Thread regarding ExxonMobil Corp. layoffs

Another lost benefit - Home Sale Assistance

Anyone interested in ever moving with Exxon:

XOM has taken away your option to sell your house with the company… along with any repatriation/return assistance.

Good luck to anyone going to W Texas, buying into high markets, and taking losses on the sale. Good luck to anyone going to a low uplift location and losing money on your car sale, unassisted house sale, etc… after burning $50k of your personal money to move on Exxon’s behalf, it’s going to take awhile to earn your money back.

Just a note - CVX hasn’t reduced their relo packages…

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| 3523 views | | 25 replies (last May 27)
Post ID: @OP+1mGovCjp

25 replies (most recent on top)

Other companies do not deduct “Housing Spendable”. EM is really jerking us around with this one.

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Post ID: @9yxz+1mGovCjp

Lots of factors go into the Cola and adjustments and they are updated frequently. You never know what you're going to get.

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Post ID: @7tfm+1mGovCjp

Our COLA at this affiliate jumped by 50+%. Sometimes you win. CL28 midpoint also jumped up meaning more premium.

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Post ID: @7zyn+1mGovCjp

Talk about lost benefits! Anyone check their cost of living adjustment today?

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Post ID: @5cdr+1mGovCjp

I don't know what you people are talking about. I'm moving from Dallas to Houston and am going to take millions from this company for my home sale. Same with my colleagues... Laughing all the way to the bank, suckers! -DW

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Post ID: @3byp+1mGovCjp

@OP Have you tried applying to Chevron? I’m told by one of my favorite mo--s that they’re getting so many applications from current EM employees that they had to create a separate drive just to store the resumes. Desperate much?

@2tsj Your post reads like an AI generated word salad.

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Post ID: @3teb+1mGovCjp

Why doesn't tmo look for cost savings like giving their work to low cost countries like argentina? Oh wait they already did that? And then the level of service was so poor that tmo had to contract Cartus back in the US to do their job for them? So the ongoing plan is to take service from high cost to low cost all the way back to high cost. The circle of inefficiency is complete.

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Post ID: @2bdl+1mGovCjp

It’s not the cut in this benefit alone that’s a bummer but the downward trend in overall allowances - as someone rightly mentioned below, it’s very expensive to manage auto and appliance disposals for which allowances used to be provided. Those were cut recently as one example. The pressure to be globally mobile with continuing cutbacks makes it difficult for families to within margin assess the cost - benefit ratio financially - esp when you don’t know exact figures until after you expatriate. Be sure to talk to other expats in the country you’re considering - it’s the best source of information given the difficulties communicating with TMO

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Post ID: @2hek+1mGovCjp

I’d also like to mention: As long as you have not physically moved, Cartus nor ExxonMobil cal clearly articulate the balance sheet of the assignment to the employee.

It takes 3-4 months after assignment approval to see the Expat Compensation Sheet (which is your monthly expat allowance plus a misc lump sum.). Then you get piece-meal fed other benefits or debits….usually only triggered if you know what to ask for. And even if you know what to ask for, there are still surprises.

And if you have any questions or concerns, good luck. Explanations are inconsistent and usually dismissed without any real consideration.

I am not saying all the expat packages are unfair. Some are very fair. The problem is that you don’t know whether your cash balance is a gain, loss or neutral until you have physically moved and been through 1 tax season.

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Post ID: @2vcf+1mGovCjp

Domestic relocation package has always been a money losing proposition with Exxon. Now it is even worse as the beancountets ran the numbers on Permian relo and made their recommendations to HR to save dome small change. Heros at the working man expense.

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Post ID: @2sjm+1mGovCjp

Just a cautionary point on that housing spendable, which ended up being a rude awakening. Your home mortgage is fixed, and does not change. The housing spendable changes every year, increasing with the real estate market, interest rate, and with you CL increases.

So the analogy of it being a pseudo US home mortgage is correct, except it is a home mortgage on a variable interest rate (that also knows and adjusts higher when you get a raise.).

If you take the Housing Spendable deducted, don’t think that expat package will look a little better as you get CL treatment while on assignment.

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Post ID: @2uhs+1mGovCjp

You’re crazy. Holding onto an asset for years while you’re overseas is a pain. There is a reason most people sold and took the housing spendable.

Your ability to go on expat sucks now. Lose tens of thousands of dollars selling (and rebuying) cars and real estate agent fees.

If you want to sit and work your whole life in Houston… fine. If not, the other oil majors still treat their people better.

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Post ID: @2crp+1mGovCjp

The Company takes out a "housing spendable" if you don't own a home near your home office. It is a fixed amount per CL and represents what you would typically pay. If you keep your local home the housing spendable is waived. If your mortgage is less than the spendable you win. Consequently, many people chose to keep their homes. Sounds like the Company has just made that the standard, that's all

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Post ID: @1onu+1mGovCjp

If you're going expat you most likely don't want to sell your home. If you unload your home the company takes that mortgage payment equivalent amount right out of your paycheck. Only reason to sell would be if you had some super huge mortgage payment (bigger than what the company would take from you)

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Post ID: @1mdj+1mGovCjp

Partially correct? Only for expats.. not for domestics

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Post ID: @1qre+1mGovCjp

This is true as of May 1st for new expat assignments, expats are expected to maintain their house in their home country and will not be able to have home sale assistance (verified by coworker on our team currently being sent on expat assignment and they just told him this).

I don’t think this is true for domestic relo though?

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Post ID: @1vje+1mGovCjp

If you are referring to the Cartus PDF, it is not clear whether that document was written consistent with company policy. It has glaring errors. Ridiculous that such a document could even get ‘out the door’ to get distributed to employees.

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Post ID: @1gpv+1mGovCjp

Did you hear this from Cartus or is this posted on the intranet somewhere?

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Post ID: @1pzl+1mGovCjp

@jzy+1mGovCjp

Yes. The guys in Annandale are really fu---d. The place is shutting down quickly. Nobody left there and DW doesn't care. If you are still working there you have two choices. One is to stay until you're laid off in the next year. Two start looking for another job like right now. You choose. Good luck.

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Post ID: @ngn+1mGovCjp

The benefit was probably cancelled after the Dallas folks were able to take advantage when moving to Houston. So when the close Annandale...nobody will want to relocate...easily cutting 500 out of the HC10 headcount from Emtec...muhahaha

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Post ID: @jzy+1mGovCjp

Always remember the moto, "Never accept an assignment at another ExxonMobil location unless you want to live there for the rest of your career." The rules are known to change.

It makes me wonder if the folks that moved to West Texas will ever return to Houston especially if there is no home assistance when the housing market collapses due to higher interest rates.

By High, Sell Low is the new "We Are ExxonMobil" moto for our employees on assignments.

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Post ID: @vib+1mGovCjp

oh, you mean you are getting screwed over like employees in other locations where they never even heard about this benefit? wow... makes you think, doesn't it?

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Post ID: @uqy+1mGovCjp

I could never have done what I did for the Company all these years without this benefit. Oh well, f us now.

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Post ID: @bph+1mGovCjp

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