1. Will ExxonMobil Announce Layoffs or a Dividend Cut on Friday?
There is a strong possibility that this Friday the worst case scenario could become a reality for many ExxonMobil employees. Darren Woods, ExxonMobil’s Chief Executive Officer, said in a recent town hall “These are difficult times.” Many people would consider this an understatement. It’s difficult to overstate the devastating impact of the... Read more here
2. Is ExxonMobil Laying People Off Through PIP?
Earlier today Forbes & Business Insider confirmed the rumors which had been circulating within ExxonMobil circles for the past few months. It appears ExxonMobil, in an attempt to “cut more workers without using traditional layoffs,” has adjusted its performance evaluations in order to justify more job cuts. According to Forbes... Read more here
3. ExxonMobil is Cutting Costs, Will a Pension Freeze be Next?
Over the past several months ExxonMobil has instituted a number of cost cutting measures in order to stay afloat during this tough economic time. Reuters reported that ExxonMobil has now experienced, “its first back-to-back quarterly loss in 36 years because of the drop in demand during the novel coronavirus pandemic”. On top of that Forbes... Read more here
4. Read the TRG Retirement Guide for ExxonMobil Employees
As a recruiter it is my job to put my clients in the best position possible for them to succeed. Most of the time this simply means finding a company with an employment opportunity that fits their needs. However, my clients often ask me about other factors, like their 401(k), pension plan, benefits package and... Read more here
5. First Exxon Layoffs, Now Loss of 401(k) Matching
ExxonMobil announced yesterday that they will no longer be matching U.S. employee’s contributions to their retirement savings plans. The suspension of these benefits will officially begin on October 1st, 2020. According to Reuters, ExxonMobil has now experienced, “its first back-to-back quarterly loss in 36 years because of the drop in... Read more here
6. Will ExxonMobil Stop Offering a Pension Lump-Sum Option?
The novel coronavirus has caused the oil & gas industry major strife over the last 6 months. However, corporations were struggling with their pension liabilities long before the pandemic hit. According to Mercer’s 2020 Defined Benefit Outlook, at the end of 2019 the average pension fund only had 85% of their pension liabilities covered... Read more here
7. Leaked ExxonMobil Memo: ExxonMobil Considering Job Cuts
The drop in oil prices has forced ExxonMobil to evaluate cost-cutting measures which include job cuts. According to Business Insider, ExxonMobil released a memo on Monday saying, “Unfortunately, we continue to see prolonged negative market impacts that require us to make further changes so we are best positioned to take advantage of... Read more here
8. Is ExxonMobil Exercising its "Operating Leverage"?
As discussed in our last ExxonMobil PIP article, ExxonMobil has positioned itself to potentially layoff employees through a “performance improvement plan” or PIP. A PIP is essentially a severance offer to leave the company, although an ExxonMobil spokesperson stated that employees who receive a PIP have the opportunity to... Read more here
9. Will ExxonMobil Cut Its Dividend?
Ever since the pandemic took its toll on the Oil & Gas industry, Fortune 500 companies have been scrambling to protect their dividends and keep their shareholders happy. The results have negatively impacted workers at those companies. ExxonMobil has been in the news a lot recently for taking on cost cutting measures in the name... Read more here
10. 7 Items to Consider Before Leaving ExxonMobil
Retiring or worse, losing your job is a grandiose moment. Your mind is racing and you simply just don’t know how to operate. Loss of a job, especially for those with over 20 years of service, affects the same receptors in the brain as loss of a loved one. You have been connected with ExxonMobil for 20 years and now the relationship is over... Read more here