Can anyone give an idea of what a layoff package looks like? I heard that Concho got such a bad severance that a lot of them just left but that sounds like bad negotiating on their part. What does a COP layoff severance look like when the layoff is due to economic factors and not acquisition?
Other question I have is, if I have a couple year gap between years of service (ie. I left and came back) what time would count towards the severance? All of it or the time I've been there the second round? I have been around long enough to know that the company values inexperienced play dough over seniority so I know I'll be gone. Just want to decide whether its worth staying and waiting.
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That's false but employees can look up the severance package themselves fairly easily.
Correct me if I’m wrong but wouldn’t it be 1 month pay for each year of service?
you can use this link to see the concho termination plan https://www.thelayoff.com/t/18SecLvs
Most companies like pxd and eog offered 100%-150% of annual salary so that plan was already offensive
If this is the route were going whats the point
https://hrcpdocctr.conocophillips.com/Documents/HR-documents/Service_Recognition_final.pdf
If I read the documents correctly, OP will get prior years’ service IF they came back within five years and didn’t collect a prior severance. Otherwise the clock restarts.
Concho employees weren't offered a severance package. If you quit, you quit. Most of us needed to work so we stayed.
It’s all spelled out in detail in the Employee Benefits Handbook, including the service gap. They just published the 2025 EE Handbook. Look there.
@v1+1jpb09b0r We all have to have a job to support our families right?! I have worked other places and this isn't a bad place to land if it is a necessary evil. Working extraneous hours is not common (I can only speak to Houston office life), lots of perks, solid pay and benefits, VCIP, generous time off, etc. Don't glamorize the external job marketplace because there are some bad actors in mgmt and supervisory roles. In any large organization, you are going to have some people who are non-productive and toxic.
OP, if you’re asking if it’s worth staying, you already know the answer.
Life outside is worth it. Time with your family doing what you enjoy is worth it. Enriching RL and the shareholders isn’t.
Time since most recently hired is used in calculations. Prior service does not count for severance.
Per ERISA law, prior service is recognized for retirement calculations; if the break in service does not exceed prior plan participation. This does not translate to severance.
It’s notated in the policy posted somewhere on Mark. Usually it’s something like 6 weeks minimum 16 weeks maximum. For every year you have of industry experience you might get an extra week on top of the 6 min.
Officers or SVPs probably have their own policy and might even write it themselves. Seems impossible to terminate in a normal layoff officers of any sort until they are 60+ and of retirement age.
If you VSP early retirement you might get insurance covered earlier on than you would if you were involuntarily let go or declared your own retirement in a period without anyone severed.
Try this searh
google.com/search?q=ConocoPhillips+package+site:thelayoff.com