Does anyone think this is it or are we going through the first of a series of redundancy drives over the next 4-5 years?
6 replies (most recent on top)
5 years from now, the company of today will not exist.
It will be a splinter.
Another poster had an org chart scenario that seems accurate.
Org Charts -
Before (1999)
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Today:
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Tomorrow:
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An executive and several members of boards of Aramco, Rosneft, Bangway, etc.
I don’t think the company will care about the effect on morale. After all, can it get any worse ?
Why waste money on severance payments and early retirement incentives ? The PIP approach will continue and they may announce proposals for changes to the pension (e.g. no lump sum option) and retiree insurance plans (higher premiums and co-pays) to make retirement eligible employees jump early.
My expectation is the upcoming round will be large and the main reduction in force. The 1980s multi rounds of dropping the bottom 10% was very disruptive and demoralizing. No sense drawing it out. Of course we often do things in the dumbest HR way possible.
No need for another Performance cycle.
The general rumor is the HW3 and TMTS gates are coming soon.
This is purely speculation on my part but I would expect general announcements after the PIPs are done and implementation in January. January assumes there is a voluntary retirement package or a voluntary departure incentive. If there Is a voluntary package then I would presume it would have to put in and accepted in 2020 with you leaving in early 2021.
This going to be painful for many people and will dwarf the PIP from the summer.
Redundant company presidents, redundant executive VPs, redundant vice-presidents, redundant country managers, etc.
The cut should be swift and real.
But this is exxon so it will die by a million tiny cuts, cosmetic at first, rearranging the chairs in the Titanic later, and finally -when it’s too late- they will finally sc-ap it for parts.
Sad. DW and his sycophants missed the sign posts, went over the cliff despite the warning signs, and now they can’t face the music. Anything they do will be too little too late, including resigning.
That IAE energy outlook should put a damper on all the fantasies DW wants to sell about winning, it should prompt a correction on our own outlook and strategy, but it won’t - because we are always late.
Yup - at least 2 more by the end of 2021
Multiple drives.