It’s just not clear to me how the shadiness of this all seems such a big oversight to XOM - now there are even leaked audios from the article that just came out. Besides the financial benefit of saving the proper severance money that would go to all but mostly retirees ( 2 weeks/ year of service) in a regular layoff what is the benefit to XOM for this move that seems to lack integrity completely? Is it the public image that XOM is the only oil major not doing a loyoff? What are some of the other benefits to XOM?
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Stocks already a dog. 40 year low bs S&P 500.
Not true. I know many employees in their 60's and they were not pip'd.
If they layoff (reduction in force), I don't think they can fill the position again for a year. If people resign, then they can move someone into the position.
Some ideas for stealth layoffs
They can save money - no packages offered
They think not having layoffs will get them better PR
They get to pick who leaves so they don't lose people they want to keep. For instance they can get rid of older more expensive employees and hang on to younger employees for when things turn around.
Some good insights below - some very ambiguous.
As I'm certain that certain 'Managers' have been assigned to monitor these pages:
An expert lawyer on the subject of Employment/Regulatory Compliance indicates the documents provided for 'PiPed' employees are some of the weakest and amateurish he's seen in 20+ years.
As example: Within 7 days of signing Option 2 - the employee can completely void the Age Discrimination terms of the document, without any description of what effect that would have on the overall 'agreement'. This is slap-dash lawering, as it's called in Texas.
Other conditions of the document are so either minimizing or all-encompassing - simply 5 minutes before a jury of grade-school children would vacate the entire 'agreement'.
Looking for this to happen in litigation - of course for years to come.
Class-action of course.
There's greedy among the Lawers and Esquires on each and every side.
The requirement for employment was tied into PPP which Exxonmobil did not qualify for.
Did XOM get any covid stimulus money? One stipulation for that was companies who took stimulus had to retain employees through June at least. It seems as soon as July came around they started these terminations
Companies are already getting a pass from paying unemployment benefits due to covid-19, so has nothing to do with having to pay more to lay people off.
Layoffs are a big signal that the fundamentals have changed. Performance based programs is simply business as normal. Fake it till you make it.
It’s hard to say hold the dividend, but our business is screwed so we need to lay-off.
But yea most companies are suffering, all energy companies are suffering a lay-off doesn’t really look that bad given the times. People are more hurt by the poor performer label. It destroys your brand in a time when jobs are so limited. It’s like any Exxon employee with end date 2020 is damaged goods. That perception is what is unfair.
It would be awesome if employees were given the actual record of what’s written in the performance file. Failure to consult engineering standards and apply formulas is different than font size on PowerPoints don’t effectively communicate meaning
I don’t recall Boeing firing any engineers who actually made the mistakes s that caused two planes to crash and hundreds of people to die. That’s is poor performance. Sure CEO fired but he probably couldn’t find that source code file if his life depended on it.
The more public this is the the the public will give former Exxon employees grace.
I’ve got all the money I’ll ever need, if I die by four o’clock.
They are saving the stock price. If they announced layoffs, everyone would be talking about it and the stock would fall. This way they can let people go without making headlines immediately. Also, if u force people to quit rather than outright terminate them you don't have to cover unemployment benefits.