Their CEO discussed it at a very scripted town hall event. And not just raises, but the whole package - salaries, bonuses, promotions and retirement.
Wonder if Chevron Execs are paying attention?
How bad is Chevron's attrition right now?
https://finance.yahoo.com/news/exxon-ceo-floats-pay-hikes-162851186.html
“… they were talking about how they have a super strong balance sheet and just money laying around and don't know where to invest it…”. Lies. If there was extra money around, MW would be either (1) raising the dividend; (2) paying bigger management and high p-t bonuses; or (3) buying reserves.
So this exact question was just asked at a Performance Management townhall Q&A. TR advisor said "that's a good question, we are aware that a number of companies are taking actions to boost employee packages. But attrition is not always about money, so some of the functions are doing 'deep dives' into the attrition to see what leevers we could pull. One of the leevers will be compensation." She went on to say that "Functions that are more exposed to attrition might choose to lean forward on their merit and bonus allocations this year to maintain top talent"
raise dividend payout is number 1 priority
everything else is secondary
No way. Keep dreaming
If you think XOM isn’t taking climate change serious now you are about ten years late to the party. XOM is going all in on emissions reduction. Scope 1 and 2.
Don’t know about you losers, but I got a raise and a bonus last year. And expect same again this year.
Amen to this from @itv
No, MW believes in low-paid, short term, replaceable staff. Raises, promotions, and options only for the anointed high pots.
Also OP, just for reference.
My buddies recently had an interview with Chevron, and they were talking about how they have a super strong balance sheet and just money laying around and don't know where to invest it.. so maybe they can use the money to give back with promotions and raises.
Smokescreen. First, EOM has the highest paid staff already. Second, they still refuse to recognize the green reality. They’re just trying to slow down their attrition with vague promises. Will Chevron follow? No, MW believes in low-paid, short term, replaceable staff. Raises, promotions, and options only for the anointed high pots.
All he said that after a couple years of no raises, slashing of retirement benefits, and lots of layoffs, they would see a more normal 2021. In other words, 15% promotions, 3-5% raises, company 401k contributions, etc. Nothing dramatic. He emphasized the entire economy is seeing attrition related to the pandemic, so no special action warranted. Exxon does NOT make big moves - it is like a massive ocean liner that takes forever to change course. But once it is coming toward you, watch out.
As an ExxonMobil employee, I assure you these promises were made to raise the stock value. The substance of this is cloudy at best.
We still have to pay back the money we borrowed to pay dividends last year.
Unless - and maybe your company can do it to - have the various governments subsidize these 'benefits' with more tax write-offs.
Chevron will probably follow, they are super comp with every other Oil and Gas company