Bad news for expats? Layoffs coming?
25 replies (most recent on top)
The reality is that you just need to find another industry that is growing. As a retired geologist that had worked for the majors, independents, and Aramco, I can say that the O&G industry is mature where salaries are only incrementally bumped at inflation rate. I worked for Aramco for over 15 years, and it was fun then. Not so now.
If I were in my early 40's, I won't even consider working for Aramco because the package is not as good as they once were. The camp is not as good as it was in the old days.
Aramco's stock price has been deteriorating in the last 5 years whereas those of Exxon and Chevron have been increasing. What is interesting is that when Aramco did its IPO in 2019, it was being compared to Apple because of its trillion dollar valuation. Well, Apple's stock price is now worth 3.2x from 5 years ago while Aramco's is 15% less than its IPO price (it's a good thing I sold all my Aramco shares when I retired).
For those remaining western expats, I can share with you my thoughts freely now. If you are still confident in your position, keep it and save as much as you can. But don't fool yourself that you are enjoying it as we all twiddled our fingers planning for our next vacation, bored many times, and felt the decay of our skills and wondering if we could get a good job back at home.
If you are still young, come back home and establish your career in the US. Even if you have to pivot to a new industry, sacrifice a little, it is worth it. I know the 7/4 job, travel opportunities, and tax shields are excellent perks, but you are really now and more than ever at the mercy of arbitrary politics (layoffs) and energy market forces.
Not really, expats that are adept, skilled and competent do not get blamed. That is factually reserved for the incompetent expats.
In any normal commercial O&G firm the board would now be looking for a scapegoat, literally billions wiped off the share price. The largest value destruction in cash terms anywhere. But in Aramco nobody in charge is ever accountable, that is reserved for expats and migrant workers.
@29a
West Texas!? They don't belong in this squabble. Leave them out/ alone.
@1pq I’m long gone and the US gulf coast is my playground. Means I’m speaking for you.
@257 West Texas contractors will be hired.....over paid......kickbacks had by senior management.....and the underpaid Indian expat will be blamed by the inexperienced young Saudi. Nothing will change.
Who will be blamed when the last western expat walks out the door? Who will ensure proper standards are applied when the last local leaves, the one who learned from the expats and valued them? Are the youth ready for the coming Aramco, which will face the rapid decline of the fields?
@24x It is obvious a thobe has joined the expat discussion. Their input is valueless in the office....and even less here and the real world. The funniest part of his post was a out "entitled wives"......or in a thobe's case, an "entitled cousin". I was with Aramco for 7 years and EVERY Saudi cousin wife had a maid/nanny/cook. I coached my child's baseball, soccer and Boy Scout Troop.....it was ALWAYS the nanny sitting on the sidelines with her phone and NEVER a parent. Thobes, nannies are raising your kids while your cousin wives sit around, get faaaaat, and bad mouth their thobe cousin.
@225 or spot the lazy employees who won’t leave because it’s easier to complain. Oh but wait- they need the money to keep their entitled offspring in boarding school, and their entitled wives in designer clothes.
@1xz
8% merit increase over 5 years!
wow that is rude.
and yet, you did not leave
WOW...
@1xz sounds like you’re not a very good employee if that’s all you’ve gotten over 5 years.
Expats get E+ and sizable merit increases all the time. Don’t chalk your story up to being an expat. Chalk it up to being a sh*te employee.
@1tk Congrats on your decision, you have done the right thing. I hope you are able to put Aramco behind you and move forwards. Therapy may be required.
To your point on applications. Good people don't join Aramco anymore, in my area we cannot attract qualified staff. Most offers are refused. Staffing low ball with fake promises about tax savings and lifestyle benefits. Hahahahaha. The reality is expat salaries are stuck where they were a decade ago and the zero promotion policy for expats hardly helps.
My advice to anyone joining ask this question: what's been the salary increment over the last 5 years for expats in your area: For me its been 8% over FIVE YEARS, yes 1.6% per year ...so A PAY CUT EVERY YEAR AS INFLATION BITES. Yet my local colleagues have made 15% in one year alone...You will always receive an average rating unless they want to fire you then it will be an M.
People keep applying from the third world, there are literally millions desperate for jobs, the internal system housing applications through the website is a sea of 10000s of garbage resumes.
I just quitted. This company is not a real company. Simply just a meme. People just there to do whatever the director tell them to do...they dont just work, just pushing paper to making things look nice. I dont understand why people keep applying. The Money is not that much nowadays. You will be better if keep your current job. Advise to new people: they will lay you off after 3 months or 6 months.
@1jk speak for yourself.
Won’t matter. No amount of marketing on LinkedIn or other places we mock when it pops up will change the fact that this company’s reputation as an employer is stained forever. Word is out. In ten years I saw Saudi Aramco go from a place where everyone wanted to go and live and work to a company of last resort for the desperately unemployed.
I think targets are passport colors, age and date of hire...
@wn M-ratings are oftentimes targets.
Any idea what departments are being affected?
It's not fake news. Layoffs are currently occurring.
Aramco stock does not seem to move according to the oil price market...look at Exxon or Chevron for last month- very high correlation to oil price moves...Aramco stock actually decreased...or stayed same however oil shot up 10 bucks or so...makes me wonder...
Fake news.
Of course they're coming. We knew last year was just the first wave. They were putting names on the list in January of this year, so hold onto your hats.
Fake news.
Without doubt