Anyone else hearing rumor that 401k match is to be in half?????
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Thank you Exxon girl for confirming actions being taken by Exxon. I think if we plan to stay in this industry its best to dial back our expectations about salary, benefits and career path growth. We’ve all been through these reorg cycles for years but now it’s different. Although our industry will continue to exist for awhile yet, it is shrinking, and fast. Growth, what little there is, will be very very measured from here on out. Not trying to incite fear just trying to accept reality and adjust expectations.
Exxon girl here. The 401k match has been temporarily eliminated beginning Oct 1. For how long, no one knows. The bottom 10% performers in the US are being either let go or being paced through a 3 month Performance Improvement Process. The PIPs will finish November 1 and I expect many will not pass their PIP. I then anticipate a Voluntary Redundancy Program after Nov 1 to further reduce headcount and nudge retirement eligible folks out the door.
In Australia, a Voluntary Redundancy Program has been offered to all employees.
All other countries are going through assessments to determine programs etc to reduce headcount, each country has its distinctive labor laws. The Europeans are protected the best. I expect to begin to hear about other country plans soon.
These are super hard times. My advice is to continue to work hard, deliver measurable contributions, and continue to learn and grow your skills. This is what is needed to survive in O&G, as the road to recovery will be long and painful.
Best of luck to you in BP.
They took away the bonuses for next year, that's probably just as high as XOM and the match. We aren't different but at least they were transparent.
It’s not gonna happen. The 401k match is not being taken away. Stop trying to scare people.
If this is true, I am sorry to hear. The 401K match was one of the most attractive features of the job offer to my entry class of employees. I really agree with the comments about a company being able to make decent money selling green energy. I do not see that at all. When you have plants that can produce liquid transportation fuel from a barrel of oil versus expensive methods to generate green energy? There's no comparison. As of today, to generate something such as synthetic distillate requires an enormous level of development. The experimental units out there are complicated, and ripe for shutdown. If someone else better knowledge in this area, I would like to hear about it. Hang tough guys!
Sorry but no matter how good an employee happens to be there are zero jobs out there right now in our industry. Zero. I fear, at least for the foreseeable future, the “benefits” that helped us feel secure are gone. Perhaps forever. I don’t see a reimagined “renewable” energy company that generates much lower returns and MUCH lower dividends being able to support the kind of benefits, salaries and bonuses we have been accustomed to. Don’t mean to be pessimistic but I think we need to plan our finances more realistically based on dialed back expectations. Even reinventing oneself for a “renewable energy” future or “Tesla like“ world can’t pay the salaries and benefits that big oil has provided. It’s not a bleak future but going to be WAY different.
“No other options” is not a very good employee retention plan. The best employees won’t have a problem finding a new job.
Exxon suspended all company match for all 401k participants effective Oct 1, with intent to reassess depending upon market conditions. Seems lots of oil companies doing this or cutting match to 1 or 2 percent. If this happens at BP it’s going to affect work productivity but I doubt it will cause a mass exodus because most of us are desperate for a job in a market where there are little to no jobs in our industry. They got us over a barrel and they know it I suppose.
If bp cuts 401k match, then employees have NO reason to stay. The only reason employees in the US tolerate bp’s BS is because of the compensation and benefits. If benefits are equal to or worse than a different company with better culture and a better job future - there will be a mass exodus. bp ain’t that special
What did Exxon do? Find that out and you'll get your answer.