I keep hearing that people are planning on resigning from Chevron after bonuses are paid in March. I know many that are actively recruiting. IT, HSE, and HR seem to be the most likely to leave quickly as they have transferable skillsets. Anyone else heard the same thing?
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The Great Resignation, where, here at Chevron?? No, not at all, not at this company. Very few will have a reason to resign their cozy high paying job with Chevron. For the amount of work you really need to do here, with so little supervision and accountability, who’d want to resign to go elsewhere? Answer— only a fool.
You have to be on payroll as of a certain date to get CIP, so YES, a lot of people choose to leave after the payout. May be a higher % this year because of interest rates for those close to retirement and in general for those looking for greener grass. Be careful, have seen many (and not a handful) of regrets on leaving (pay, how they are treated, promises of WFH and then changed)
Cool Story Bro, tell us another, LMAO!
Actually it was 3 years ago I accepted my job with those starting benefits. Understand your worth, learn how to negotiate, and don’t let anyone tell you offers like this only happened “20 years ago”. Let the haters hate!
@8bwt, What are talking about, 20 years ago? Those times have come and gone. Try that with your new employer today and see what kind of response you get lol. NEXT!
Most companies ask if you're leaving benefits on the table by joining them. The good ones will match the cash bonus you missed by leaving, they provide restricted stock that vests in 3-5 years as extra incentive to accept the offer.
“With less than 75 points you forfeit most stock grants”. First most don’t care about stock grands, because they are less than 26. Those 26 and above know the drill, and unless laid off your unvested grants are gone even if you have 90 points.
Looks like the mass downvoter must be an IT drone. Fitting for an IT manager, since all they do is manipulate actual feedback and attrition statistics to please upper management.
Chevron is very averse to retention bonuses. They only pay them (I know, I got one) when staffing is very, very difficult to come by, and only to select people with that critical skillset, not to everyone in that function. Retention bonuses are not a giveaway, along with it is the retention period (typically 2-3 years) during which you must pay back all or part of the bonus if you leave. In lieu of that, those getting the higher raises this year (+/- promotions) are the de facto retention bonuses.
With less than 75 points you forfeit most stock grants, so beware PSG26 and higher.
“reaching 75 points is critical”: Not really critical but it does let you capture a final prorated bonus for all quarters completed and to apply for retirement healthcare (although most find the latter if just as good or better from the ACA exchange). All and all, small beans.
If you do a search on the HR site they have ALL scenarios laid out. It is actually quite complex. But simply put if you stay till March 7, you got the money and they wont take it.
"For those hired before 2008, reaching 75 points is critical and that is a monthly increment."
Why is this? What does this mean in $$?
Pension is highest 36 months salary, whenever they were. I had times when the figure did not increase for many, many months due to vagaries of the calculation and my salary history.
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For IT, I've been hearing that pretty much everyone under 5 YOE is planning to leave after March.
The pension is calculated based on your last 3 year salary, so most people stay until end of March to have it updated/ bumped. For those hired before 2008, reaching 75 points is critical and that is a monthly increment.
For the bonus you have to be with the company until end of March to get it. Unless you are lay-off or the asset is sold to another company along with employees.
Nobody quits without 75 points because you lose health benefits and stock grants.
Sort of true. If you have less than 75 points (age plus years of service) you get the full years bonus as lot as you work Dec 31. Less than 75 points you lose it all if you quit before the check is cut (last pay period in March or first in April).
Wrong.......if you voluntarily resign, you give up your bonus. If your divested or laid off, the prorate.
If WTI reaches $90 and stays above for 3 months it will happen, otherwise most companies do not have the appetite to hire petrotechs at this point.
You get your full bonus if you are there Dec 31st, no need to wait until March when it is paid. The higher echelons wait until Feb because stock grants mature Jan 27 or so.
GOMBU got a retention bonus. Yep a $200 R&A. That’s to make you happy before they sock it to you with a low raise that doesn’t keep up with inflation.
That’s it! I resign!
I heard of something like this for traders. But us normal employees probably not.
any thoughts on retention bonuses? it sounds like at least 1 group has taken advantage of them to retain staff after collective negotiation
It is a very popular time to leave the company after bonuses are paid out. Why miss out on a bonus that you have earned. It is always an interesting time of the year to see who bails out.
IT is a no brainer...anyone competent enough can make 2x in FAANG+
No but no surprising