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Exxon\Mobil Suspending Employer 401K Match
Posted on 8/5/20 at 7:03 pm
Posted on 8/5/20 at 7:03 pm
Effective in October. How widespread do you think this will be? Many people assume that the employer match is a corporate obligation rather than discretionary.
10
Posted on 8/5/20 at 7:31 pm to Drury01
It's an employers market right now for the most part and some of these companies have to cut costs by all means.
Ours did the same a couple of months ago. Not getting that 8% match while the stock market was down really sucked. But what are you going to do
Eta: some XOM employees found out in the media. That's just poor form.
Ours did the same a couple of months ago. Not getting that 8% match while the stock market was down really sucked. But what are you going to do
Eta: some XOM employees found out in the media. That's just poor form.
This post was edited on 8/5/20 at 7:47 pm
Posted on 8/5/20 at 7:32 pm to Drury01
Definitely hard on employees. However, if that means saving jobs then i look at that as a positive.
Don't have a job. Don't get a match.
Don't have a job. Don't get a match.
Posted on 8/5/20 at 8:06 pm to Drury01
It’s pretty laughable to hear about some people being pissed about this and talking about leaving the company when things get better
Posted on 8/5/20 at 8:18 pm to kaaj24
quote:
Definitely hard on employees
Disagree 100%
quote:
Don't have a job. Don't get a match.
Agree 100%
Posted on 8/5/20 at 8:24 pm to GeauxGutsy
quote:
Definitely hard on employees
quote:
Disagree 100%
Posted on 8/5/20 at 8:31 pm to Drury01
Let’s hope other companies don’t follow suit. Perhaps it’s just temporary.
Posted on 8/5/20 at 8:34 pm to Cycledude
Wow.
Makes me glad to still get a little bonus. Last quarters was about 10% of normal but they wanted to give us something.
Get another small one Friday. Grateful I am.
Makes me glad to still get a little bonus. Last quarters was about 10% of normal but they wanted to give us something.
Get another small one Friday. Grateful I am.
Posted on 8/5/20 at 8:39 pm to Drury01
Exxon offered a pension and a 401k match. That’s unheard of basically. I understand employees being upset but come on
Posted on 8/5/20 at 8:58 pm to Civildawg
Yeah losing match wouldn’t be much of anything to sweat in the current job economy. Especially in Oil/Gas.
Posted on 8/5/20 at 9:18 pm to Drury01
Our management has brought up suspending our 401K match as well but they haven’t pulled the trigger thus far.
Our Q1 bonuses were deferred, we are actually paying Q2 bonuses next week but with a 50% holdback.
Our Q1 bonuses were deferred, we are actually paying Q2 bonuses next week but with a 50% holdback.
Posted on 8/5/20 at 9:41 pm to Drury01
The problem with this type of blanket approach to cost control is it affects the best employees in the same way it does the bottom 50% of your employees.
This type of action can be one of the triggers for a corporate death spiral. Why? Because your outstanding employees really do have options and will leave at a time of their choosing. Your less valuable employees do not and will make up a significantly larger percentage of those that remain.
A better option is to fire the least productive. Providing of course that your management is competent enough to know the difference.
This type of action can be one of the triggers for a corporate death spiral. Why? Because your outstanding employees really do have options and will leave at a time of their choosing. Your less valuable employees do not and will make up a significantly larger percentage of those that remain.
A better option is to fire the least productive. Providing of course that your management is competent enough to know the difference.
Posted on 8/5/20 at 9:56 pm to molsusports
quote:
Providing of course that your management is competent enough to know the difference.
Posted on 8/5/20 at 10:01 pm to Drury01
My company suspended quarterly bonuses but for now the 401K match hasn’t been changed. Lose more with the bonuses not being paid but I’m happy to still have the match.
Posted on 8/5/20 at 10:09 pm to Phate
One of the differences is that in general, bonuses are considered a portion of variable pay thus it is expected for bonuses to decline during poor economic times. 401K match is generally not considered part of the variable portion of the total compensation. It still makes sense during these very abnormal times to re-evaluate all businesses costs. I would feel a lot better with losing 401k match during a COVID impacted economy versus normal business cycles or due to poor decisions by the company management.
Posted on 8/5/20 at 10:37 pm to bod312
No bonus, cut the match and a 12% paycut. 
Posted on 8/6/20 at 6:36 am to molsusports
quote:
Because your outstanding employees really do have options and will leave at a time of their choosing.
I kind of get your point, but in this market we are dealing with and will be dealing with for quite some time, where will these people go to?
Posted on 8/6/20 at 9:03 am to notiger1997
quote:
where will these people go to?
Tesla, Apple, amazon, Walmart, Facebook...
Posted on 8/6/20 at 9:06 am to Drury01
My employers stopped matching in April....
easiest way to shed payroll costs, without effecting on the check pay or laying people off....
easiest way to shed payroll costs, without effecting on the check pay or laying people off....
Posted on 8/6/20 at 9:07 am to C
quote:
Tesla, Apple, amazon, Walmart, Facebook...
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