I have a feeling that no one is trying to keep their job anymore because it has become clear to everyone that there is no logic when it comes to cuts.
They manage cuts in such a bad way that they do twice as much damage to the company than they would if they were to take a little care of how and whom gets laid off.
Laid off June 2021 so just watching the game....
Agreed. At least until the bottom falls out.
PS. Take the lump sum.
Fair enough MO, I absolutely agree with your point. Accuracy and attention to detail do matter. My point is that accuracy issues aside it is possible to accumulate such passive income if investing wisely.
A long time ago I learned not to put all my eggs in one basket. Also not to depend on government pensions, which by the way the Aramco pension qualifies as one. Also frugal living without being a miser. I have always invested way before my Aramco times. Aramco represented a big bump on my nest egg.
Finally, the best person to be at the wheel of your finances is YOU. Don't trust so called financial advisors, educate yourself.
He said....
Just working with the info given. Trying not to assume.
Accuracy and attention to detail matter...to me at least.
@dnrn+1bHvKmbE
It is possible if you invest in stocks and divididends. I myself am doing dividend reinvestment on the stocks I own. I am lucky that I found a job and in the meanwhile my 401K and IRA are growing. I did 6 years time and in 5 years time my income from dividends is bound to reach 100% my last Aramco salary. Now I'm looking at 65%. Since I get by on my current salary I just let that income reinvest and work for me. Also, in 5 years time my Aramco pension should be kicking in so I can relax....
If this guy worked let's say 15 years and invested additional to his 401k/IRA, his story is not that far fetched.
Wow!!! What a deal you must've had! Several years, millions? More in interest than your monthly pay? Please let us know where you bank at...I'm calling BS on that post.
Reading all these posts I'm glad to get retired after several years in Dhahran with few million bucks in my pocket. It was great (in terms of money) journey. Thanks to generous Saudi Aramco as my monthly interest's income now exceeds my previous Aramco monthly income! Long story short, Aramco management are a bunch of idi*** as they waste company's and Kingdom's funds like this.
Just start going home at lunch time and take three-hour naps in the afternoon. Better yet, go home and start drinking. Nobody will notice your absence. If you are targeted for layoff, there is nothing that you can do about it. When you are in the office, fabricate big projects that cannot be implemented. The “Project Plan” depicted your PowerPoint presentation should be enough to get a young Saudi his accomplishment award 🥇 and secure your employment for a few months. Do just enough work to avoid being outright fired, as the layoff package should be your goal.
Anyone can be a good engineer, accountant, IT Guru but you also need to know how to be a politician. Otherwise, you will struggle personally and professionally. If you boss is an a$%, guess what, it's your fault because you failed to manage upward. Don't think you cannot manage your own boss. My boss is a bullsh&^%. What he doesn't know is that I am a far bigger bullsh&^% than him. So learn how to manage your bosses people. Don't just complain, make it happen. You could be the best engineer, but if you cannot work with people, collaborate, communicate, manage downwards, upwards, sidewards and bullsh*& your way out of tough situations, maybe it is time to pick up that skill. It takes practice for sure.
Luck of the draw. Depends on which department and the boss you get.
Keep on banking!
Most of your statements are true. I mean I didn't sign up for Aramco just expecting to be around for two years, definitely.
There are still big benefits that you are well pointing out, others have definitely deteriorated. I have seen a lot of people being laid off during my stay there besides the June 2020 avalanche. A lot of them very competent and with very good performance, somehow after 2016 I could see the start of a massive trend.
The politics part is very true in any organization, however in Aramco the "luck of the draw" component seems to have a very specific weight to it.
On the politics side I started on the wrong foot and after 2016 I did make a Doomsday scenario after seeing the trend. Luckily I reached my financial goal on April 2019 so everything thereafter was just biding my time which came in June 2020.
In the meanwhile keep on banking and Alhamdullillah!
"I don't know anyone who plans to be at Aramco for more than a couple more years. "
Maybe you should look outside your household or your group of disgruntled friends.
When the company pays me several times what I am worth in the US, sends my kids to Swiss boarding schools, gives me second to none worldwide insurance, floods my retirement accounts every month (second to none on the planet), gives me a yearly bonus which I never expected (freebie from 6/7 yrs ago), gives me the equivalent of a salary in the US for my yearly holiday, free house, free utilities.........., I am grateful and will not leave bags of money on the table to go back to my previous life of nothing/rat race/depression and no money to show for.
If my previous life in the US was any good or paid good, I would not have left in the first place. None of us would have. I am not going anywhere. Many of you got laid off due to incompetency and are upset about it. Maybe you should have learned how to deal with politics or all the corporate bull*&it. It comes with the job. If you failed, it's on it, you are solely responsible for your demise. Doing your job well is one thing, being politically savvy is another. Both are requirements of any job. Every company's board on this site has venomous employees on it bashing and bashing and bashing, from Exxon to Amazon to Occidental. It's a jungle out there and only the fittest make it. If you failed, blame yourself, don't come here and spew garbage when you failed to deliver or you failed to shine or you failed to navigate the corporate bull%$ap. Now go on and enjoy Bud Light and Bacon while the rest of us will continue to bank, and banking we do and we do it well.
I am. Highly paid with little stress. 7-4. You got fired and now you are bashing.
The problem isn’t with HR. The problem is with management. HR can’t tell who the good employees are if management can’t and management doesn’t have the technical ability to determine whose right and who’s full of it in their employees. They do not have the ability to fix it and the more they try, the worse things get. Aramco has put incompetent people in charge and encouraged them to “create change”.
True that, Aytawatowalhad. What infuriates me the most are the Manager exPETs, who have no compunction about screwing their fellow expats for their own gain. Sometimes I hope I stay long enough to see these guys get hit by their metaphorical boomerangs.
This is Aramco. Try to get along and not shine too much. You are just part of the support cast so the local"stars" shine. Any notion you have about logic, leave it at the airport.
Layoffs were not random. They were based on how much you cost and how close you were to vesting. Its all part of Aramco's "get cheap" policy. They have adopted the Exxon HR model. If you need an employee that costs X, hire two and pay them 50% of X. One will probably leave or be useless and get downsized, but then you have the other at 50% of the cost. The theory is that if you keep doing this long enough, you end up with a low cost, "good enough" work force. In practice, you end up with a big group of disgruntled, useless ##### who make life miserable for anyone who still tries to do his job right.
Do you know what motivates employees to do the right thing? The belief that they will be with the employer for a long time to come. Do you know what motivates employees not to give a ####? The belief that they will be gone in a couple years. Aramco used to have at least some 50 year old Expats that thought they would be with the company till they turned 60. I was one of them. Now? Look around the camp. Very little custom landscaping. Houses just have standard issue features. I don't know anyone who plans to be at Aramco for more than a couple more years. It has been going in this direction since about 2018, the layoffs were just the final nail in the coffin.
It couldn’t have been said better than this.
I do totally agree with you and it does not seem to be a rationale or pattern on the layoffs. Just like a lottery and someone picking the ba--s from a pool of ba--s.
And the worst part is as mentioned nobody really cares about keeping their job anymore because there is no logic in the layoffs. The outstanding performers being laid of while below average performers are being promoted.
If someone from management see what is happening here, strongly recommend management have a look at the HR and Personnel teams because of this selections, poor management of all this layoff and departures.