More PIP?
Voluntary with enhanced package?
Forced retirements?
DW put on PIP or fired?
I honestly think it will be voluntary with 3-3-2. These are dire times we are in!
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“...these are the things that need to be addressed with honesty”
Hahahahaha hahahaha. You are in for a long wait if you are expecting any honesty from the company these days. There is nothing honest about telling the public that they are shedding poor performers just to appear there aren’t any layoffs taking place (and to avoid paying packages)
Doing what’s best for the Company means “layoffs” would happen no later than mid-December. This would prevent payment of 2021 vacation pay. Haven’t you noticed the push for taking vacation to “relax”? That equates to less payments for carryover vacation and benefits. Have you heard anything on 2021 Benefits Enrollment ?? Wonder why?? These are the things that need to be addressed with honesty.
That annuity calculation is for US employees. I have no idea how it works in other parts of the world.
@2rbr+174N0H9g I estimate your annuity to be a bit less than $850/MONTH at age 65.
The rough calculation I use is
MONTHLY retirement annuity at age 65 = A times B times 1.6% times 0.85.
A = average monthly pay for your 36 highest pay months. For this calculation I just used $150,000/12 months as a likely high estimate since I assume you made less last year and the year before.
B = years of XOM service, in this situation 5 years.
That 1.6% is actually rather generous on XOM's part. I qualify for an annuity with a previous employer and for them, it was only 1.2%.
The 0.85 factor seems to come in because XOM has been contributing to your social security so they want some of that money back.
@2iqz+174N0H9g They got themselves in a checkmate position. Heard that governments are getting them to hire the 8% they let go through Performance Assessment. Go people!
No matter what is going to happen, the company has paralyzed since thousands have heard the rumor and they are now waiting for the announcement. One way or the other the company should act now.
@2rbr+174N0H9g if you work for the company go to the benefits page and calculate it yourself.
@1zgn+174N0H9g
It came up in a small group (~15 people) forum. Said we'd see things happen within 6 months (from a few days ago).
let's say I'm 30 and I make 150k, been working with the company for 5 years and then quit. What would my pension look like at 65
I’m surprised we haven’t gotten a ‘Direct from Linda’ bag of lies about the bright future of exploration and its geoscientists. Definitely no incentives needed when they can just close entire regions.
At will work, redundancies and no questions asked.
the plan is not 3-2-2 it is 0-0-Pip. It is the low cost way of getting rid of low performers and it maximizes cash to pay the dividend.
Yes, 3-3-2 can mean something to you even with only two FULL years of service. Although, if you are an early career person, I don't think it is a great idea to make decisions based on a pension 35 years in the future.
Everyone seems to focus on requirements for being a full XOM retiree (leaving being at least 55 years old with 15 years service), but if you don't meet the requirements for being a full retiree, you can still receive a annuity pension with at least five years of service. So if you have two full years of service and they credit you with three more, then you have the minimum five for an annuity pension.
That annuity reaches its maximum monthly payout at age 65, although a reduced payout can be started at age 60. If they credit you with three more years of age, then those ages change to 62 and 57.
I most certainly don't know what those terms are. That's why I asked you arrogant a–.
Nope
for someone that's been at the company for 2 years (not close to being retirement eligible), does 3-3-2 mean anything to me?
You haven't even a clue what either of those will actually do
What is TMTS
My prediction is that Woods is out and Neil Chapman will take his place, on or about Nov 1.
The first waves of TMTS and HW3 coming to your site soon.
I’ve heard a lot of rumors from many different ppl of voluntary retirement pkgs coming in Nov/Dec, as well. I don’t think the PIPs will release the number of employees the org is shooting for. Offering an incentive to retirement eligible folks, who earn the higher salaries, is the next logical step.
Thanks for sharing. Did VP disclose this to you privately or as part of an employee forum ?
VP said don't expect voluntary in the us
If they offer 3-3-2, RUN for the door
My manager said he was recently provided the new salary curves and promotion guidelines and that “it’s difficult”. Anyone here got the scoop? Are we getting salary cuts?
If it is voluntary, why are they waiting? Just get on with it, as the company is bleeding money every day. If the company wants to keep someone who volunteers, throw some stock at them.
If it is strategic, you will probably get invited to a zoom meeting and let go. A minimum of 3 months salary, but probably something more to keep some level of public and internal good will.
Voluntary seems like a shift these guys won’t make.
3-3-2 is 3 years added to your age, 3 years towards pensionable service, and 2 weeks per year severance. It’s meant to get those close to retirement over the hump so they leave.
What is 3-3-2?
I thought they’d show up on Christmas Day with our bonus checks after realizing they made a mistake. I need that cash to build a pool of my dreams.
No. Management would do this on Christmas day. Expect the call while you are with your family for the holiday that you will not be needing to come in after the holiday is over.
Remember Chapman told analysts the plan would be reviewed (rubber stamped) by the board in November. So, the next round of employee cuts possibly in December. Perhaps they will communicate to those affected on Christmas Eve.
I think we’ll find it in the next 2 weeks. The anxiety is really worrisome. Regardless, my backup plan is a bar.
DWW = POS destroying great American company
Come on! Aren’t we the proud people that took on the world’s toughest energy challenges? I guess they were so though that they ran us to the ground.
Anyways....positive vibes...#WeAreExxonMobil
We are all in this together!!
EMpathetic
We are EM Framework brings out the best in us!!!
Can't wait for the next round! I'm EMpowered!!! We are EM!!!
Lol. You think your pds actually means anything?? You are already placed in a rank bucket for next year.
Unless your job absolutely can’t be outsourced you are likely next on the chopping block
Nope. No package! They will continue with performance assessment until we throw in the towel. Just look at the amazing culture we have now! Working just fine.. for planning purposes, just assuming you get PIL and ideally got another job. Remember.. It’s all about timing the exit!
I All the best in 2021 ranking! 5 months away! I would work on how to write my PDS now.. if I wish to stay. It’s not what you know but what you are perceived to have contributed
@bjp+174N0H9g Seems to be a common consensus among employees. I’m wondering where is Darren Woods? Anyone seen him since February? Or he is doing his secret analysis again..