After talking to a Chevron friend, I'm honestly surprised Chevron comp is actually stronger than XOM.
They have 8% saving plan matching plus variable bonus. And they also have defined benefit pension at +1.6% multiplier.
And the variable bonus is included as a base calculation for pension multiplier.
I believe their base is only slightly lower than Exxon, so once you consider total comp they are quite ahead of us - am I missing something?
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The CVX pension is terrible. The five year average actually in a high inflation period gives you a lower pension. Lump sum is about 50% lower than XOM
DW has stated many times that we pay “industry average” so it should be expected that all else being equal, friends you have at our competitors have about a 50% chance of making more than you
Both CVX and XOM are commodity companies and humans are just one of the baskets.
Think how many buyback shares you are worth to the company.
That's the correct perspective.
Chevron does not hot desk. These fully capable talented employees actually travel to downtown (hybrid), pleasantly walk into their individual office, sit at their own desk all to dial into a remote zoom call with their meeting colleague next door doing the same. All day. f$&;%#g id--ts. Who allows that to happen??!!
But does Chevron assign desks or off valued employees the challenge of finding a different available desk every day plus the added adventure to find their team members in a different desk every day?
Hotdesking is a true indicator of how much a company values its workforce.
I think ExxonMobil is actually aiming for 50% of total compensation. But yes, BP, Chevron, Shell and surprisingly Motiva have compensation packages that may be more attractive….depending on what you view as attractive.
They also have a slightly different flavor of the same big oil culture. Red tape, things you learn if you ‘grow up’ there, sorting of people into those of potential and worker bees…
Yes, Chevron and Shell both have job postings….and everyone had to reapply to their job during COVID if they wanted to keep it. (If you have a special sense of coworker hate, you could have applied to a coworker’s job and increased the chance that they were ousted.). People at all these companies were upset about how their management handled the situation and resigned.
So to some extent, pick your poison. All the big refiners are a little different and a little the same.
If you started working at CVX after 2008, the pension sucks. It's 11% times years of service before age 60 plus 14% times years after age 60 times the highest 5 year average salary. If you are hired at 25 and retire at 69, the CVX pension is 3.85 times the salary average. Limp sum only.
Chevron routinely makes whole departments reapply for their jobs rather than just deciding who to lay off.
But, does CVX have behaviors?!
That’s what makes me stay at Exxon. Oh, and IDPs! And critical moments!
Surely not the money. It’s not like I’m exchanging my time for $ and literally how much my company values me.
Simply doing work that you love, thriving in a great environment, being valued, having career growth, and being fairly compensation are priceless.
Measuring your worth or identity based on money, ranking, title, and who you work for will always lead to dissatisfaction.
Here’s an idea, instead of complaining about how you are underpaid, overworked, and mistreated at “toxic” ExxonMobil, the solution is simple, QUIT! Go ASAP. We won’t miss you.
@1ban+1l43ODbl Sweet math…you been NSIed yet?
Chevron also has 9/80s. That’s another 10% raise.
Dude the only advantage of XOM used to be that XOM didn't do layoffs during downturns.
For some people that valued job security a lot, this was enough to compensate for the below average compensation and benefits.
That obviously ended in Dec 2020.
And that's the reason of the massive attrition that followed.
For a lot of people this was a deal breaker.
You must be new.
First, I wouldn't engage in comparisons with friends about salaries and compensation, they usually leave you in a bad place.
Second, now that you are waking up to this realization, that XOM is below average, what are you going to do about it?
ExxonMobil is worth more points in scrabble than Chevron, so that is an advantage.
Wow they absolutely brain washed you!!!
ExxonMobil positions itself in the 33% of the salary curve calculated with whatever companies they use for their benchmark which obviously exclude all high tech.
Meaning, 77% of your friends have better compensation than you.
And this applies to all dimensions, including retiree benefits.
XOM is a dump dummy. Wake up.
The delicious koolaid is what tips the scale in XOM favor. You work here and haven’t learned that yet? …. Imbecile.