Any ideas what to expect?
6 replies (most recent on top)
I agree with more cuts except will be in Nov this year...
CEO wonts to show he can cut expense then can pay div. old lady’s will still get their money and CEO gets bonus
You can add EAME: also 8% going into NSI this year...
The board is supposed to review and approve the plans in November. Those plans will leak here and/or to the media and XOM will scramble to control the messaging to employees.
It's difficult to understand how many exxon has let go because "we aren't doing any layoffs". At end of July, we have used our performance assessment (basically managers playing favorites and ranking people between 5 buckets). 8% of employees (not all areas of the world, confirmed us and Singapore) had to be placed into the bottom bucket and were subsequently put on a 3 mo PIP or take 3 month pay and resign. (some people in the subsequent bottom was also put into this program) so say 10% are on this program right now.
At end of October, if subjective performance of employee on PIP doesn't improve, they will be let go. So company wide expecting close to 3~5%? We also use a lot of contractors for work. We have since cut >80% of those employees. Unsure how our contract staff compares to other majors, but on a headcount vs revenue basis, EM has many more employees versus competitors...
More studies are coming with regard to redundancies, which will likely be announced to use later this year and/or early next.
I have heard that the next cuts will be in 2021 during Performance Assessment, probably 8-10% again. I have also heard of some layoffs/cuts in the operator space in the next coming months, at least in the Downstream. I wouldn’t be surprised if they lay more people off before the end of the year, I don’t think they can wait until next year
I work for a competing Oil company and it sounds like were all facing cuts. How many has Exxon cut so far and where were the cuts? Management or hourly?