I have seen in past few years many friends and co workers leaving exxon earlier than expected. I can only comment on my field research and development. In the past there were no layoffs or increased PIPs. If you were older you could work until at least full ret. 60 years or older. Now you are lucky to make it to 55. My good friend was shocked and surprised when he was let go. He was not prepared for it. If you are close get prepared for retirement anytime in the next few years. Get a financial planner and see how much your lump sum is. Me and the other NREs are learning from the others before us and I suggest every one else do the same. The youngsters eat up the BS and drink the kool aid. They think they will work forever at exxon. Exxon is moving to a cost saving lean operation and is replacing employees with contractors. People which were essential to the safe and proper operation of research testing have been let go. Exxon does not care about the data integrity or quality of the work done just the cost. No one is safe in today's cost saving environment. As we near 2030 there will be more job cuts and changes so be prepared.
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Yes OP speaks truth.
Anyone can get pension estimate via online tool - it will vary based on actual discount factor.
Don’t count on any employment past age 55. Sadly those days are gone at EM.
If you want/need/plan to work through 60’s - get your network in order and start the search earlier
@1glb+1cNvDsl8 What you are saying makes sense about people automatically, however with the new ranking process it may or may not be a literal drop for all now that any one can jump any buckets without restrictions. Only those with solid sponsors will fare well with this model.
PIP/layoffs force everyone down in ranking. When you PIP the bottom 20%. Everyone drops down the salary curve by 20%, which means lower pay raises and more time till next promotion. Salary and promotions will be terrible for another 3 to 5 years and will only improve once XOM salaries drop below competition and people can get pay raises and promotions by quitting and going to the competition. Competition for oil, gas and refining and petrochem will be low for several more years. IT and accounting etc may/are jumping to different industry. 2022 pay raises and promotions will be interesting to watch. I suspect promotions are pushed out 3 years already for everyone. AND CL will be dropped (incumbents will not be demoted but future people will fill at a lower CL). The old term for this was PIO (present incumbent only), meaning a higher CL is temporarily filling a lower CL job.
@hba+1cNvDsl8 which ones are yoiu referring? emcc hq?
I am talking about EMHC/EPR/URC Houston area. What ever we are called now. We are very lean in my area and I did not expect any one in our group to be Piped but they were. So we will each take our turn in the next few years in PIP Russian roulette, spin the wheel or bottle. My only wish is for us that are close 50 to 52 to get to NRE and then to RE. Good luck to all.
+1 to OP. We mold risk averse people in EM, so use those risk averse skills to figure out what you'll do if you were to get PIP'd next assessment cycle.
@OP+1cNvDsl8: Do you mind sharing the location: Annandale or Houston or somewhere else? I was surprised at a couple of very senior technical leads in Chemicals leaving (or let go) in last couple of weeks.
Every word if this post is true. I wish I could “like” it 100 times.
Mike Tyson's quote comes to mind, when it comes to plans....
You must work in Annandale? All should have a plan.