I’ve heard everything from nothing to 3 months to 2 weeks/year. My guess is 3 months regardless of experience. Thoughts?
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Cannot imagine any scenario that would cause the company to pony up cash. A more likely scenario that I’ve heard floated is 3/3 years added to age and years of service. Costs the company nothing out of pocket, and would be a powerful incentive for many higher paid employees to bolt. Something that a more honorable company would have offered in the first place instead of laying off many “poor performers” that really weren’t. The old XOM would have taken that approach, the arrogance of DW opted for a brass screw instead of a golden handshake.
Good luck; been there done that. Was laid off in 1997 at Mobil Oil and from experience I can tell you that people chosen for layoffs is political and not based on performance.
Here is my guess on Executive impacts.
1) bottom 20% of executives layoff
2) No RSU or bonus for bottom 3 quintiles (only top 2 quintiles)
3) Same severance package as MPT but allow vesting of unvested RSU...(No CLaw back of unvested shares)
4) No EBU means executives have reached highest three years so incented to go.
5) Many 55 plus will jump
6) Severance payment in January will lower taxes...especially on the supplemental payout.
7) Everyone off payroll by dec 31
8) No position will be replaced, many exec position declassified 1 or 2 levels.
9) No base pay cuts by cutting EBU and RSU is a massive pay cut
10) Any Exec receiving RSU will have number reduced by at least 25%...Many cut to Zero
11) Professionals in executive ranks dominate the bottom of the rank list in CL30-32) Managers, these STC positions will not be replaced...most will be eliminated.
12) in future all bottom 20% executives encouraged to retire or loose unvested shares. This will clean out low performing Executives quickly.
13) Next year executives ranked 20 to 40 will become the bottom 20 and forced out...Same with MPT.
Adios Poorly Ranked Executives
I expect (my guess based on how our upstream field sales work and how the Fairfax closure worked and the Florham park closure worked : 1) no years or service added to retirement calculation...only severance payment. The current BOARD approved SPOUSA provides 1.5 to 2 weeks per year of service. I expect the average person layoff will have 10 years average service.
2) minimum severance to be 90 days payment...plus 1.5 weeks per years service...capped at 52 weeks of service, plus paid COBRA.
3) off payroll by dec 31 and allowed to take severance in 2021 so tax on severance will be lower. Allowed to apply for unemployment
4) The average person laid off will have 15 years service, so the average payment will be 22.5 weeks...people near retirement aged 52 to 55 will be protected until age 55.
5) Maximize return of expats to home country to save expat costs
6) No new hiring except growth areas like Guyana for 2 years, or approved unique situations
7) Changes to salary curves, promotion matrix and many jobs lowered in classification, so slower promotions and pay raises only for those below their salary bands based on performance
8) No Change to Pension but total compensation system being studied after competitor surveys. Major tech companies do not have defined benefits anymore.
9) Match will not be restored until salaries are inline with market surveys (at least 2 years
10) no one will lose base pay
11) Layoffs based on rank group...Keep only top performers...redeploy people later
12) Bottom Quintile is at risk
IT will be done in India...Some Refining and Upstream technology moved to low cost countries.
Adios My Friends
Darren Woods is terrible eh.. he should just PIP the c-ap out of all of us! This way.. people will leave automatically.. I’m staying as long as I can!
@rrb - you lost credibility as soon as you said “ They gave NSI folks 3 months pay and they were the low performers.”. We all know that those MSI’d in July were not “low performers “, but even if that we true, those previously classed as “NI” are now the “low performers” and will be PIP’d.
"...appropriate assistance to our colleagues leaving the company"
Typical severance is 2 weeks per year of service. That was the normal Chevron package. No idea about adjustments to age or years of service.
Poor morale is very bad for the long term health of a company. Sure, they don't owe anyone anything, but you get less and less from mistreated employees.
3 months. They owe employees nothing at law, so why would they step up now when competitors have paved the way for them? This won’t deviate from PIP/PIL. They MIGHT offer a year or two of “time/age” to people over 53. MIGHT.
- 5 months for each year of service, else I will do whatever I can to stay! GREF and other functions had this years back.. why should we be short changed? Why not cut executives base compensation first? They do not add much more value that us
I predict voluntary layoffs at first with incentives to get you to volunteer. If they don’t meet targets, then obviously involuntary layoffs. At this point, I don’t think they care about who or how much knowledge may be leaving, they just need significant reductions in North America.
My guess - pure speculation - 3/0/1
Lot of retirement eligible people would leave, with or without encouragement.
A great severance package will be kicks in as5 for every year you worked. That is all that is needed!
As much as people want to convince you the company will take a dump on you and just kick you out the door I think you'll find that they give some sort of severance. They gave NSI folks 3 months pay and they were the low performers. You should expect to be given the same or better.
dude, I heard 2 weeks for every day!!!!!! I've worked there for 28 years so that's like a gazillion dollars. I can buy my own island. I'm thinking Ireland. I do love me my Guinness.