Finance oversubscribed, and reducing number of executives dramatically by 2030. Significant pressure to reduce potential of younger staff. Although has been happening for few years now, more pressure again this year. I had executive potential 2 years ago, recently told no longer executive potential, not competitive. Many with executive potential last year will lose this year.... but interning MBAs who will surely become future executives.... hmmm Ask you manager!! Most wont volunteer this information on your potential change but will communicate if directly asked.
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OP said the “what” - cutting finance….but like @b3+1k2tewm18 asked…. Any details or reasonable speculation on the “How” and “when”?
@f6 because each VP requires his/her own custom analysis spreadsheet explaining what SAP is doing
As one Executive stated, "We spend $1 billion USD on a Global SAP system. Why do most if not all V.P.'s run their global business units using Excel spreadsheets instead of SAP?
Forget outsourcing, AI will eat finance jobs (if XOM will let it's "potential" unleash)
I wish the company would remove the top 30-40% of salary positions so maybe all of the employees that actually work won’t have to worry about being pip’d. You could remove the 3 salaried foreman and superintendents in my department and you wouldn’t even notice that they were gone. Also, please quit hiring minorities that can’t even pass the test to get hired so they help them take it.
@ak “Potential does not affect promotion frequency.”
Not true. If your potential is high, it will determine next jobs and time in role. To get to your potential, it’s simple math on how many roles you need in a certain period of time. If you’re a potential 38+, you can get to exec by your early 40s or even late 30s.
If your potential is 36, it could be exec by age mid-40s.
Long story short: potential does affect your promo ability.
World's tiniest violin playing over here
Finally!!!
Yeah…this is known…. But when and how are they going to reduce? It is not just the execs to be cut, clearly. Don’t quote the standard “increased NSI /stealth layoff” or “after Polaris “ mantras…. When is the axe go into drop in Canada and the US? It’s has happened in Aus, UK and Belgium so what is next…how and when?
Hi-po finance roles will be drastically reduced everywhere, especially at affiliates
Potential does not affect promotion frequency. Ranking affects promotion schedule. Potential is a combination of ranking and your CL/YEE, but does not affect promotion schedule. Potential does affect what types of jobs you may be offered and they develop you (especially once you get a 36 or 38 potential assigned). Many executive jobs will be lowered in CL level or they will put a broad range (ie 32, 33, or 34 allowing promotions in place if your ranking holds up in a new more competitive rank group).
Oh no! What will we do without all the executives?!
This is true across whole company. Potential above 30 is under heavy scrutiny.
Yep, finance is a dead end. There is no future in it. Everything is being outsourced. Tax department has or will be slashed with jobs going to BA or outsourced.