Will this accelerate attrition at chevron and O&G overal?
15 replies (most recent on top)
Someone at the town hall should have asked if Chevron planned to match Amazon pay!
From a trusted Amazonian - it seems Amazon is also increasing total comp ranges significantly ( which wasn't really in the news ) - so that's a positive signal in my mind.
The base pay doesn't matter..it's the total target comp vs actual comp that matters ( I e. Incl cash bonus plus rsus)... Typically if an employee is promised target comp x and at yr 1 or 2 the actual comp is >x then employee is happy and tends to stick around. This happens when stock goes up during tenure of employee. However in recent times stock isn't going up - so the actual comp sometimes is even lower than target comp promised in some years Which makes employees unhappy, which leads to attrition. If you increase base pay but don't increase total target comp then it's a way for the company to issue less RSUs to the senior most employees - to me that's a negative signal if anything.
View from a trusted Amazonian….The base pay doesn't matter..it's the total target comp vs actual comp that matters ( I e. Incl cash bonus plus rsus)... Typically if an employee is promised target comp x and at yr 1 or 2 the actual comp is >x then employee is happy and tends to stick around. This happens when stock goes up during tenure of employee. However in recent times stock isn't going up - so the actual comp sometimes is even lower than target comp promised in some years Which makes employees unhappy, which leads to attrition. If you increase base pay but don't increase total target comp then it's a way for the company to issue less RSUs to the senior most employees - to me that's a negative signal if anything.
Amazon is a great company but VERY different culture. The posts above are correct about this being a CAP increase. Their cap was all bands (PSGs) and if you have any idea of Chevron structures you see just how insanely low (below market) Amazon's pay cap was. Be mindful that Amazon offers 6 paid holidays per year and 2 weeks vacation even for experienced hires. No flex schedule, no 9/80, no 4/10. Forced perf. ranking, hyper competitive internally, and 25%+ annual attrition. Much lower 401k match, no pension, and no retirement medical. So do apples to apples comparison. If that is your cup of tea then by all means the door is there for you to go just don't cherry pick what is good at Amazon or Microsoft or Apple etc.
absolutely will. If you're early carrier in CVX IT, chances are you can double your salary elsewhere.
That’s not what Amazon did. They more than doubled the base pay CAP for salary FROM $150 K ( salary cap for all employees at all pay grades, including executives) to $350K cap. The remainder of compensation comes in stock options. Get your facts straight
If you’re early to mid career, better to jump now while the market is good. You won’t be riding it out here to retirement. Just us old folks trying to ride the last 4 year wave to shore.
I know young people, less than 30, who have already retired after less than ten years at Amazon. No car. No house. Footlose and fancie free.
Will this affect layoffs are do you girls just use this site for the water cooler ladies room adolescent chit-chat?
Amazon is a no braner if you are in the Bay Area and a vaguely techie or business orientated..
Lot of hiring in AWS. Several former chevronites already there.
To clarify, they are doubling the base pay cap. Though they are also adjusting current salaries.
Hopefully it signals to Chevron how big of a joke the PSG system is.
Will it accelerate attrition? Absolutely.
Well now I’m regretting turning down their offers. Amazon dictates the entire market for consumer goods. They’re also top dog for cloud computing. This is a strong signal that to the labor market that stagnating salary won’t be tolerated by the competent segment of the workforce. Dusting off my resume now.