Hopefully everyone who is laid off this go around will finds new employment quickly.
For those of us who do make it through, we will know the true colors of the company and if we don’t leave as soon as there is other opportunity shame on us. If we Stick around after the next boom we desire to be laid off during the next bust.
I am gone as soon as I can secure other employment. Screw this pension I will never be able to get it anyways as we all know what happens when you are getting close.
What is MRLP?
Totally agree.... Test the market and move on as soon as you get the right opportunity
XOM has 75000 employees about half are wage people (in unions) and not subject to PIP. if a full 8% of the remainder are PIP'd then that would be about 2.5k jobs this year and maybe 2.5k jobs next year. Wage work force can be reduced by asset sales. UK, Chad, Australia, EG, Billings, Malaysia...all on the divest block over next 3 to 5 years. Eventually AK and GOM and lots of marginal onshore US properties.
From another thread. Deny this!
People really need to check the image at link that the poster 2 down was kind enough to provide. that image should be passed on to journalists. It makes clear the bump up in cuts this year via so called performance management. There is a document I’ve previously seen on the intranet via searching ‘MRLP’ which also laid out the jump from 3% to 8%, but what the poster below has provided is much more explicit in detail. Reminder of link:
https://upload.vaa.red/28x526#9539b9cc5df55bee63c74886bee762a8
The PIP / NSI plan is extremely limited to the countries it can be implemented. Basically, the US and a handful of other countries. Globally, the number of reductions will be in the 5% range. However, the vast majority will be the US.
To the poster reporting the same Bloomberg news story reposted posted on different sites. Did you get PIP'd?
Again, just keep repeating all the rumors of what is going on. Are people being PIP'D and let go, yes, is exxon letting go 10% this year. No.
To the poster below. Keep drinking the kool-aid.
This was even reported 2 weeks ago even though it was denied. It’s happening now! The NSI group has to be 8% and all those get put on a PIP. You can try and complete the PIP or take the 3 month payoff. If you are lucky enough to be retirement eligible you have that as an option too. The choice is yours and a PIP with impossible goals is not something I’m going to try and do.
https://www.google.com/amp/s/www.thestreet.com/.amp/investing/exxon-mobil-plans-job-cuts-after-performance-evaluations
https://www.google.com/amp/s/oilprice.com/Latest-Energy-News/World-News/ExxonMobil-Readies-To-Make-Major-Job-Cuts.amp.html
https://www.google.com/amp/s/oilprice.com/Latest-Energy-News/World-News/ExxonMobil-Readies-To-Make-Major-Job-Cuts.amp.html
Exxon is not cutting 10% of its workforce this year. You can even look at business plans for many locations as it's marked proprietary to see what headcount targets are.
You believing that 10% will be let go is incredibly foolish. For 1, that opens the company to lawsuits for mass layoffs.
To the poster below. ExxonMobil is releasing between 8-10% of its workforce via PIP. They have clear criteria and have also added those in the needs improvement category with less than 5 years into this poor excuse of a decision. Yes they need to cut 7000-10000 workers but being dishonest and basing it off “performance” is a red hearing. ExxonMobil doesn’t want to own the fact they are laying off period. The dividend is safe so kudos to Daren!
Bye? I mean, all the other companies have performance based firings also. You think exxon is letting go 10,000 or 15,000 employees like other majors?