Thread regarding Chevron Corp. layoffs

So inept.

@6gol, similar situation. Back in our day, Chevron was a revered and respected company, one which developed careers and rewarded people for their performance. Now it looks like Chevron is a parody of itself, worrying more about social media trends and perversely tweaking its staffing to look like some mythical California utopia. Is it just that SR and MW only worry about what the wine-and-cheese set think about them, or are they just so inept?

I retired under the EOI. One thing I have never had an issue with was compensation. I retired as a 23 and with salary, CIPS, and benefits, we are some of the most highly compensated employees in the US. In fact, with retirement we are in the top percentile of wealth in the US. My issues were all the various flavors of the day executives were sold that sapped real productivity, and don’t get me started on useless meetings.

My median compensation also decreased, and I’m not even on the payroll anymore.

Just wondering about trends - has the median compensation (however it's defined) been dropping since we unloaded all those high-priced Boomers in 2020?

The only salary that matters is your own, not the average, not the median.

Compared to Costco apples-to-apples retail: Chevron gas station pay: Store Manager ($65,208), Gas Station Attendant ($33,134), and Cashier ($32,572). Obviously, Chevron end downstream also has higher management positions, which probably bring the medium higher. Chevron Technology Center salaries would need to be compared to other tech companies and field operations salaries to equivalent construction companies: total company median pay mixes too many different types of positions to be meaningful. Simularality changes in the whole company medium salary do not mean much without accounting for workforce changes: If we sell off retail opperations median salaries might increase even if average individual salaries go down.

I go there for the hot dogs bruh

Costco a wildly popular employer (and retailer) with outstanding employee benefits. They have been named a top employer in the country many times. You won't meet many complainers there. A friend of mine worked there in college, stayed on, and rose to management. As a retailer you won't see high salaries for clerks, etc as those jobs are unskilled. Anyone can pack boxes at checkout, jockey carts or stock shelves.

Comparing Costco salaries to Chevron is pretty silly. How many advanced degreed workers does Costco hire relative to Chevron?

I mean F the horse I rode in on

In Costco 2022 proxy statement, they report their median employee pay is $45,450. That is barely a quarter of Chevron median pay of $161,488 (28.1% to be exact). OP can go work there, I’ll stay here.

And F the horse you rode in on

Why so upset about the definition of median? I did not see poster suggest mean was better than median, just that comparing median (or mean, for that matter) to the largest number in a data set does not tell you anything very useful. In a normal distribution the outer elements of the “tails” (both upper and lower) are often orders of magnitude different than the midpoint. No surprise there. In a data set with tens of thousands of elements that is frequently be the case. Statistics is a simply a mathematical discipline, not something that should generate emotion.

F this place.

"There is ONE employee who is identified as the median employee in the ENTIRE company"... LOL! Look up the definition of "Median". It is a better general metric than "Mean" for a lot of reasons: Particularly when a few at the top make orders of magnitude more than the average..

@1vuu, absolutely correct. This is a shell game. Chevron counts employees in Angola, Buenos Aires, the Philippines, and other 3rd world countries who earn pennies, and then goes through financial gyrations to hide or exclude management compensation (says so in the article). They also use the smokescreen of "we don't know how much those stock options will be wirth" (oops! "worth") to pretend that $50 million in stock options, well, might only be worth $49 million when they're cashed in. Check prior SEC filings, that's virtually never the case, it's always a substantial windfall.

That the CEO's compensation (and, by association, all his cronies in high management) goes up while the average (or "median") compensation for frontline workers goes down speaks volumes about how much SR cares about you. What's fair? Tie senior management salary increases to the average employee increase, and set aside a proportional number of options in a trust fund of sorts, money to be divvied out to employees at the same time management cashes in theirs.

You seem to have a deep understanding of statistics, stating that the median is the middle employee. I guess you would have preferred they report the average salary, which would be enormous because you add in management with all their many millions (MW was close to $100 million total compensation!).

“ Except for tech,”

Tech employs several multiples of number of people than the oil industry. Saying “ Except for tech” is like saying “except for Permian” when describing the US oil industry.

Todays corporate CEO Is an absolute ruler who rules without checks and balances. The power he has over his own pay is unimaginable to us plebeians.

@zru+1 if you read the SEC rules, and the Chevron disclosures, on how median pay is defined you’ll see this is essentially a useless number. There is ONE employee who is identified as the median employee in the ENTIRE company, and it’s that person’s pay that is used in this calculation. Certain countries or types of jobs are excluded from the data set, M&A changes the portfolio and workforce, etc. It’s a silly and worthless reporting exercise, that tells you nothing. Look at your own paycheck, raise and bonus.

Two points: 1) Except for tech, degree-for-degree you do better in the oil industry than any other industry, particularly for petrotechs. Our product is that much more valuable, even compared to pharma. 2), but the bad news is, we're in a declining industry (peaked around 2013), so our median compensation (shouldn't that be "pay"?), inflation corrected, will continue to drop in the coming years as the allure of the industry slowly fades.

I graduated with a lot of smart people who went to work in industries that don’t pay anywhere near what I make in oil & gas. They’d trade places with me any day,

The average Costco worker makes above median wage. What’s your point?

You are still better compensated than most of the people working in the US. Including those with college degrees. You also have an excellent 401k program and a pension. Gimme a break!

Let this be a warning to the young people looking to join this company.

There is a cabal at the top looking out only for themselves, if you have the confidence (or the family relationships) to reach there this is the company for you.

For the rest of us … it’s just a (increasingly small) paycheck