How likely is that there will be Exxon Mobil Layoffs 2021? Any news or rumors?
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Will there be a consolidation of the Mont Belvieu plastic plant & the new plastic plant being built in Baton Rouge?
@5Baow Is very right. Elimination of management positions means that the people having them will get at worst “advisor” roles with not real responsibility other than going to meetings and doing “strategy”. See EMRE as a model. Moreover, at least for the next year or two, these people will maintain top rank so if headcount eliminations happen, they will be from the rest of us.
Like the new ranking, be careful what you wish for!
8-10% NSI PiP-off for $3 billion in structural efficiencies in 2021. Confirmed at Share Holder meeting
https://corporate.exxonmobil.com/-/media/Global/Files/investor-relations/quarterly-earnings/presentation-materials/2020-presentation-materials/earnings-presentation-4q.pdf
Let’s be clear what layoffs and reorganization actually mean.
For regular employees, a layoff means loosing their job.
For Middle Management to lower Senior Management it means that some fat cats might loose their seat and will be moved down in supposedly “technical” positions where nobody knows what they’re exactly supposed to do, not only because they have no more technical skills left (if they ever acquired any), but because real technical work is seen now at EM as no value, degrading and can be done by any monkey pushing buttons.
When too many of these managers in exile land in a group, since personnel reductions still need to be achieved, we PIP some of the regular technical “monkeys” to make room for sanctioned value.
So don’t hold your breath until you see the real fat cut.
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When you keep mentioning “top performers” you should explain that these are “top performers” ExxonMobil style, in other words people who are highly ranked not because they’ve “performed” in terms of real, positive results, but have sponsors who are too powerful to be angered or they have brownnosed so well that the higher ups really like them.
There used to be a time when getting actual positive results as a technical person would get you some traction (although as you grew old you would still drop in ranking regardless of results), but those times ended circa 2017.
Today’s “top performers” are imposters, because that’s how the system is set up.
Significant layoff and reorganization coming December 2021 in Middle Management to lower Senior Management. The groups that seemed to have immunity December 2020.
Target is to eliminate 2 levels of Management in line with the recent findings from surveying top quintile competitors.
This will release the high salary non productive positions and have the added benefit of reducing the PowerPoint workload by 65% on the productive workforce.
PIP continues forever (it is the process)...bottom 8% in PIP and 3% will not make it. Anyone staying in bottom 8% for another year will be gone quickly (no second chance PIP-automatic termination). No pay raises for bottom 20% will cause high attrition in these poorly ranked people. Will see some voluntary attrition but lower than 2021, once normal pay raise and promotion cycles are restored. Some "extra" RSU and EBU to be given to TOP PERFORMERS and catch up/accelerated promotions for those who have DEMONSTRATED their contribution to higher profits..."Golden Handcuffs or Golden Carrots" will be used to slow attrition of top performers. It worked in the past. Key is to get the top performers to 15 years service. Attrition slows dramatically at that point...especially if they have been getting EBU and RSU for 5 years or more and achieved CL 28.
3% retirement, 2% PIP, 3% voluntary attrition; offset by 2% experienced and college hiring and Guyana hiring. More asset sales (just 1% in 2021 and 2% in 2022)...Headcount down 9% by YE 2022. I expect to end 2022 at 62000 employees (vs 75000 at YE 2019 pre-covid). Need to be down another 5000 in 2023 (with more asset sales impacting bigger affiliates like Chad, Romania, Vietnam and misc US fields and possibly another refinery).
security
How many employees will be lay off through PIP this year?
Employees have already been laid off in 2021. Check LI posts. Does it really matter how it is worded now? More to come.......
8% minimum. Hoping large hit could be taken from those not willing to return to work this month. If not, will be those that refused package and PIP.
Someone thinks stock price is related to layoffs.
If you own a single share, you can make the connection.
Vote your share by May sometime. Then sell.
1400 customer service jobs, worldwide being outsourced.
When are the managers getting some? Still stuck with the worst one of my entire career. How someone gets that high up and is this bad I have no idea. She was disciplined before and slithered right back up into management again. Geez, we need some relief bad.
Still down from 2019
And the stock is soaring......
2020 layoffs (the ones from December) were still on the books in 4Q20. So those numbers haven't even been realized yet. Also, the OPEX efficiencies is likely BS numbers put together from the sites claiming they are saving money by finding a more efficient way to do things (I.e. Skipping paperwork saving the company 10 years of working hours/year).
Attrition is likely going to save the company from doing future layoffs. Already seeing people leave.
Yes, layoffs, NSI and PIP will continue
Achieved ~$3 billion of structural reductions in 2020; $6 billion of structural reductions by 2023
(see slide #14 from last weeks 4Q2020 earnings call)
https://corporate.exxonmobil.com/-/media/Global/Files/investor-relations/quarterly-earnings/presentation-materials/2020-presentation-materials/earnings-presentation-4q.pdf
It's no longer the company it once was, greedy people at the top who don't care what happens to the rest of the organization. Bad decisions are covered up, deplorable management allowed to continue on and on. These troglodytes deserve the shareholder activism.
The PIP is confirmed to continue next year.
Journalism today. Post a message on social media and see if some dunce responds, even if they also don’t work for the company. I mean, who needs more than one source to run with a story. It’s gold Jerry. Gold!
You posted this question on all the big major oil companies pages. So the question is:
Who does #2 work for? (Austin Powers voice).
Most likely this won’t be the last lay-off, as fundamentally management hasn’t addressed their shortcomings nor have they plugged the holes or stopped the bleeding on bad projects, bad decisions, and bad people in charge.
Only a fool would believe that with 2020 layoffs they are going to get the size of the organization “right”.
An even bigger fool would think laying off people is going to solve the problems of a bad strategy, bad leadership, and terrible culture.
They are not “right sizing”, they are pulling the last straws as the organization fails.
2021 will be the year for TMTS, HW3, workplace transformation, etc. jobs being displaced to BTC.
No additional lay-off planned for US at this moment except 5% NSI.
Many more layoffs are coming in 2021. There is no choice. At least 10 to 15% more at the very least.
The firings will continue until morale improves.
Yearly PIP will continue
Does 8-10% NSI count?