I was just told by a friend who used to work for XOM that EM stopped the 401K match, no bonuses and no salary bump this year.
And you guys are upset you got laid off? They did you all a favor!!!
Let me guess, though. Upper management still gets their bonuses and stock options? And you are all OK with this?
Hahahahahahahah you guys are sheep.
I would never ever work for a company like this.
Sorry to hear you were fired but I’m not surprised. Those who don’t parrot management message are goners even if they have the data to show they are right. It is an upside down world inside EM.
Funny that management thinks they are fooling investors. Everyone knows they need to do write downs but haven’t. It’s already baked in. If anything write downs would help us because the street is likely assuming worse case and having certainty around magnitude of write down would be welcomed by investors.
This whole “if they cut the dividend the stock will plummet” is garbage. I have been telling my management for years they need to take a book write down, and they always came back to me with “but our stock will plummet”. Every write down taken this year by other oil companies I sent to my VP along with the stock chart for the company (they often performed better than Exxon on the announcement date). I’m sure my courage in speaking up played a part in my layoff. The same thing applies to the dividend, a cut is already baked into the stock price.
The people defending it just had a huge part of their compensation cut. Their wage just went down so if they want to brag about working at a much cheaper rate that’s on them.
I shopped the outside world (mid career engineer here) and I would be taking a severe pay cut working elsewhere even with the lack of stock match. So I stay and plough on.
Bonuses were given to executives and high flyers this year. Seems a bit like a slap in the face to everyone.
No one is defending anything exxon does. It's run by a psychopath that is just robbing the piggyback while he is in charge.
Hard to believe any current employees would be defending XOM on this one. You guys don't want a 401K match?
If you haven't yet, go plug that match into a compound interest calculator and see exactly how much it'll be worth when you're 60. Though I hope you're not putting it in EM stock...
And it's not a common thing either. At least as of this August only 11% of companies surveyed by Fidelity had suspended their match, and as far as I know none of the other oil majors have. As others point out, the 401k match is a drop in the bucket compared to the dividend expense, so cutting the match does next to nothing to fix that particular problem.
Just another reason to be eyeing the exit.
I'm with OP. U guys are out of ur minds. You guys make mediocre money to do mediocre work
Op let me guess, I think you got canned and now you are here to rub it in. Am I right?
Because many other companies also suspended 401k match. This isn't only and exxonmobil thing.
Why so many down votes on this post? I’m an employee and can verify that mainly everything OP said is valid and true.
Something you heard were definitely wrong. While I am still waiting for the salary communication (likely flat), some staff members such as myself did get the bonus.
If they give up dividends their stock price would would tumble. Only reason investors are interested in this sinking company is the 87 cent per share.
Exxon has nothing to offer for its employees other than the pension plan. They will lay you off before it has any real value though.
Hahaha. The combined total of the layoffs (next year) and the 401k match (3 months) hardly gets the company any closer to covering the 4 billion dividend each quarter. Parrots echoing that is was for the dividend can't do simple math.
The company did stop matching contributions to the 401K plan. This made national news. Had they not, Exxon would not have been in a position to make a dividend payment on its stock. Layoffs are another part of their plan to shore up its financial position.
He is right
LOL. This is the same guy who posts that he got a job with 25% more pay after XOM and now he is back to help the company get better ! loser!!