I'm a middle aged employee with great concern after seeing experience of employees age 50+. For those who have "lived it", do you have any advice for those of us who won't be in your shoes for another 10, 15 years? Is the pension really worth it? Do you wish you had switched to another company while you were younger?
13 replies (most recent on top)
I decided to resign from the company at 52. I was an experienced hire and had 15 yrs with EM. I transferred previous pensions into the EM scheme so ended up with 22 yrs equivalent, which I can take at 55 . I would not wait to leave the company if it's not working for you. Trust me, the EM environment is not good for your health and you may risk not getting to enjoy your retirement! Everyone has different financial drivers, but waiting it out whilst being miserable doesn't seem like a good option. These days, there are many opportunities for consulting for the over 50's.. if you still feel you want to work, there are ways of doing so that don't involve you losing a little piece of your soul every day!
55+ and waiting for a package. To me, the merger broke the company. It hasn't been the same. When I hired in 30 years ago, it was far and away the greatest company in the world, and great to work for. They took care of the employees and there was a pride that was diluted by the merger. Just my opinion...
Nothing at EM is worth working there unless you are a snake ready to expose the EM green grass
Most if what I would say has already been said -do your comparison not on annual salaries but on lifetime compensation, cut exxonmobil benefits by 50% point forward (3% 401 k match, most likely lower pension coefficients) , assume that once you reach 50 you are dead meat raise- and promotion-wise, assume most of the mgmnt will be self-serving a-oles, most of your already dull colleagues will be in a survival mode, assume hou will still be working for the evil empire as far as the environment in concerned... Were the golden handcuffs worth it for me? I am near retirement and waiting for a package, I have almost made it out as promised $wise, but at quite a cost ro my job satisfaction and health. It will definitely be worse going forward. Can't wait to put all that behind me and never look back.
@1cqo+179VgXl9 - I feel the same way as you and I was a h-Exxon employee. Don't just throw all of the blame onto Exxon - ExxonMobil now is nothing like the Exxon of old.
Back then, critical thinkers, scientists and engineers were appreciated and didn't have to waste 60% of their days on unproductive BS. Back then, people couldn't fill up their calendars with useless ERG, Science Ambassador and Community Outreach activities, that contributed absolutely nothing to the bottom line. Most of all, back then, we didn't have a bunch of lying, back-stabbing, potentially corrupt, "woke" Department Heads, VP's and Presidents!
Get out asap whether you are ranked high or low. Base pay is high in ExxonMobil but other companies pay bonuses year end and also have many investment options in 401K compared to ExxonMobil. I took the 3 month pay, left ExxonMobil recently, found a nicer job, lower base pay, 6% 401K match, hefty year end bonus and lower healthcare annual cost. With the better investment options, 401K can grow better than ExxonMobil and after 20-30 years the overall money will be very similar. ExxonMobil people are the worst of the very worst and the company is the worst of the 5 companies I worked for. I am heritage Mobil where the management was great, treated people well. I hate ExxonMobil management and culture so much, I will not stop on a highway if I saw an ExxonMobil manager hurt and bleeding. I have been treated so badly by ExxonMobil I would rather sleep with a rattle snake then give a smile to an ExxonMobil manager. I have a new job and I am very happy.
Thanks for all the comments so far. I've always done well in the ranking, but just see across the board the opportunities and benefits are degrading. This isn't a recent COVID phenomenon – it's been happening slowly for the past 10+ years. About the only thing that has improved is paternity leave, but I was too old to take advantage of it (I'm the generation that was on a flight out of the country two days after my kids were born wishing my wife good luck – still married somehow).
- Education refund degraded (used to be very generous, now lifetime cap and limits)
- Expat opportunities significantly reduced, premiums cut by 50%+, other benefits cut as well
- 401k match cut
- Home sale loss prevention basis when relocated by company no longer considers improvements you've made since purchasing the home
- Recent messaging to no longer expect a lifelong career with the company
- etc.
- etc.
They just took 401k matching. Hownlong do.you think ANY other benefits will last? Soon you'll be self-insuring...
I had a great career at XOM, traveled the world, met incredible people, I did work hard and an incredible amount of hours including weekends and while on vacation. I think the difference for me is I started as an hourly employee at Mobil, they paid my college and gave me great opportunities. I felt bonded to the company. I was able to raise a family and had a great opportunities, I felt Mobil greatly appreciated their employees. They did insist you keep your skills up and keep your resume current, when you went for jobs in the company, you had to submit your resume. That said once we merged and I was able to experience the ranking system, I would advise anyone under the age of 40 in the bottom half to leave. Once you are in the bottom, it is very hard to move up and maintain; it is extremely stressful. Many in the bottom half are there through not fault of their own, you need someone in the top half to go down (or leave) for a chance to move up, a department must have a RG=100. There are great opportunities out there, you can contribute to IRA plans and annuities. If you are over 45 and been with the company 20 years, it is going to be very difficult to get a job with the same pay and opportunities, so you really do need to hang in there, work hard and hope you make it through to retirement. You need to continue networking, keep up your skills and interview for other jobs. I think once they get through this "2020 glitch" things will get better and working at XOM will be more predictable.
Calculate your pension payment, then calculate how much money you’d have to have to generate that kind of cash. Most XOM pensions are worth $1m+ pretty easily.
So I guess your determination should be, can I earn that much money in savings before retirement
The pension is great as is the 401K when matched. The question is can you be content and fulfilled working within the company without sacrificing your health and happiness? We all have great coworkers that care and have great ideas; however, layers of management with little knowledge of the business makes it difficult to find job fulfillment as we are in a mode of counting and planning rather than analyzing, improving and implementing.
And, there is also the recent accelerated interest in green energy and environmentally responsible investing which will continue to put pressure on XOM and our ability to get outside funding and approval for projects. It’s very hard to be optimistic.
If you’re low ranked start making exit plans the company you’ve known for 20 years is now very different. Plus I’m not sure I would be making decisions as if the pension will remain for the next 10-15 years.
Not a US employee, so can't comment on the 401(k) pension plan. Keep one thing in mind: because of what I consider a major flaw in the annual appraisal process, which confuses performance and potential, the correlation factor between your age and your ranking is not far from -1.
Even if you're doing a great job, just because you've reached or approaching your ultimate potential your ranking, or whatever it is called now, will sink... With all associated consequences.