Almost gone are the days that COP had great benefits. They are slowly being reduced to rubble which makes COP a less desired company to work for. Higher medical expense, Less contribution to HSA and will be totally eliminated in 2018, less 401k matching, no raises in several year. I predict that pensions will be targeted next.
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It happens.
Six figures 3 years out of school. Industry is too easy
OK, you're off to Bartlesville! Your transfer papers will be on your desk tomorrow morning!
OK, you're off toBartleville! Your transfer papers will be on your desk tomorrow morning!
3icp....team building events? Are you kidding me? My employer does that once in a blue moon, and I will say that on those days I call in sick. I figure, I am not going to accomplish anything that day, so I might as well accomplish nothing from the comfort of my home.
the list does go on & on 1tuj...
for those left after the 3rd round of layoffs in less than 2 years, there are increased responsibilities & duties due to an incrementally reduced workforce (with no reduction in workload, btw)...no fkng adjustments in compensation for 3 fkng years now...reduced benefits (as per the recent benefits roadshow)...even as godawful waste continues in various forms, including the ultra-s-xay, ebony FUSE aluminum water bottles left laying around in case lots for imaginary customers who neither need them nor want them...fkng seriously? we're laying people off in droves, not reimbursing qualified educational expenses (even tho that's a documented part of our "benefits")...because we're "broke". however, our gargantuan IT bureaucracy still has budgets that include team lunches, morning snacks for supposed customers & expensive trinkets to hand out as bribes ahead of functional failures, hoping to avert attention from the fact that you are replacing working solutions with non-functional sh--e.
which part of FK have you not figured out yet?!
If you complain you'll get sent to Bartlesville before it is shut down!
Lets just think about all the perks that have gone by the wayside; for instance:
Company car allowance
House buy-back if market falls
Raises each year
Stock options which used to be a way to get rich
Paid trips to anywhere
Training
Partner meetings that didn't involve people looking at each other over a video conference system.
Team building events
Defined benefit Pension plans
the list goes on and on and on.
The noted benefits are few and far between in the workplace as a whole. The oil and gas industry historically overcompensated due to competition. Regardless, if the noted benefits are a high priority do look elsewhere; look at other companies and other industries.
Anyone on the street that is a thinking person, think hard about another career.
The failure isn't yours, it's the fault of a short sighted industry that was run to an early death.
It is as likely that oil never goes over 70 as it that it will. Everything has a season and this industry's closes in the next 20 years.
It all comes down to total compensation. When oil prices were sky high, COP was able to afford to pay sky high compensations. With oil in the $45-$60/Bbl range with limited upside, total compensations will have to be cut. It is a mystery at how COP will cut them, but it is inevitable. Cutting benefits and compensation will be part of the new normal. Everyone is currently receiving compensation that is inline for a company that makes billion $ profits - not a company that has billion $ losses. The good days are over. It is good for those people who still have jobs. However, it is unrealistic to think that the insane compensations from 2013-2015 will return any time soon.
This is an industry in its twilight. My advice to the folks in their 20's is think long and hard about the prosp crs of working the next 40 years in oil and gas.