So much in the news about Exxon layoffs. Anybody know anybody affected by them? https://www.forbes.com/sites/elanagross/2020/07/24/exxonmobil-reportedly-changed-its-employee-review-process-to-increase-performance-related-job-cuts/
Basically increasing PIP targets 😂
Yep. The increase was unrelated to the “new” performance system. When the new system came out last year there was a 3% target, early this year when company performance hadn’t improved, it was bumped up, and when oil prices cratered + COVID-19 crisis happened, went to 8%+
Bing reportedly (on blind, yeah pretty solid) did the same.
New criteria: Any engineer who didn't find oil during Q2 = Fired!
Does that mean they’re cutting dividends
Nope. They’ll do “real” layoffs before cutting the dividend. It’s the only badge of honor left on the company name.
I know a couple who got PIPd but both were already planning on leaving anyways so 🤷
Most people I know in O&G now have either an exit strategy or at least have started trying to develop skills&knowledge for other industries in case they get made redundant
https://news.yahoo.com/exxon-mobil-considering-global-job-024421301.html And it starts
I know highly experienced people getting paid well we’re PIP’d and lost there job a year and a half ago… the company went to shit from there !!
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Have a link? Across the board?