Thoughts on why they are not being offered by Chevron? Surely this would take care of at least an additional 10-15%. Possibly more.
4 replies (most recent on top)
Yup, that happened before (mid 90s) when they simply offered the package to anyone. Next (and last) time they selectively offered it to groups, lot of grumping in not in "right" group.
Chevron won't offer volunteer retirement severance packages because they want to control who stays and who goes. they may even end up with more folks willing to retire with 20+ years of experience. This will cost the company a lot of money in severance payouts. Many of those willing to leave may be employees the company would want or need to retain.
The corporation has a cash flow problem. Writing big checks all at once to 10-15% of the staff takes a big pile of cash, which the corporation doesn't currently really have. Better to take said cash and write dividend checks to stock holders, which will keep Watson in his job for another quarter.
I think Chevron is trying to give people enough where they sign the waiver releasing them from liability while not giving so much that people are volunteering. Given the average age of the staff a real package (3+3) would have too many people upset if they were not selected.