Thread regarding Phillips 66 layoffs

Sucess Share no more

Success share program discountinued for 2024. But hey, if you are rated 1 or 2, your individual performance adjustment for VCIP increases. Maybe that will make up for "market rate base salary" and the loss of the "success share".

Will there be an annoucment next year that the 401k match will drop back to 6% to align with competitors?

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| 2716 views | | 17 replies (last November 3)
Post ID: @OP+1paM2MyR

17 replies (most recent on top)

I’m hearing from people as high as General Manager level who are very upset about the Success Share program being eliminated because of the impact it will have on their retirement. This is a huge pay cut over time for all employees who are trying to build a retirement nest egg. 2-4% per year is a huge pay cut and is about the same as the pay raise that many received in July of this year.

Additionally, the employee survey this year was conducted prior to the rather casual mention of the elimination of this savings program.

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Post ID: @fuan+1paM2MyR

I was told earlier this year by my supervisor (newbie) that “like ability” is indeed a factor in who gets the ratings and promotions and that we all need to play the likeable game!! Disgusting!! Btw this was in IT.
Another IT manager told me that I need to be clean shaven to be considered for promotion!! Again disgusting!!! Now you know who will get that 1 and 2 rating

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Post ID: @6hpa+1paM2MyR

If you are upset about the Success Share thing wait until you hear about the layoffs today...More BT excellence. OEIA at work!

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Post ID: @6gmv+1paM2MyR

Does the previous poster not realize that his/her benefits are being cut as well as the benefits of us “losers”?
Ha, Ha, Ha!!!
Where do they get these pro P66 employees?

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Post ID: @5auk+1paM2MyR

They should keep cutting benefits. The only problem with that is you losers won’t leave because no one else would hire you. You’d still sit there and complain.

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Post ID: @5mvq+1paM2MyR

Oh there he is! The lone downvote! Seriously, some of the complaints on here are a little much, but complaining about benefits being cut is super reasonable.

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Post ID: @3upb+1paM2MyR

Where's Mr. "You guys are lazy, if you only worked harder you'd like P66?"

Bitter about your pay cut bud?

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Post ID: @3jxc+1paM2MyR

P66 is no longer even bothering to pretend that BT is in any way transformative and is in fact just the same old tactic of trying to do more with less. And that is not working very well at all because most groups were already short staffed and getting shorter even before the layoffs. Now they're going after benefits. Attrition is going to skyrocket in the new year.
P.S. This is just one low level employee's opinion, but with the way upper management has been acting lately and from what I've read, I anticipate our 3rd quarter earnings report next Friday to be very ugly.

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Post ID: @2sba+1paM2MyR

I’m wondering if the people that have been laid off will get 4 ratings by default because they were laid off so they wouldn’t get the their fair share of the prorated VCIP?
In most cases this would be very wrong!
I know some very good, very loyal, and very dedicated long time employees who were laid off who should never have been let go.
But hey, this is the “transformed” P66 we’re talking about so I guess it would par for the course.

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Post ID: @2doi+1paM2MyR

Word is going around that the managers are being encouraged to hand out more 4 ratings this year. By the way, the managers are the ones spreading the word.

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Post ID: @1jug+1paM2MyR

I'm sure that these comments will soon be chastised by someone in the 30% of employees who get a 1 or 2 rating to tell the 60% of us who get a 3 to work harder.
Here's the problem with that. Those who have ever earned a 1 or 2 fully expect to receive that every year, or they'll leave. A person who has ever earned a 3 may decide to "bust tail" to improve that rating, but unless one of the higher-rated employees in their group retires, it won't matter. Those higher-rated emplyees will always continue to get the higher ratings because their managers fear that if they dont give them that every year, they'll leave.
In short, P66 is "quiet firing" 60% of the company. So much experience has already left. I've already been looking. Guess l'll just need to look harder.

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Post ID: @1krq+1paM2MyR

So I’m guessing all the hourly people who don’t get reviews are just sh-t out of luck

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Post ID: @1ylw+1paM2MyR

If they lower the cost to operate low enough maybe someone will be desperate enough to purchase p66. But in reality is there any company ridiculous enough to purchase an entire downstream company with multiple refineries and no clear strategy? As a whole p66 is unsustainable.

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Post ID: @kuh+1paM2MyR

Correction: Their desperation to show any kind of BT success is showing.

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Post ID: @lew+1paM2MyR

So now they’re to the point of cutting benefits. How is this going to make P66 a better place to work? Their desperation to any kind of BT is showing.

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Post ID: @znw+1paM2MyR

So basically we all just got a 2 - 4 % pay cut starting in 2024.

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Post ID: @zvl+1paM2MyR

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