Thread regarding ExxonMobil Corp. layoffs

Exxon starts out high and then once you get stuck due to only having skills no one else wants they start dropping fast relative to others. Then there is the all to often strategy of firing people in their 50’s. Good luck starting a new career at that age.

XOM pension for new employees is defined contribution. What this means is you accrue money which goes to a lump sum at 65. If you want an annuity the company can convert that lump sum to an annuity at todays interest rates.

Note that this changed in the mid 2000's so older employees have defined benefit. Basically it is the opposite. Most companies switched since interest rates are so low. As a result though now is a GREAT time to retire if you are eligible.

Not at XOM (another major) but can someone describe the pension y’all have? Does it pay you for the rest of your life after retirement or does it have a set amount that can run out?

Opposite experience here. 10yrs in $200k with XOM. Offered $50k less on the outside.

I was with XOM my first 8 years. I then moved to another major and got a 38% increase in TC. Since then my TC has gone up another 80%. To be fair I was 1 or 2 pay grades too low at XOM for what I was doing. I was the victim of multiple manager changes plus salary freezes at my site which corresponded to when I was up for promotions. Was a consistent upper 3rd performer.

The XOM strategy is quite clear. Pay 10% higher to new grads then make it up in the 30 years they are there. After 5 to 10 it seems like 70% of the people realize the game and jump for greener pastures.

Wow! You are paid a 140K salary to give power point point presentations and goof off? Hopefully they get rid of fat like you next! Admit that the return on investment in YOU isnt there!

I stopped renting out my mind a few months ago.
Feels good. Hungry, but it feels good.

I was 90 an hour, but never worked hard.

I chose a path outside Exxon. Year 1 out I was 10% lower, broke even year 2, and by year 4 was at 2x what I left. Confident xom would not have doubled me in 4 years.

Keep in mind that companies only hire when they need a role filled. When they're in that position and they want you (good on you, btw), then they're willing to offer more money to fill that seat. They'll do things like put you in the top end of the salary range for that bracket or seat, or put you in a higher salary bracket than you'd otherwise get for the same seat if you were being promoted within the company. They'll do what they need to do (within reason) to fill that seat, once they realize you're the one they want.

I had the opposite experience coming to XOM than what you're experiencing now. My last company paid very well and XOM ended up paying me +25% TC, and when all was said and done I got the impression that I was the one that left money on the table. I have friends at all the other majors, and we're definitely competitive. I'd say we also get worked the hardest though.

Same experience for me. I started my career with another major and survived many rounds of layoffs since the downturn in 2015. I moved over to XOM and took a slight decrease in total comp, however, I thought it would be a more secure position and they sold me on the longevity of their business and how they were a bit insulated to the whims of the market (somewhat true at the time). Two and a half years later I was PIP'd and I immediately started looking for jobs. Within a month I had multiple offers anywhere from 15-25% more than my total comp at XOM. Now the position I took is still volatile and subject to market swings but that isn't any different than sitting at Exxon, at the moment. So why not make more money and not deal with XOM BS?