I’m a little bit over 5 yrs in with XOM. Got an offer from another company: They match my current salary, they don’t have 401k match, but their yearly vested RSU would be about double of my current 401k match (gross amount, it will be taxed). My next year’s salary at XOM would be 6-10% higher (ranked O) and I’d give up on pension and XOM RSU, although I don’t know if I can ever estimate the true value of a XOM share 7 yrs from now. The other company is a growing tech company and their shares are publicly traded as well. What would you do?
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If you're asking this question, you likely already know the best answer for you.
Either you have no clue or you are lying intentionally about Singapore.
Singapore is definitely replacing jobs, or at least will soften the blow of people not moving to Houston. Some projects people have been working on in Annandale are moving there.
PTD was never an excellent department and no job is being replaced by Singapore professors.
OP, chances are that your start up will not exist in 5 years and the shares will be worth nothing.
Irrespective, it is a game everywhere. If you survive in EM, you will make more money, no question about it. But you need to play the game.
If you are EMTEC there's no point asking this question. Darren and Kathy will shut it down. You'll be playing with fire if you stay. I've recently talked with one of the few engineers in the old PTD department in Annandale. She told me that the feeling over there is that Darren replaced them with the Singapore professors. Everybody's very angry. If Darren and Kathy shut down an excellent engineering department like PTD without any hesitation, they'll shut down EMTEC in the blink of an eye. Just leave dude. Your future looks the heck of a lot better elsewhere then at Exxon, ANYWHERE IS BETTER THAN WORKING FOR DARREN AND KATHY.
An engineer on another team just left to go work for big tech in Seattle. They gladly take engineers from our industry and from our company and he is happier there 3 months in. Have a plan in place either way but this is no longer a place for any type of technical talent and a race to the bottom on anything they can outsource even if quality suffers. EMTEC will have a rough go in the future, but everyone left at the company will as well. Unfortunately we look like 5-10 yrs before we become a Boing or GE, then maybe get back to making good long term decisions. Wish you all the best if you stay or go.
Also, as someone who did leave Exxon, I’d say it is without question worth a 40% paycut to be happy, valued, enjoy work, etc.
Rebound will happen quickly.
Ranked O so doing well here. But d-mb enough to ask us what to do. So, you should stay.
The pension is going away. The 401(k) match will be suspended again once oil drops to $60/bbl, have to pay off the acquisitions, increase the dividend, and buy back stock. Most of EMTEC will be gone in <2 years, all going to Asia and India. I don’t know why you state you would give up the pension when you won’t be around to collect on it, Exxon will make sure of that.
Companies will turn off the pension if it comes down to it. The pension is never guaranteed, no matter what they say.
You need to ask one question. The company stopped the 401k match when times were tough. Did they correct that when times were good?
The pension can stop at any time. Nothing is guaranteed.
Leave and don’t look back. Better opportunity outside of the company.
Go to where you think you will succeed more within the company. If you get a single promotion anywhere, you’ll make more than at Exxon without it.
Absolutely do not consider salary or 401k match. Those will take care of themselves.
@jrd - OP here. the other job does not have a pension. they offer 401k but do not match. the only retirement benefit they have is RSUs, and it is ~14% of the base salary. I guess it is practically ~7-9% after tax. I'm at EMTEC and I want to change jobs because the future looks bleak for my department as more and more jobs go overseas. Scared that they will kick us all out in 3-4 years anyway and it will be harder to find a job then.
No brainer. Leave and don’t look back. If you stay you will regret it.
Far superior medium and long term prospects elsewhere. In fact virtually anywhere. Rush away whilst the offers are attractive.
Does the other job have a pension?
Take the job. Exxon is going under in the next few years. Leave while you can and build your successful career in the other company.
You will be coming out ahead. Take the job. It will be more secure than Exxon