The lowest ranked managers and executives will be moved into professional jobs. Some of the low ranked supervisors may be ranked in middle third now. IF they cannot perform professional jobs because their skills have atrophied, then their ranking will fall fast and they could get the PIP next year or the year after.
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Yes. As they should. There is too many employees for the future of this company. The leaders are providing back to what the majority of shareholders want.
This isn't about what the employees want.
@1ylu+16EDRVrp. Nothing is guaranteed but the leaders are going all out to protect dividend instead of livelihood of employees.
https://www.marketwatch.com/story/exxon-a-dividend-aristocrat-plans-more-cuts-to-protect-dividend-report-2020-07-30
Not sure where you get your information. But NOTHING is guaranteed for a 3 year time frame. Reality is we plan for 3 years and then make adjustments annually / semi annually.
1whm+16EDRVrp-not sure where you get the “union-free Texas” from, but that is a false statement...
@1kkq+16EDRVrp. What post is that?
@1iix+16EDRVrp of course every year they may PIP a certain percentage.
Equinor just announced 20% cuts in the US
Anyone who thinks Dallas will wait until next year for more cuts is living in a cave. They need cash so more cuts will happen this year after the PIP’s are completed (either failed or passed).
No need to expose bad supervisors. Every dog has its day.
@1kdn+16EDRVrp don't need an earnings call to know that people will be PIP'd next year also...
Go to the earnings call from July 31st, there will be cuts and they will be targeted the next round
Even if they targeted supervisors and managers as alleged in this post, I have little confidence that the toxic ones who focus exclusively on managing up will be affected.
This is highly likely in the US, up to 30% in 3 years.
Even in union-free texas - but MPTs never had the sense to unionize anywhere anyhow.
And Yes - US will keep Ops personnel in the century-old pumping/refining locales.
Need the hands or robotic arms on the ground, eh?
That's USA. USA.
Elsewhere:
Ghost presence remains in Europe - Ops required by law (rest contracted) and SHE is about all that will be left. REACH!
Bangalore is virtually all contractors now.
BKK - getting pricey to employ them.
Curitiba and S.A. are tax-havens, but probably also cutting deeply.
Let's see - all new Production areas contracted....hmm
Algae.
On the other hand, CL30 and above are mostly US. Texas.
That seems pretty stable, so if you're there, stay square!
EM has used psychology for years
Not a bad time to plan for a change in 2021. Use PIL to your advantage! Not sure why we are so attached to stay in EM.. there are better places out there.. provided you work hard
Just listen to or read the earnings call from July 31st. It’s all right there. I’m assuming these cuts come sooner and some by years end.
https://www.fool.com/earnings/call-transcripts/2020/07/31/exxonmobil-xom-q2-2020-earnings-call-transcript.aspx
Here’s the quote.
“So we'll share with you at the end of the – you know what I'm going to say, Doug. But as I said in my comments, we do see the potential for further workforce reductions, including overhead and management positions, but we'll look at that reductions by function, by business, by country, and that will be the basis. We will conclude those plans during the summer months, and we'll review that with the board in November.”
Lol.. Don’t assume you will get NSI.. make sure you work hard towards your plan. Fail to plan, plan to fail
I'd like to believe the OP, I really would (especially if it includes the shyster manager who NDI'd me), but I need a bit more concrete evidence to be convinced. I mean, what "meeting" was this? How do we know that you're not just blowing smoke ....?
I heard the same thing weeks ago and wasn’t sure if it were true but am hearing it more now.
Keep in mind, with this new ranking system it doesn't matter what bucket your currently in or potentially could be in. You can go from the top to the bottom in one shot. That was the purpose of the new system.
Sounds like a plan! So.. Communicated 10% assuming history repeats itself, we should assume 10%+(8-3)% =15% to be NSI next year. Wow! Those good or very good categories.. you know what you should do with your WFH hours!
Can you explain further? Are the 10% “performance based” NSI each performance cycle? Same time next year, or before the end of next cycle?
Yep, same management folks PIPIng folks right now are about to be PIP'd themselves