How certain are we that the next round of cuts will not happen before March? I haven't been here for long so I'm not sure how's Exxon with sudden, unannounced layoffs. Should I be worried or should I try to de-stress for the next couple of months before March anxiety hits me?
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Try to destress. And some very good advice from @goo+18L9TV0A
ExxonMobil will be doing everything possible to get those retirement eligible peeps to leave so they can say it was through “natural attrition.” But, there’s nothing “natural” about making someone‘s work life so miserable. ExxonMobil is getting rather risky in turning a blind eye to paying OT to those eligible employees. There are a few people who are being asked to do work on their own time. These employees have tons of work because of the Separation Program and now they are being asked to do more without OT pay because OT is not an option. Whether or not OT is a factor, the long hours are exhausting. Personally I find myself working 16 hours a day and completely regret not taking the package. The good news is that I can now leave at anytime...my own time. Good luck everyone. The ExxonMobil ship will never sail the same.
Next key milestone for DW is May Annual Meeting. If 1Q results look bad or if Q2 outlook is negative, he will feel pressure to act before getting in front of shareholders, or at least to have a firm plan with hard dates. He is on a short chain to right the ship.
Just my prediction but I would expect a round of "performance" based cuts between April and July. Then maybe an involuntary round in December.
Not necessarily based on the pandemic or low oil prices, but based on XOM needing to cut costs moving forward.
It's hard to predict exactly what the company will do anymore. Best strategy is to start building an emergency fund now in case you don't have one to alleviate the financial stress. It's probably also a good idea to have all the pre-work for job applications ready so you can start applying for jobs immediately if needed. This includes taking inventory of your experiences, if you're willing to move, companies you want to work for, resume updated, interview question practice, etc.
More pain is coming, so hang on to your hat. Only people with resilience will be unscathed by the stress.
OP, I'll answer all three of your questions:
1) Yes
2) 100%
3) Worry
Early career.. yes. But may be it is not too late to change the industry if your background allows.
Good for you. Many early career people placed on PIP are still looking for work.
OP, Look for a new job and get the hell out. I got PIPed last July, left immediately, enjoyed 1 month paid vacation, got another job 1 month after leaving ExxonMobil. I feel free like a bird! Don't be stressed. PIP layoff was the best part of my 23.5 years with ExxonMobil. Often divorce is the most romantic part of a bad marriage and this PIP/PIL was the most romantic rendezvous with ExxonMobil. Managers in ExxonMobil can be best described as - "escaped convicts from a mental hospital"!
Highly unlikely before March. PIPs will come in July where you will see many take the PIL instead of doing the 3 mo PIP shame.