Have you guys seen the job market? I don't know how good the offer will be, but unless you can truly retire, I would reconsider accepting.
18 replies (most recent on top)
I’m ecstatic. Can’t retire yet, but excited about leaving this field behind.
@mv First off, MRO spun off in 2011, not 2015. And anyone who was with the combined Marathon company before the spin off still had those years counted towards their MRO tenure. But those are moot points anyway because the calculation for the MRO package had nothing to do with years of service. It was all based on current salary + highest bonus in the past 3 years. So theoretically a 1 year employee and a 20 year employee could have received the exact same payout if they had the same salary.
Math is still flawed. MRO's min package was 36 weeks, even for those without tenure. COP's min is 4, max 60. MRO's min is 60% of COP'S max, and COP's max of MRO's min is 167%. Who cares honestly?
Reading comprehension seems to be a struggle here as always. The real comparison mentioned was the MRO min vs COP max, not max vs max. The average tenure of those offered the MRO package was about 3.5 years vs 11 at COP. Not apples to apples. They didn’t even IPO until 2015 after the petroleum spinoff.
Your math is flawed. MRO's max was 104 weeks. COP's is 60. That's 57%.
Max package looks to be roughly 70% of the MRO min package. Sign us up! No company offers an EOI package that big!
Years of service at COP
@d1 is it years of service at COP or total years in the industry?
From the linked Leaving the Company Summary document: “certain terminated employees, other than those terminated for cause are eligible for prorated (VCIP) awards if their employment is terminated by layoff”. So anyone getting axed in late October would receive ~83% of their VCIP payout in February.
No rounding. It's years completed, period. But I don't see anything regarding VCIP payout so if someone could comment on that I'd be grateful. Would they really cut everyone end of year and not compensate for the bonus?
@d1 How do you calculate the years of service, round up or down down. For example, if I have 9 years and 8 months of service when I get laid off, since you are in your tenth year, do you get credit for that? On flip side, what if you are at 10 years and 2 months when you get laid off?
“I don't know how good the offer will be” … it is formulaic and is in the employee handbook so you can calculate for yourself. 3 weeks pay per year of service, max 60 weeks pay. If you sign the waiver.
Some of us are ready for a change. In job, career, and feeling of actually doing something meaningful with our lives. Working at this clown show ain’t it.
@aw grass is dead here brother. Time to move on.
The unhappy people who have been around long enough for a package to be worth a damn haven't been in the market within the last decade at LEAST. Grass isn't always greener.
Yeah the job market su-ks but staying will be far far worse. Jobs still out there.
Must have missed something. About what?
I'm not looking to leave. Let them accept. Means that many less involuntary layoffs.