There are rumors of pay cuts company wide from 10 to 25% of base salary
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Some of the folks in my group (Shell US) are doing the same but their job titles / pay grades are upgraded; basically, bonus is already included their salary. Nepotism at its best!
Starting from the top, BVB at 50, Management at 25 and individual contributors at 10 is a compromise.
Those old like me will recall that the bonus is not really a bonus. It started as a variable pay scheme - they froze pay increases for awhile to create headroom for the variable component. We were told that base plus variable (on average) put us in line with other benchmarked oil companies. Cutting bonuses now is akin to cutting base salaries for most.
I doubt they will formally cut existing base salaries. Instead, look for continued downgrading of jobs. Only high flyers will see movement for awhile.
This will only be for the Field folks, BVB then can double his salary again. Ever since he took the over Shell has lost money.
The brilliant BG buy has only dug them deeper in the hole, I agree with the comment Typical BRAINLESS management. (So called Leadership). Kinda like where I work now.
Ignorance in Action on a daily basis
cutting base salary is the dumbest thing a corporation can do. It will increase misery into an already hostile environment.
As Ben admitted that the margins for renewables is nowhere near OG, to "Thrive in the Energy Transition", I don't see bonuses coming back...at least not to the levels we enjoyed in the past.
As far as base salary, look at MORs next year to drop almost every box by at least one job grade. So I'm not sure they will actually cut base salary, but they can put the kabash on further raises using this method.
Pay cut would be the last straw for a lot of people who are currently dealing with triple workload coverIng the area left by those who took svs with no replacement.
no bonus is old news. base salary reduction is to be expected. They're looking at all kinds of desperate attempts to cut cost but no one is looking at any ways to make more money. Typical brainless management.
rumor i hear is bonus will be cut for the foreseeable future. where is base salary coming from?