A buddy of mine left CVX with 20 years and was able to get his new employer to keep him whole on pension (especially) but also 401K and vacation. Financially it is equivalent to staying at CVX. But, he likes the new place a whole lot more and they are growing.
Given the major staff reductions planned for Houston later this year, would it be better to jump now or wait for the severance? I sense that once laid off it is harder to get a job and to argue for being made whole on benefits.
If you are in ETC, now would be a very good time to leap.
Not only, the music is fixing to stop again. If you are in a profit center without strong positive cash flow and earnings, brace yourself.
-2pvn: The grass has never been a single shade of green, and particularly so after a down turn. When the music stopped some found a good seat, others took what they could find, and still others were layed off (in many cases for just being on the wrong spot). Those in a good spot could parlay it into advantage, those in a bad not so much. As the music starts up again, as it has many times before, those in the dirt could be good little minions and wait for the company to offer them something better. Alternatively they could look across the whole industry for better situations. Specific cases vary, but generally the movers have the advantage. Your mileage may vary!
Why leap? Like a previous poster said, “the grass is greener on this side”. Stay put at Chevron and keep your cushy pay and watch that pension grow each year.
@1nro, “a few years salary” of a signing bonus? Where? That’s unheard of. Maybe a few months or up to one year salary as a signing bonus is more common.
A few years salary as a signing bonus is not unreasonable at all. Does anyone know a recruiter who can confirm this?
I'm running out of popcorn - you people professional, mature Chevron people hold on to your diapers and I'll be right back....
The only people getting seven figure signing bonuses are those that can hit a 90 mph slider or hit a 25 ft jump shot with regularity. Maybe this so-called competitor is trying to improve its corporate softball team.
Hey why don't we all quote a fictitious tale to post. Bunch of clowns with your fake news and bulls---.
I worked with a guy who was recruited for a great opportunity. When he proved that leaving the company (not Chevron) would cost him a small fortune in lost future pension benefits and had the documents to prove it, they upped the ante with a signing bonus not equal to that delta but enough to net out if he invested that bonus at a set interest rate. The signing bonus was very low seven figures. He had a unique skill set with not a lot of competition in the job market. I can't see that happening for the average "Joe" unless the new company was hoping to take advantage of some IP which would, of course, be illegal. Putting that into perspective, however, that signing bonus was less than the cost of one workover.
You certainly say that in jest, cjo, but I’m not laughing because you are likely hitting the nail on the head. Sad but true.
Hey just give the job to H1B and they'll do it better for crying out loud.
You guys are over thinking this. After 20 years the OPs friend is vested so the new employer would just have to match Chevron’s payment amount going forward plus add a signing bonus to cover any tradition costs (maybe one quarter lost in the transition plus maybe a half year of the estimated bonus left on the table when departing Chevron). Not a huge amount of money, particularly considering the 20 years of Chevron training walking out the door.
Let me guess, the guy was a 25 and received a pay cut this year when they replaced his petro-tech bonus.
I think the OP is feeding you guys a load of BS. Analyze it.
How can you take the future value of your CVX pension as a signing bonus? Assume you work until 65 and convert that figure? It would be huge. What if you don’t work until 65 at new company?
If you are laid off, there is no way to convince a new employer to pay you what you "might have gotten if you were still working". Not sure how you keep someone "whole" on pension but you could get equivalent value compensation. I know it does happen sometimes. Depends how old the person is, years of service, etc. but it can add up to big money. Personally I would recommend you make sure all the math is right and then take it as a signing bonus.