Thread regarding ExxonMobil Corp. layoffs

MM doesn’t need incentives to retire.

@2fjs+17CXyHHf, yeah CM scared me too but she was announced with 2 more HR execs, one of them very well connected (MM) I choose to believe HR is a special case , lalalala.... or maybe she took the bullet for her husband and 2 offspring s—ing at the papa excons teat ..
I guess we'll find out soon enough!

What an id–t. Dude, it won’t matter if we retire or not. Our numbers are insignificant to the number they are going to cut. Nobody is safe, not even us.

Shame on those who are retirement eligible and dot not retire and wait for the package. I understand every situation is different but go. Recognize you had a good run with the company and it’s time to give back by taking you off the payroll and leave the spot for the younger folks. 40+ years of service and still “hanging in there”, really?

Senior VP’s spouse announced retirement yesterday for early next year. I guess this is bad news for those of us that expect a package.

@2uzx+17CXyHHf if it is involuntary do they included those that passed the pip is the question.

Also I would think they will target specific groups/areas.

Geologists, Permian, EMIT and Global project comes to minds. Look at the distributions in Europe and I’d bet the US follows the same percentages.

@2hzv+17CXyHHf: The NSI group is already gone without a severance. It will be involuntary for all NI group and some of those in the Good group. No way it will be voluntary for anyone.

If my memory serves me correctly, the company lost several lawsuits following the 1986 layoff, the last time it added service and age to encourage early retirement. It has not added age and service in the US since then. I expect only severance in the range of 1.5 to 2 weeks per week of service, witha cap. In the past the cap was 72 weeks...but I think it will be 52 weeks. The only thing that does not discriminate for age is straight performance as the deciding factor. I expect involuntary offers to all NSI and NI and voluntary offers for second from the bottom quintile.

One thing I have noticed in this forum is how little people actually know about their retirement benefits and the laws governing them. Hell, there are people asking what a 3-2-1 means!!! But everybody wants to post an opinion. One thing for sure is we will all know soon. Then the ones who fussed right wil gloat on here for a week!!!

They cannot offer special retirement incentives to specific individuals. If they open that can of worms they have to offer it to everybody in that group. I have heard that process group and wage earners will not be offered a retirement package at our site. But Engineering and salary maintenance will be offered some sort of package. Who knows what it will be. But when it comes to retirement packages, they cannot pick and choose individually.

Don’t expect a voluntary layoff. Any 3 year bridge would only be given to those chosen for layoff.

Middle management does not know the details of the incentives. They only know something is coming. Leaks started late September, early October and managers were discussing it with their teams until HR made them all sign a NDA. This is fact. But a package involving a 3 year bridge was what was discussed prior to the NDA. After the NDA our managers quit saying anything. So all anybody knows is something is coming soon. Nobody know the details below VP

@1ypj+17CXyHHf: All of the NSIs will be gone by 11/1. Upcoming layoffs will come from the NI and Good groups.

Also, you are really only safe if you have a management sponsor above your supervisor’s level. It often has nothing to do with your work. That management protection is essential.

Realistic survival advice to young employees: find out who the executive manager is in your department and establish a personal rapport with that person. It will likely require engaging in behaviors you detest, but if it works, you will get used to it and even grow to enjoy it as many have before you. Remember, incessant flattery, head nodding and sycophancy are effective tools in your job security toolkit. Repeat the manager’s cliches and buzzwords. Laugh hysterically at that person’s jokes and even start dressing like them. Good luck my child!

1. 5 weeks/year severance capped at 52 weeks and only an involuntary offer. Target bottom quintile (NSI and NI). This includes all CL and all age groups including executives. No age group excluded (except age 52 to 55), nearing retirement. Biggest impact are those in 40's and low 50's who cannot retire, because they get diminished pension benefits. If work not sufficient keep remaining 80% busy, then second lowest quintile will also be offered. Try to keep top performers. Do not pay anyone who wants to voluntarily later. Top performers stuck in work groups with low activity should be redeployed and retrained. The objective is to make sure everyone know being a top performer protects your career. You are at risk only if you do not perform.

Replying to @hae+17CXyHHf

3/3/0 doesn't sound good to me. Gets you to 55 or 15 yrs but nothing else. The real incentive will be the pay per yrs of service...that last digit of 0, isn't much of an incentive. Might as well stay around and draw a salary and try to hit 55 / 15 yrs of service.... Gees, even the "low performers" this summer got 3 months severance. BP, Shell, & Chevron liked their employees...at least they gave them something to leave.

Replying to @1was+17CXyHHf

If you are 55 yrs, you can retire but the 52-54 cannot.

You can be sure no “near retirement” employees were put in the PIP group due to the legal risk issue.

