Do you foresee the company rescinding offers? Has anyone heard any talk of this?
18 replies (most recent on top)
LOL@ pdg
That 92% is not staying and won’t be there!
All Exxon employees are not paid above market value. BS ranking and whose butt your kissing.
You knowingly joined an industry that goes through boom-bust cycles. Other industries go thru these also. Shareholders have already taken a 50% haircut. I have no issue with employees sharing the pain with terminating employment of low performers and temporary reduction in 401k matching. Most employees cannot go into the market and get similar salary and benefits. so XOM employees are currently paid ABOVE MARKET VALUE. The proof of this is voluntary attrition is very low. Be grateful if you are not part of the 8%, cuts need to be much deeper, but XOM is using its balance sheet to protect dividend and employees from deeper cuts
Run away. Don't come here. Rescind yourself from them.
Exxon is a horribly managed company (it's really just a popularity contest inside, it doesn't matter what you add to the bottom line).
So, if you like that have fun. You were warned.
I’d be surprised honestly. But if you have options somewhere more stable...
The trolls posting ridiculous comments are likely not Exxon employees and probably never were.
Exxon will cut more than 8%. They have been cutting quietly since 2015 but not this massive. Everyone knows this. It was only going to be US and now it’s worldwide. You will see the press releases over the next few months.
In two months you’ll be here complaining about how you were forced to resign and lied on
Judging from the comments. Terminating the bottom 8% will result in a better company. Time for these malcontents to go
Most offers will be honored because new employees earn less and many will likely be better performers than the existing employees being terminated. There is a 90% chance new employees will be in the top 90%. Long term there will be fewer high cost employees, fewer executives, fewer employees and average cost of employee will be lower. That is good for the company
The negativity is because of the grouches in the 8% that left are on here bashing what's going on.
Because the company is not dead. It is still a good company. For every 8% that may leave, there are 92% that are staying. Unless you feel that everyone remaining in this company is a complete idi***. It is a challenging business environment and the company needs to do something to address it. Every single company is doing the same (and some much more drastic steps) - so not sure why all of a sudden the company that we all have admired for decades has become such an evil company.
At this point it's likely, but the more important point is - why would you want to take the offer at this point?
With due respect, what is wrong with rescinding offers if you have to let go of seasoned employees. This is an "at will" employment contract - there is no obligation to keep or hire anyone for life. This is how any Corporation works. This will have zero impact on future recruitment since when times are hard, most companies would do the same, and when times are good, and offers are good, folks will come back. Big Banks did the same during the financial crisis, and they do not have any issue hiring top talent in later years. Tech companies do this all the time. We havent done it, does not mean it does not happen.
Rescinding offers would have lots of consequences on future recruitment
My magic 8 ball says yes. Highly likely
I rarely reply negatively on this board with respect to colleagues ... I’m not the type in these times to say those that got PIPd deserve it. But for the life of me I have no idea why we would not rescind offers are this point?!?
Any and all options to cut costs are on the table. So yes.