I’m not saying VSPs are on the way. But IF they were to come, does anyone rememeber the criteria that was used last time for VSPs? What is the typical starting age and # of years of experience to get one. Trying to figure out if 57ish is low enough.
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Work from home works well for most people. I also work in the evenings and on weekends because of work from home which I definitely would never do if we were forced in 5 days a week. People who feel like they are being treated well go the extra mile.
@eq+1jttpfbqa - your comments about the WFM are just your opinion and based on your "observations". I guess if you are in the "stores" at those times it means you are not working either. Many people feel they are much more productive working from home. I definitely feel I am more productive... those two hours of commuting time I would have spent on the freeway are now spent working. I think OXY's balanced work schedule is working for most people.
A VSP would be nice for those of us who are late in their careers (late 60's for me), and would probably be something I looked at hard if offered. The fact we still get to WFH on Monday and Friday makes it hard to just retire for me. Oxy has been great about the hybrid schedule and in my case it has prolonged my career, so even a VSP might not outweigh the great work/life schedule we have in place. People can complain all they want about VH, but the fact she has kept the hybrid schedule in place is enough for me to support her in her decisions. My viewpoint is from an employee view and I am more than happy to continue my career as is with the schedule.
@bq+1jttpfbqa I don't disagree. But it is unlikely for that to occur with Vicki in charge. I believe a 2014 style VSP is a most likely first step if oil prices continue to go down and the company is forced to reduce headcount. In the future, who knows. Each CEO is different.
The company should offer a VSP only if they need to get restructuring and SG&A costs off the books right away. Otherwise they should do a simple 10% reduction every year to cull the herd. Every year there are folks who have consistently demonstrated that they are performing below average. These people should be laid off because they can be replaced with above average employees from the marketplace. If you pay enough they will come but finance the hi-grading by laying people off. Sounds brutal but mathematically it makes sense.
Keep in mind that the VSP's offered to Anadarko employees in 2019 were a contractual part of the OXY acquisition. Change of control severance packages are always much more generous that layoff severance packages. Yes, there was an age stipulation... I think it was 50 and five years of service. I have heard Vicki describe an OXY layoff I think in 2014 were they offered an early retirement for people who were interested. That makes the most sense,
@a8+1jttpfbqa, the 2019 VSP did have a 55 y/o age factor. I still have the paperwork.
The age enters into insurance premiums that you will pay. Take the years of experience and add your age. If it is greater than 80 you pay the normal employee premium(x1 factor) For less than 80 the factor increases as (age+ years) decrease. Good luck and stay happy. Don’t retire too early. You may regret it.
If you work GOA or Intl you aren’t eligible
I don't think there is an age criteria for what I have seen at Oxy, but one thing that might keep a person under the age of 55 from taking a VSP is the qualification for insurance. One other oil company I worked at had an age requirement of 55 and older.
You need to be 55 and 10 years of service to qualify for the insurance from what I understand. I know they can bump up those numbers to get someone the insurance if they want. The last one we had did not have an age and in fact it was kind of name your price to leave. As well I know a few took the VSP back in 2019 when it was first offered and it was generous. The next time it was offered I was told by sonmeone who took it that the second offer was not as good. For me I would take the offer as long as I can get the insurance. The insurance has different tiers of cost based on age and years of service as well.
The VSP payout was based solely on your years with the company. The highest payout was 30 months salary. The minimum age was 55 with at least 5 years with the company, and a good performance rating. Approval for the VSP was up to your management.
Good to know. Thank you. I always thought there was a minimum age they set since people would sometimes refer to them as “retirement packages”. I guess not. Thanks
Pretty sure age and experience has nothing to do with it… it is yrs with the company. Why would they care how old you are or how long you have worked in the industry? While it may have something to do with salary, so older generally means more, I don't think age matters at all in what the offer terms are.