Thread regarding ExxonMobil Corp. layoffs

Base salary is peanuts to senior executives. The Stock award is the big number. Woods’ total compensation (including stock award) for 2020 was over $20 million.

The recent U.S. employee separations (NSIs + layoffs) was about 18% of the Above Field population (some groups were hit harder than others by the layoffs). Field operations employees (wage and FLS at plants) were excluded from these separation programs. In addition, a new class of NSI employees (many called Good last year) will be off the rolls by November 1.

I feel sorry for the leadership and their families. I can’t imagine how they are able to make ends meet with only a few million dollars.
I am thinking of starting a gofundme for them.

I really feel bad for DW because his (and ours) compensation should be based on all the hard work and efforts during the year.

We cannot control the "markets" so why be penalized (or rewarded) based on something that is beyond our control?

OP is a mo––n.
2020/2021 Workforce reduction in %:

10 + 15 + 10 = 35

Field personnel were not cut. Corporate functions which support management were not cut. Engineers were cut hard. Your numbers don’t match reality. Just walk through the office or talk to any employee. I am a supervisor. The stack of door name plaques on my desk of people fired from my group doesn’t lie. It was way more than the numbers you are saying and we are about to do 8% again. New hires don’t even get the chance of a PIP.

@OP

A lot less than other downturns, care to explain what downturn and year you are talking about and trying to compare to? Was this with this generations workforce?

Are you seriously trying to justify that DW is like all the other employees in that he lost his 401k (like that really matters for his retirement portfolio). DW was given THE SAME rsu count vs other years. Only reason 2020 looks down vs other years is because stock price is depressed.

My biggest question with this shitload of "Trump truth" is.. Are you DWs side hustle? Do you really think DW has provided ANY value to this company during the downturn?

1) RSU quantity was the same, ONLY due to stock price was it down in value. One could argue they saw no reduction from that standpoint.

2) Involuntary layoff #s are well known and well over 3–4% (in the US). The overall employee count was boosted by offshoring jobs?

Who is this hack that is posting 1/2 truths that are believable until you do any kind of thought? The same writing talking points for our Sr Leadership Teams?

OP..I believe the 15% number was based on exempt office staff and included contractors. XOM filed and plant workers (under union contracts were not significantly affected...nearly 60% of XOM employees age wage/hourly workers. The 15% referred to office staff (MPT –management, professional and technical plus executives). I expect a majority of the cuts were contractors as rigs and major projects were delayed or stopped. That leaves with 3 to 4% that were cut...but most of these were retirements...Relatively few involuntary. MUCH LESS than many past down cycles. LOTS of SMOKE...NO FIRE The Projects company deliberately staffed with contractors Because management (Duffin) always knew the business was cyclical (bo–m–bust). Many of these were contractors were annuitants (mostly over 60 –some nearly 70) willing to come back and most understood the need to end their assignments. They also had deep specialized project skills

Wasn’t a 15% global cut announced? CNBC

Exxon said Thursday that it intends to reduce its U.S. staff by around 1,900 employees, with global workforce reductions potentially rising to as much as 15% as the energy giant continues to see its operations pressured by the coronavirus pandemic.

A couple locations are hiring, attrition can't be calculated just based on employee count. i like your data though, a bit of easily verifiable common sense reality check. thank you.