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re: Exxon Suspending 401K 6% Match in OctoberPosted by lostinbr on 8/5/20 at 9:34 pm to fightin tigers
quote:
Termination vs Layoff has more consequences than just a PR announcement
How so?
re: Exxon Suspending 401K 6% Match in OctoberPosted by fightin tigers on 8/5/20 at 9:34 pm to lsu13lsu
quote:
Anyone who has worked at a large company in the fat times knows there are plenty of underperformers who are only there because times are good.
No doubt. Also a good time to get rid of older employees that are costing the company more.
re: Exxon Suspending 401K 6% Match in OctoberPosted by fightin tigers on 8/5/20 at 9:37 pm to lostinbr
quote:
How so?
Seriously?
You even stated companies go out of their ways not to announce layoffs.
The reasons are numerous and obvious from both sides.
re: Exxon Suspending 401K 6% Match in OctoberPosted by Icansee4miles on 8/5/20 at 10:03 pm to go ta hell ole miss
quote:
start pretty big layoffs
Would you consider 8% of 75,000 plus employees a small lay-off?
re: Exxon Suspending 401K 6% Match in OctoberPosted by NewIberiaHaircut on 8/5/20 at 10:08 pm to Matt225
I experienced this for the first time in 2008. Thanks Obama! I learned to not use my 401K as my only retirement savings tool.
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re: Exxon Suspending 401K 6% Match in OctoberPosted by lsu xman on 8/5/20 at 10:09 pm to Trout Bandit
All those years Exxon made 15-20b profit, now they have a loss of 1b in a quarter, they're cutting benefits to save 1b.
re: Exxon Suspending 401K 6% Match in OctoberPosted by fightin tigers on 8/5/20 at 10:18 pm to lostinbr
quote:
(which I’m fairly certain is what he was getting at)
Probably why you shouldnt assume what other people are getting at.
Severance isn't guaranteed, nor should it be expected, in a layoff.
What is guaranteed is that XOM won't have to explain a reduction in workforce when they go beg for ITEP next time.
This post was edited on 8/5 at 10:19 pm
re: Exxon Suspending 401K 6% Match in OctoberPosted by Privateer 2007 on 8/5/20 at 10:30 pm to Matt225
Refining still making money.
It's just because upstream has been terrible.
It'll come back.
So much oil going offline. Prices will rise big time in coming years.
It's just because upstream has been terrible.
It'll come back.
So much oil going offline. Prices will rise big time in coming years.
re: Exxon Suspending 401K 6% Match in OctoberPosted by fallguy_1978 on 8/5/20 at 10:32 pm to EA6B
quote:
What is being done that is un-ethical in your opinion?
Exxon's primarily responsibility is to maximize shareholder profit.
re: Exxon Suspending 401K 6% Match in OctoberPosted by EA6B on 8/5/20 at 10:36 pm to fallguy_1978
quote:
Exxon's primarily responsibility is to maximize shareholder profit.
It should be, they are a publicly traded corporation owned by its shareholders.
re: Exxon Suspending 401K 6% Match in OctoberPosted by Icansee4miles on 8/5/20 at 10:36 pm to Privateer 2007
Don’t be so certain. The KingFlu has shown companies they employees can work effectively from home, have meetings over Zoom instead of traveling and how much money can be saved from doing so. There will be less demand for gasoline and dramatically reduced demand for aviation fuels will continue. And the corn lobby will make sure corn squeezings are a bigger and bigger percentage of our gas tanks. Fair chance the demand will never be back to pre-Covid levels.
re: Exxon Suspending 401K 6% Match in OctoberPosted by fallguy_1978 on 8/5/20 at 10:37 pm to EA6B
quote:
It should be, they are a publicly traded corporation owned by its shareholders.
It just sounds uncomfortable to people but that is the goal of every publicly traded company. They are responsible to the shareholders.
re: Exxon Suspending 401K 6% Match in OctoberPosted by Ross on 8/5/20 at 10:39 pm to fallguy_1978
I don’t know why it’s that uncomfortable. Those shareholders gave the company capital with the expectation that the company would have a fiduciary responsibility to them.
Now, I don’t think you should always screw over the workers to make sure the shareholders get theirs, but to say we should value the workers unconditionally over the shareholders is just being naive as to how companies grow to even be able to offer those jobs and benefits in the first place.
Now, I don’t think you should always screw over the workers to make sure the shareholders get theirs, but to say we should value the workers unconditionally over the shareholders is just being naive as to how companies grow to even be able to offer those jobs and benefits in the first place.
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