If XOM is looking to reduce HC10 headcount, why doesn't it create provide an option to let HC10 staff over a certain age (say 50 or even 48) take early retirement.
Reading all the commentary on this forum, a lot of folks may take the option? Has anyone run economics scenarios for this? At the minimum, will improve morale ...
@qx actually it’s not my problem, my net worth is well above my needs to support family in a comfortable lifestyle with an early retirement. My statement was for those who think a couple million is going to tide them over for a permanent early retirement. Nickel minimum and if you’re younger, have kids, expensive travel tastes or hobbies you’ll want a dime.
@qm That’s your problem.
@k5 that was back in the good ol’ days. We have greedy sc-m bags running the company now so that’ll never happen again.
@pr small m millionaire ain’t what it used ta be. Can’t retire too early with the small m, you’ll run out of money unless you wanna live like a pauper and that’s just no fun. Dont have to live big but little things like health insurance and occasional travel/hobbies are important.
@OP Why don’t the HC10 people who are targets for PIPs/layoffs move on? Anyone who’s been working for EM for more than 10 years and has consistently made more than $170k/year should be a small-m millionaire by now.
Are you all still here after age 50 because you need the money? If so, you done F’d-up.
Mobil Oil employees received 100% of their pension at age 50.
They are mean and greedy
The retirement & pension laws/regulations and employment laws/regulations of each country in the EU are very different than the laws of the United States. The best and fastest way to cut cost/headcount is to sell the affiliate and the pension liability. Then let the buyer can decide who to keep and how to compensate the ones that stay with the buyer under the employment laws of the country. XOM will comply with laws and regulations, but it is not illegal to EXIT a country by selling the asset or closing it down. Norway/Africa/Australia headcount reductions done in total compliance with laws and regulations. A few superstars/hipo will be offered jobs in US and converted to US payroll
The conundrum is, the people likely to volunteer for this are the good worker bees who can easily find a job outside. They’re likely not HIPOs too, and don’t see a bright future here. These are the people the company doesn’t want to let go.
After the above group voluntarily go you are left with HIPOs and cruisers who lack motivation to do more. HIPOs that used to take credit from grind workers now have to do the actual grind work. Cruisers, well, continue to cruise to retirement.
Who suffers the most when you allow people to voluntarily retire? The company.
@OP If something like this were to happen it would take the form of a one-time payout/lump-sum. It would likely be less than the value of the pension (actuarially speaking). I don’t see a lot of people taking this option.
If they really want to save money they can cut executive pay. Nobody is worth more than $1M/year.
Because of $money period. Why pay to bridge oldies to retirement and pension when they can make them leave for free. Do it for the corp!
My understanding is they did a long time . The people have changed since then and LT has changed. They will never do that again unless it suits their needs or helps some how politically. In today’s world no one cares about the heavy lifting folks are doing. Get the old guys out and check the boxes to get what you want from internal or partners or the government .