Move to Midland they said. We will pay you a 20% premium they said. Then they cut the premium. Meanwhile the house I sold in Houston is now worth 50% more while my house in Midland has barely gone up in value. Huge loss of wealth to me and my family by moving to Midland. Thank you ExxonMobil. May I have more? Way to reward us for working our as--s off out here in the desert. https://www.texasstandard.org/stories/if-you-live-in-midland-youre-feeling-it-west-texas-city-experiencing-worst-inflation-rate-in-the-u-s/
12 replies (most recent on top)
Dude this is the second time you post about this… get over it and just buy in Far East spring or greenspoint
Yes, all moves come with risk….however….
If you are on a relocation plan, the least the company could do is hold that plan constant for the duration of your assignment.
People make big life decisions when relocating. Yes, there is a ‘coin flip’ element to the housing market…fine. But I bet OP probably felt it was worth the risk with the pay premium. Then the pay premium is taken away.
For the folks commenting on ‘all their moves.’ Have you been on assignment with locked-in lease costs, just to have the company halve your allowance? Or decided to keep you home, find yourself paying double-house costs out-of-pocket because you couldn’t find a renter right away? Or had your kids in a really expensive school (with critical language support) just to lose most of the tuition allowance within a year? …welcome in the 2020 policy changes….
It is an awful feeling. And when it happens once, even if you survive, you dread than annual benefits email….as it could be innocuous….or….you could be looking for a new school for your kids (with all the associated tears of losing friends.)
So full sympathy OP. Agree you won’t win every time, but I recognize the loss of trust folks are experiencing on these assignments. And that trust isn’t rebuilt just because some of the package-changes have settled down.
That’s one reason you are seeing an increase of BTC employees being transferred to Midland. Any assignment out of India is a goal for most at BTC and the company screws them on the expat pay.. look for more of this over the coming months
I've relocated more times than I care to think about, I've lost and made money on houses, probably break even throughout the years If you're a good employee and willing to be where the company wants you and when they want you there, you'll be generously rewarded. My house has long since stopped being my biggest asset.
I'd also like to see you whine to a refinery manager, they relo like crazy and don't get paid anywhere near what upstream makes.
Sorry dude, but you made a bet and it didn't work. Now you have to deal with the consequences. Remember: You are responsible for the consequences of your decisions. Good luck to you.
Greed is the only game at ExxonMobil. First world problems
The Company should protect you at 98% if what you paid for your Midland house when you sell it. Opportunity loss from the Houston real estate market upside is not covered. I've been on both sides of that coin, moving into a hot market and making good money as well as being protected after a couple of years in a down market. The best one was hitting the peak of a hot market, accepting the Company buy out and watching prices readjust down 25%. The Company owned that house almost a year. In any case, Midland is an expensive sh1th0le. You knew that going in.
I would actually try giving that one a shot with HR and management, in a well-thought-out manner and with data. Right now, you might actually make some headway.
Yes - I totally agree. This is 100% unfair and the company couldn't care less.
No wonder people are quitting in droves.
I hope it works out for you.
@OP Are you a member of a highly evolved, altruistic, humanoid species from another planet?
I’m asking because I can’t think of any other reason why any reasonable person would believe anything that any corporation told them, especially ExxonMobil.
But the development planning manager says inflation is temporary!
Don’t forget this gem of an article https://www.bloomberg.com/news/newsletters/2022-05-11/worst-inflation-in-us-has-midland-texas-gas-and-food-prices-surging#:~:text=Inflation%20in%20Midland%20has%20hovered,well%20above%20the%20national%20average.