If you're worried about being laid off or PIPed due to your age, my advice is to consider early retirement. A guy who left my team about a year ago (early retirement) took six months to decompress and then started looking for something to supplement his income. He had a new job within a month. Granted, it's part-time but that's exactly what he was looking for since he was done doing 60+ hour weeks like here. He left on his own terms and things turned out okay.
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@2hnc+1endppSH
So none of them REs, except for few who were hired as experienced hires or just slightly older.
Following @1hyb+1endppSH's comments. EM hires lots of MS, PhDs. 18 yo starting college, BS/BA at 22 yo, MS at 25 yo, PhD at 27 yo. Example, it's been 26 years since 1995 - MS at 51 yo, PhD at 53 yo.
This post is rather absurd. So the advice (from the management, the way it sounds) is to retire early if you’re “worried about being laid off”. But we know that if you’re RE they can’t lay you off, as it was shown in the 2020 layoff. So what RE would be stu_pid enough to retire early (and loose a good chunk of the pension) out of fear of being laid off?
Same absurd advice if you’re “worried about being PIPed”. If an RE has a reason to hang on (for instance, barely 15 ys) are they going to retire early and make it easy for the management?
No way; they’re going to wait until our rotten management fakes their ranking and actually puts them in NSI. In fact, if you still have children in school and really can’t afford to retire yet, you might even take the PIP, although it’s obviously a long shot to pass, since the REs are the real target of the PIP.
And if they age discriminate, fake your ranking and put you in NSI, you never know, there might be a class action on the horizon.
So OP, don’t think people are going to jump just so you and the other managers won’t have to get your hands dirty.
more than few years with ExxonMobil and still capable of “thinking”? It is an impossibility!
The new hire program was introduced in the summer of 1995 as we brought in the class of 95. We hired an increased number for 1996, 1997 and 1998. We did very little hiring in Fall of 1998-no point with oil at $10/barrel and BP-Amoco merger announced in August 98 and Noto and Raymond working Exxon and Mobil to be announced end November 1998. We continue the NHDP but with only a few people from 98-2000. Started hiring small numbers in 2001-2004 and started increasing in 2005. Industry still experiencing bumps with Chevron Texaco merger in 2001 and the ethnic cleansing of UK, Norway and Australia in 2004. My original point still stands- we have a small population of REs moving forward given the state of the industry late 80s until early 2000s so the easy PIP the REs to lower head count is coming to an end. You have been advised so plan accordingly!
Lived Exxon USA for 30+ years-1989 until 2021. Saw it all.
@1rix - Exxon started the massive hiring in ‘96 with the two-year New Hire Program as the attraction point for top graduates, which was quickly imitated by other majors, so no, the downturn didn’t end in 2000.
You’ve got your info wrong - something just tells me that you were not in that New Hire Program and you’re talking about things you’ve only barely heard about.
@1rix+1endppSH
Major layoffs in Mobil in ‘96 ? I’m sure, because Mobil was sinking like a rock in the ‘90s. But… who on earth cares about Mobil ? I’m talking about Exxon and about lived experience.
You might want to check your facts! We stopped hiring in 92 and 93 and only hired a few in 94 and 95. We had major layoffs in 91, 92, 94 and in Mobil in 96. We hired in 96, 97 and 98 but no where near what we did in 2006-2013. Hiring stopped in 98 because of the Asian Flu of summer of 97, which caused oil to plunge to $8-10/barrel and started the mega mergers of 1998 of BP-Amocco and Exxon-Mobil. No to little hiring in 1999 and 2000. Some hiring 2001-2004 and things ramped up in 2005 and then off to the races in 2006. Just wanted to clarify for the record!
@ejy+1endppSH
You might want to check some of your facts. The big downturn was between 1986 and the early ‘90s. For about a decade Exxon (and the rest of the industry) didn’t hire virtually anybody. Exxon started significant hiring in late ‘95 and ‘96 specifically because they were aware of this 10 year gap.
About 2/3 of the many hired between 1996-2003 have long left the company. The remaining third, virtually all in management, are on average 50 years old now, so definitely not RE yet.
For these reasons, there are extremely few REs left. In my larger group, for example, among 60 people there is only one RE left - the other one was PIPed in summer 2021.
You’re right about the net result for younger people - the PIP meat grinder will unavoidably have to be fed largely using them.
This sounds a lot like a “friendly message” from the management to REs: “Get out on your own so we won’t even have to PIP you to get rid of you”.
Just as “helpful” is the advice to take the lump sum now, because it will go down in the next year.
Do you really believe that anybody who is RE with EM is not watching the corporate bond rates like a hawk not just each trimester, but each month, calculating what’s the impact and exactly when they should get out? Or maybe you imagine that REs are so happy with the toxic work environment, decreasing real salaries, lack of professional satisfaction, fake low ranking and endless threat of a humiliating NSI that they just want to keep working for the fun of it?
Anybody who is RE and has enough years (20+) to get a good lump sum will get out of this sh_it ho-e in Q1-Q2 2022, before the rates really go up. Those who have only 15-16 years will have to hang on to the bitter end, until our gentle management will crown their lifetime professional achievements by putting them in NSI.
The management should continue to run their racket and stop wasting time giving “advice” to REs.
I wouldn't be too quick to encourage folks to retire early. We are now at the time with REs that were hired during the downturn of 86-2000 so the pipeline is about to get much smaller especially in Upstream. If 8% PIPs stick around you might want to have some left to help meet that number. Otherwise PIPs will be all young and mid career people.
For those folks who are considering taking lump sum out from pension, also consider seriously.
Considering the impact of rising. Interest rates, you may get much less as lump sum in 2 or 3 years
You should consider an extended leave without pay because:
- up to a year accrues to your pensión calcularion
- get Company contributions to medicamento
- Have a year to consider/prepare for what's next, ie look for another job or cool down and decide to retorno
- Very low approval level, I think it's DOAG 6
Just need to be abre to survived a year without a paychecl
With an “average pay” of something like $160k a year, EM employees especially in Houston should have had an easy time getting to a point of “F U” money by their mid to late 30s.
Lucky person. Here at CSR in Clinton, NJ, we don’t have this luxury as we are used to doing nothing, have no real skill set, and are not Hirable. We will continue to be snarly, sneaky, and deceptive and will continue to make up stuff to collect (with open palms) others hard earned money.