I'm hoping to get a better idea of what a reasonable request is for legacy OXY employees. I'm done with VH and I'm ready to jump ship from this once great company. I've been with OXY for about 7 years and had planned on asking for 12-18 months. A year is an awfully long time to get paid to do nothing, so I feel pretty happy with that. Plenty of time to get back on my feet and find a new career outside of the O&G sector.
A friend at Shell said their new VSP was 1 month for every year of service. The first round of OXY VSP Retirements in late 2019 was the same, with a cap at 36 months. I hear that LAPC employees for 24 months, which seems completely insane.
That said, those of you that are ACTUALLY following through with the VSP; how many months are you asking for? Anyone planning to get out of Houston afterwards or is there actually the prospect of finding work for O&G mid-career technical staff in the area?
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The “name your price” VSP plan does not seem that it will help cash flow this year unless people nominate for less than 6 months.
@1puk+14Wisu7b According to the FAQ it's paid out in however many months you've requested and processed with the regular payroll (so biweekly). Keep in mind that the severance pay will not start until your next regular payroll cycle following the 30th day after your separation date so you will potentially be waiting for a month to a month and a half for your first payment.
How will severance be paid? Lump sum, monthly checks for the number of months requested, or total severance spread out over 12 months.
Less than 5 years ( so like 5 months with the new severance policy) here not sure what to put...... 12-18 months seems alot but less than paying a legacy APC person 24 months.
If I were you, I'd aim higher! Oxy is going to write off all of these salary payouts as a loss for this quarter but will have significantly reduced G&A as a result. Changes are, their threshold to accept an offer will be much higher than people are proposing on these boards, given their target is a $600MM reduction.
Employee with less than 5 years experience here. Thinking about putting in for 9 to 12 months. Reasonable??
Someone I know submitted theirs. 6 months plus 1 month for every year of service is what they went with. I wouldn't go any less then that. That's fair with the market how it is.
I can’t say this enough.. you are VOLUNTEERING so you should be compensated accordingly. Trust me the only thing worse than them laughing at your offer is them accepting it right away for less than you could have got. 18 months minimum for me.
No OG jobs to be had. The optics of this are terrible. What would VH accept for her resignation?