less as are the salaries. Oh yeah and no pension either CVX employees don’t realize how good they have it.

It does suck that bonuses do not trend with earnings. But try to look at the brights side. Chevron's median salary is one of the highest in the US petro industry. I work at the Chevron/P66 joint venture and our salary/raises/bonuses are not as good. If maximizing income from a US based job is the goal and you are not satisfied then leave to a higher paying job. That might be hard to do.

I am a PSG21 employee and I never received anywhere close to $55,000 as a CIP bonus. How did the OP calculate the average employee getting this amount? I hope he’s not an accountant, else we’re all fvcked.

I'd be ecstatic to have a 55k CIP payout.

I would suggest trying Doordarshan delivery for 1 week and see how much you make, that is what average Americans make regardless of their skill or education, then you will be thankful for your pay and total compensation.

MW screwed over his employees. Only the re dnecks are happy with getting the scraps he gave while rewarding himself and shareholders. Hes destroyed the morale since 2020 and continues to do so. Productivity is going to drop after all this.

Get over yourselves life sucks so what your unearned bonus is better than the majority of folks outside of the comfortable Chevron cacoon.
Most of you don't know what hard work is...just accept graciously the large bonus you have been granted... or be brave through away your pacifier and leave....see what the big bad world holds for you...

The $75 billion is over many years. Probably $5 billion per year. A big CIP could wreck our plans and weaken the stock price.

@nhi+1kZO47Vb. semantics. will his point be too much different if you use $40K or $65K? no.

How did you calculate average payout as 55K?