After a large number of eliminated jobs, it would come as no surprise to me that their plan to make more savings means that survivors get permanently lower pay and benefits. Someone warned that this is very certain and I share their opinion. I hope not, but it is already possible to deduce that this is the next step. What do you think?
10 replies (most recent on top)
Those in Engineering. We are well compensated, even without the match vs other companies in the area.
Of course the pay and benefits will s—, and the good old days won’t be coming back - unless you are gg to be featured on the annual report, then you will get rewarded handsomely for failure either ways.
I think most employees have an expiration point on the missing 401K match. If that isn’t reinstated fully, attrition will get worse. The way the match got pulled out from under us (via leak and rushed HR email), is further evidence not to trust the promise of a pension. ...so what are we left with, HR promises of a pension after 30 years, when they cannot even ‘get their house in order’ with regard to a caring communication of a 7% pay cut? No thank you! Honestly, money aside, the broken trust is even more damaging.
- ...if 401K match comes back soon and in full, I bet a lot of people can look past smaller raises.
Seems like all the companies are cutting benefits. AT&T just dropped retiree healthcare https://techstaffer.blog/2021/01/04/will-exxonmobil-cut-healthcare-benefits/
Make sense.
Yay!!!
Yes
If you can get better pay and benefits elsewhere go take it. If pay and benefits elsewhere are similar consider other things such as culture. If pay and benefits elsewhere are less then you are probably overpaid right now. We all want more but at the end of the day no one is forcing us to work at ExxonMobil. You can choose to stay or go.
The company just used lay-off to being down average salary and will continue to trim more reducing average salaries for a while. Suspect raises will be smaller, if any, unless you are DW or mgmt. collecting bonuses.
Supply & demand for workers determines pay, not company profits. High profits will generally cause firms to expand and compete (increase demand) for more labor. We don't have that working for us.
We have an excess supply of engineers - mostly chemical. Its going to be rough for a while. Green energy may eventually help, as it pulls from a similar pool of engineers to bid up wages. Hang in there for a few years, this may correct.