Exxon is give stock grants to early career high performers, and will give all US based employees a mid year 3% raise. What is Chevron doing beside putting their head in the sand.
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I like tacos.
@1twx probably took all his money out of his 401k and threw it into Grumpy Penguin NFTs.
XOM did not cut their dividend. They used to have a streak of always raising it for a calendar year. They did not raise it in 2020, but since it is paid quarterly they technically paid more in 2020 vs 2019 as they raised it in mid 2019. CVX has been playing the same game for longer. It is all about keeping your name on the dividend aristocrats list.
We pay in the middle if they pick the peer group. They lump upstream with downstream and service providers (not the field tech you can actually make money but the office none salesman who don’t get paid a lot).
Then they control the promotions to keep people at lower pay.
This discussion proves that for a normal employee they control not only pay but PSG by years of service. That’s why all none HiPo I started with 20 yrs ago are all the same psg. Funny how we all are right one track. It’s all about how many years since your last promotion. Unless they want to fire you or make you a HiPo
It might take a while, but XOM's compensation adjustments should be good for CVX employees. Makes a more competitive environment for recruiting/retaining talent. And because our pay philosophy is to be in the middle of our industry peer group, having one of our peers increase their pay structure should reflect into ours the next time HR evaluates the competition.
Getting stock options now is small beans as it might be down hill from here forward. Exxon treated its employees like cr-p during the pandemic and dropped their dividend. By contrast Chevron road out the pandemic storm with a steady tiller. Hard to see positives for Exxon in an comparison of recent preformance.
Yeah XOM does not do things out of the good of their heart. I would guess they are being eviscerated by the same factors as CVX. Old timers taking the lump sum to avoid the interest rate hikes and disgruntled employees after 2020 layoffs.
CVX was MUCH more honorable in the way they handled the 2020 layoffs. They gave out a compensation which was at the high end. XOM tried to hide it as a merit firing and give nothing. Based on that alone XOM management is scummy.
@1twx, The S&P 500 is down 13.3 % and the Nasdaq is down 21.1% YTD also.
I wish I was only down 10%, lol.
Having a match like Chevron has does have a really big impact. It matters most during the down years when you are accumulating, more bang for your buck, Investing 101. Do they not talk to you kids at all?
401k is a joke. Mine already declined a good 10% year to date. I am sure most have lost same if not more. So not having a match it does not really impact much. At the end of the day it is a loss [the money that comes from the match hardly makes a big impact because of the managed account design]
They don’t get cash bonuses and the stock grants vest half in 3 years and the other half in 7 years. Lucrative? Not at all
They are also cracking down on anybody not of a staunchy hetrosexal pursuasion.
Exxon employees went almost 2 years with no 401k match and no raises. The 401k match alone is costly af. Employees missed out on all that $$ and compounded interest/gains. I would take any “adjustment” to salary with a grain of salt they’re already very behind.
Raised the dividend.
They also work five days a week in the office and just got their 401k match back. I think I’ll stick with Chevron’s package.
Moaning Monday
Taco Tuesdays
The stocks not moved for years! What’s the point in that?