If all or a lot of the high performers quit chevron, do they promote the next best people or do they hire externally?
I hear JW say we are a "promote from within company"....Isn't mcbu Vp external ?
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I agree with you, ivfm. Accountants and Financiers are led by numbers and not necessarily the intrinsic value of things. I believe this obsession with maintaining the dividend at all cost will eventually lead to a big price to pay. Of course, by the, the likes of JW and company would have made off with all the wealth they need and ride into the sunset to retire very comfortably, leaving all of us behind to pick up the pieces or start anew.
The definition of an accountant is a person who knows the cost of everything and the value of nothing. What has happened to Chevron is the result of putting accountants and financiers in charge. This also helps to understand and expljain the obsession with maintaining and raising the dividend to keep investors happy and the stock price propped up.
Of course those employees 50+ were targeted for being laid off. Through most of my 36 year career I had thought about working until 65 but a few years ago when seriously considering when to retire I decided on 62 years old since Chevron was becoming less fun to work at. I could barely stand all of the processes, safety observations, slogans, etc, etc. I liked Chevron culture better when the company was being run by former upstream engineer types instead of accountants. I was laid off last April at age 58 and consider myself retired. The way I look at it I have 4 more years of retirement to enjoy making my own schedule, and enjoy my kids who have not completely left home yet - this is an opportunity I would missed sitting in a cubical at 1500 Smith otherwise. I am just lucky my career was long enough to provide for my retirement.
This layoff was a lot like the one we had about in 1984. I had 4 years experience and did think that it is better for old employees to be laid off to keep the younger employees. Think about that layoff was they added 5 years to your age and time to calculate pension benefits along with severance pay. Those were the days.
Don't be ridiculous gryn. If you are or were an employee of Chevron and we're honest, you'd clearly admit there are many high performers in the company. A company Chevron's size with complex national and worldwide exposure in Downstream, Midstream and Upstream operations demands high performers in all the disciplines. Come on, you're only joking or are one that was thrown out for not performing to high enough standard.
Chevron has no high performers. So replacement when they quite will be a breeze. Simply promote anyone and label them high performer.
If Chevron was really being honest about avoiding age discrimination, all age and gender groups would have been represented almost evenly. The fact is Chevron's goal was successful in laying off primarily the higher-paid and benefit burdensome older employees. The younger 30 aged folks who got the axe were less talented and were likely the laziest workers. Good riddance if you font produce but getting rid of real experienced talent was not a good move. Saving money was definitely the main objective for Chevron while trying everything to mask the statistics of obvious age discrimination. This will not soon be forgotten by the 40 year olds in the company.
there were lots of people 50+ that were laid off because there were a ton of them in the workforce at Chevron. There were also a lot (in terms of number) of people under 30 laid off. The age distribution of Chevron employees closely followed that of the industry overall--lots of people 50+ and <30, and a big gap in people in their 30s and 40s. The age distribution of those laid off at Chevron seemed to be proportionate to the broader distribution.
2odu: you have not seen the reports and the statistics of those that laid off. Yes. There are younger less experiences employees that got let go, however, the majority laid off were targeted for those over 50 years old. When you are 55 years old or 60 years old and got laid off, it is likely means the end of your career in the oil industry.
Sorry 2JAH, didn't see the 50+ being targeted in the last layoff. A lot of youngsters let go as well. So quit your whining and move on, you'll live a happier life.
CVX is bleeding hundreds of millions of dollars, but they have been slow to cut the BFFs or family members. When they do, CVX will be a great stock buy.
The Gorgonzola saga continues. Train 2 brought down last week due to reliability issues. If chevrons customers were smart they would use the low reliability of lng supply as a way to get out of their long term contracts. Couldn't happen to a nicer company especially after they targeted the 50 year old plus employees to avoid paying them decent pensions
I heard that if you were let go because you were honestly a piece of useless deadwood then your chances of getting rehired are extremely slim.
Been through these cycles before, and while this one is particularly bad, they are all shades of the same. Layoffs, retirements continue at their own pace, up tick, and oh my god where will we find the replacements. Management world view remains 2 quarters off the horizon, so bust can go back to boom just about that fast. Not saying it will 2Q from now, a lot of excess supply still out there due to application of new technology, but they do characterize this industry as boom-bust for a reason.
Of course the company will need to replace the top people who quit. I bet the recruiters will be trying to poach solid replacements from the likes of XOM and others.
The VP of MCBU was part of an acquisition