When will CVX bump up salaries for inflation? This year’s raises were disappointing and absolutely not keeping up with inflation.
23 replies (most recent on top)
The Chevron BOD and CEO will find a creative way or explanation to not adjust salaries to the current spike in the cost of living. If they do adjust salaries to the current spike, the bar for salaries will be raised too high, which will only compound the problem of payroll burden in the near future when inflation is tamed.
OP here — thanks for that perspective, Grey Beard. That’s the kind of thoughtful, respectful response I hoped for. I understand that we’re lucky to have a job and others have experienced hardships in the past. My hope remains that there will be some inflation-related adjustment before year-end.
You still have a high paying job at Chevron. So be content you don’t have to contend with inflation along with an underpaying job. As for me, I got scroooooed by social security with the measly 5.9% COLA bump this year.
Put my salary in the inflation calculator. Making close to the same amount I was 10 years ago ouch.
From a 2015 retiree with 40+ years service: the first responder is correct; CVX pay structures are determined by benchmark competitor data and not inflation ... however, if you look back in time, the pay structure increases do tend to follow general inflation trends, but it lags. If Exxon has had a recent structure increase that will raise the competitive benchmark, which could lead to a higher CVX structure next year. The only time I can recall that there were any across the board adjustments, or mid cycle changes, was back in my early career years when inflation was higher than it is today .... I think in 1974 & 1980. Probably for most posters, their career has enjoyed inflation at <5% ... welcome to changing times like the early part of my career. Also, at least during my career, CVX never tended to lead the competitors in proactively making structure changes.
Stop feeling so entitled. Like every worker in every industry is getting raises to keep up with inflation? Suck it up and be grateful that Chevron is still funding the pension program! And if you’re allowed to work from home, I bet you’re not even putting in 40 hours of productive and value add work! So there…that’s your “inflation salary raise”!
They won’t. The new PMP processes less rewarding to those who are at the midpoint there PSG and even worse than those who are above their midpoint.
In ten years I think the average structure increase met or exceeded inflation twice. So let's just drop that myth already.
The reason why companies like Amazon are so sucessful is they have implemented backwards development like Chevron used to do but CVX in it's attempts to save money have implemented a diasaster called Agile (at least the way they did it)
Compensation is something you guys focus on, not making Chevron succeed, typical
I’m sure you didn’t complain about all the years you got above inflation raises or the bumper bonus we got this year. Quit complaining.
OP here — thanks Post ID: @1ked+1ha7WPYN for sharing your Exxon experience.
To those calling or insinuating that I am naive, I was asking a question in good faith. Inflation is hitting hard, and some of us, while grateful to have a job, are feeling the squeeze more & more due to personal circumstances. I welcome different points of view and simply ask that we share comments in a respectful manner.
Also, if someone from corp is reading this, please take a moment to consider the request. Thanks
Here at Exxon we got a one time 3% adjustment this month.
The annual raises were really bad so mgmt made that decision
OP, so you’re saying this year’s raise in pay doesn’t keep up with inflation? We’ll, don’t worry because the measly 5.9% Social Security COLA increase I received for this year is not keeping up either. Suck it up and go vote correctly this time in November.
Better adjust your lifestyle and budget. The next salary increase will not keep pace with this inflation.
Oh boy…you really don’t know how this works!!!
No but looks many are leaving the company for different reasons (some retiring as the interest rate is now going higher and some leaving for better opportunities mostly outside petrotech), they have to come up with some plans soon to retain and attract talent.
They’re too busy dumping their stock to think about that.
I’m still amused at MW saying that inflation wasn’t really bad in that town hall. That has not aged well…at. All.
One simple answer for OP: nope. Chevron doesn't do out-of-cycle raises. You'll have to wait until April, 2023.
Remember, this is the same company that gave out raises, bonuses, and 401k matching in 2021 when many of our competitors put a pause. While I wish raises matched inflation, I look at my total benefits package and I am still coming out ahead.
March 2023.
Just deflate your hours to offset.
They won’t. They don’t benchmark for inflation.