It’s about retiree status and the pension. Those 52-54 (assuming they have the service) are near retirement. It would be too risky for the company to layoff anyone in that group and deprive them of retirement when they got so close. Those 55+ with 15+ years of service will separate as a retiree so there is no significant risk.

I’d assume they don’t want to deal with the hassle of 52-54 yelling and screaming and lawsuits. I’m sure there is case law precedent somewhere on this topic. Once over 55 you can gracefully leave and it would be hard to prove discrimination since a performance based layoff is just that.

So why are folks that are over 55 targets for PIPs yet folks in the 52-55 are not target for PIps? Wouldn’t either be the case for age discrimination?

Just curious as I am an employee that is over 55.

@1ycf+17CXyHHf: I would submit to you that the Company knew all along there would be a layoff in 4Q. They played coy and manipulated the new appraisal process to whack an unusually large number of employees without paying a severance in the first wave. Now that all of the first wave employees will be gone by 11/1, the Company starts talking about a future layoff in which a traditional severance will likely be paid. The reality is they knew how it would all unfold and just wanted to separate as many employees as they could on the cheap in the first wave. Disingenuous and pretty lousy treatment of a lot of good and loyal people. Those remaining will remember how the company treated employees during this time and know it may happen to them in the future.

@1ycf+17CXyHHf: Just don’t get your hopes up too high. This company is not going to offer a voluntary package and see high rated employees take it and retire. That’s not in our Company’s DNA. Besides, virtually EVERY retirement eligible employee would accept such a package in this lousy environment that’s not going to improve any time soon. Much more likely is an involuntary program targeting the NIs and Goods. They will simply pass over employees in those groups who are within 3 years of retirement. They can PIP those employees later when they become retirement eligible.

There is no correlation between this past performance cycle/PIPs and the upcoming layoffs. The PIP were based on where the company was at the time along with the projections that things would rebound back over the summer. Since nothing rebounded, we now have layoffs.
What I mean by this is PIPs earlier this year do not impact any likelihood of incentives to retire early. A simple google search will highlight past lawsuits from folks who left a month or so prior to a SPOSA. They lost.
Anyone who tries to make a statement either way as fact is full of it since no one knows other than DW and his crew.
We will find out soon enough.

Because the SPOSA comes out of the pension fund, not OPEX. They will eliminate lump sum option to limit future payouts Next year to preserve the integrity of the pension. It’s not fair for the younger folks, but it is what it is. They want as many people off the books by the end of the year that they can. If they offer the SPOSA hope as many guys that can will take it. It will save some of the jobs for the younger guys.

Interest rates are hitting all time lows, thus for retirement eligible people lump sum is at an all time high. I don't see why the company would fork over extra incentives for people who are already getting the best retirement deal ever.

There were incentives (SPOSA) back in the 80's before there was a lump sum option. I just don't see the current company management giving anything more than 3 months pay and a security escort to the parking lot.

You are NRE if you are 52,53, 54 on December 31 of a given year.

At what age / years of service are you considered NRE. Thank you

3 years added to your service time, 3 years added to your age, 1 week pay per year of service.

Please, explain what 3-3-1 means, or 2-2-1.
I will truly appreciate
Thanks !

I heard 3/3/1 as well. I can confirm the legal rule of the NRE being protected from layoffs (Near Retirement Eligible) because I tried to NSI a NRE on my team and couldn't do it. That would be the reason to package out the 52-55 yr olds I would think.
What I don't get is - the advertised strategy of TMTS is a few high- competency senior anchors in each disciple left at the sites and the rest of the CAS 1/2 engineering going to BTC. So how can we manage both that and packaging out retirees?? Doesn't compute. This is going to be a disaster.

Yes. 10/10/1. You have 10 minutes to hit Interstate 10 and (middle finger).

@yai+17CXyHHf: Historically, our lawyers have ensured there was such a safe zone. In all likelihood, that will happen this time (unless the company has completely lost its mind).

3/3/1 would be AWESOME I hope you're right

Hypothetically then; Let's say you're within the 3 year window and ranked NI

There won’t be any incentives or voluntary components to the U.S. layoffs. It will be involuntary and based on appraisal results. They will pass over employees who are within a 3 year window of retirement eligibility, so they are safe for now. Selections will come from the NI and Good groups.

I heard 3/3/1 and an announcement on Thursday ahead of earnings call on Friday.

Thank you sir. OP

Reliable sources.

3/3/0 wouldn't be too bad. By "strong rumor" do you mean an informed source, multiple sources, or both. Thank you sir for the input. Regards, OP

Strong rumor is 3-3-0. But we will all find out soon for sure.