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Started By
Message
re: Exxon Suspending 401K 6% Match in October
Posted on 8/6/20 at 8:23 am to Icansee4miles
Posted on 8/6/20 at 8:23 am to Icansee4miles
neato. some of us can see the forest thru the trees fortunately.
the personal shots. love it.
quote:
Maybe when you get a few days off from flipping burgers you will still drive to Biloxi for the weekend,
the personal shots. love it.
0
Posted on 8/6/20 at 8:39 am to gthog61
quote:
This is a good way to lose your top talent to competitors. While 6% is not a huge hit for most people, this may just be the beginning and those that can leave, will likely do so.
Exxon is known for competitive pay and benefits. If they don't reinstate the match after the company gets back on track, they definitely run the risk of losing talent....especially if competitors are offering a match.
To be frank, unemployment is almost 11% because of Covid and a drop in oil/gas prices. I would much prefer losing the match temporarily to losing valuable team members or even being laid off.
This post was edited on 8/6/20 at 8:43 am
Posted on 8/6/20 at 8:42 am to dewster
Any and everyone in that industry are probably just happy to have a job right now.
Posted on 8/6/20 at 8:46 am to Matt225
This honestly should be the first move for any company during a down turn. It is a lot better than laying people off or slashing salaries.
This pandemic will reveal a lot about companies. The larger accounting firms are going with cut the match and then moving to fake bad reviews to then try to push people out so they can avoid the layoff tag
This pandemic will reveal a lot about companies. The larger accounting firms are going with cut the match and then moving to fake bad reviews to then try to push people out so they can avoid the layoff tag
Posted on 8/6/20 at 8:47 am to dewster
We've had company wide salary reductions, 401k match removed, and no longer accrue PTO. No one is bitching because no one has been furloughed or laid off. Losing a 401k match temporarily in today's environment is nothing.
Posted on 8/6/20 at 8:51 am to tigburls
Salary reduction pisses me off a lot more than taking away a match or even bonus.
Posted on 8/6/20 at 8:52 am to Matt225
The good times are over for good
Posted on 8/6/20 at 8:53 am to Matt225
Bet that CEO's bonus isn't cut at the end of the year.
Posted on 8/6/20 at 8:55 am to shawnlsu
My CEO took a 50% salary cut, all executives took a 30%, and all salary employees got between 10 and 25% depending on classification. No bonuses. The company is currently raking in the cash and it sucksssssss.
Its what it is though. I'm extremely bitter about it, impossible not to be. Its keeping me my job though.
Its what it is though. I'm extremely bitter about it, impossible not to be. Its keeping me my job though.
This post was edited on 8/6/20 at 8:56 am
Posted on 8/6/20 at 8:55 am to GreatLakesTiger24
quote:
The good times are over for good
I hope you’re wrong.
2008 says hello....
As far as the O/G downturn there’s a dip in that market pretty regularly for one reason or another.
This too shall pass.
Posted on 8/6/20 at 9:00 am to Matt225
Nothing has changed with our company- match 401k, no layoffs, we just have about 700 employees working from home- we’ve been lucky.
Posted on 8/6/20 at 9:05 am to fightin tigers
quote:
They made 15B last year.
Useless without context. What was their profit margin? Last I checked, it was in the 8-10% range, which is really low.
Looked it up, it was about 8%. Here's the chart I used-
XOM Profit Margin
Posted on 8/6/20 at 9:07 am to dewster
Don't worry no matter how many people are laid off, or compensation is cut the execs will still get a fat bonus.
Touchdown capitalism!!!!!!
Touchdown capitalism!!!!!!
Posted on 8/6/20 at 9:08 am to DownshiftAndFloorIt
quote:
My CEO took a 50% salary cut, all executives took a 30%
Our CEO and executive board will get no bonus and no raises next year just like everyone else at the company.
They haven't touched our 401-K match, but if they do I would be fine with it for a while because I have common sense and appreciate the hell out of keeping my job during this crap.
Like all normal employees I have stock and appreciate that the leaders are doing what they can to keep the stock prices in a good place.
Posted on 8/6/20 at 9:14 am to Floyd Dawg
quote:
What was their profit margin? Last I checked, it was in the 8-10% range, which is really low.
This is useless without context. What is there normal profit margin? What is industry standard. 8-10% range looks pretty standard for them.
Posted on 8/6/20 at 9:18 am to lsusa
quote:I must be The Dude because those are my own words. Any commonality with quotes from stoner movies is coincidence.
Hey slap dick. First you’re a poser for trying to sound cool by referencing The Dude.
quote:What is unethical? Is slavery occurring? Do employees have a right to 401k match? Their books are open to the public. I think we see who the slap dick is in this thread.
....that’s not “capitalism”, that’s GREED. Without ethics, there is no capitalism
Posted on 8/6/20 at 9:19 am to UltimaParadox
quote:
Actually most companies would have just started layoffs instead
They are doing that as well, but they are borrowing money to continue to pay the dividend.
This post was edited on 8/6/20 at 9:20 am
Posted on 8/6/20 at 10:33 am to Icansee4miles
quote:
Would you consider 8% of 75,000 plus employees a small lay-off?
They didn’t lay off 8%.
Posted on 8/6/20 at 10:58 am to Matt225
They are trying to cut cost before having to layoff employees.
Posted on 8/6/20 at 10:58 am to lsu13lsu
quote:
This is useless without context. What is there normal profit margin? What is industry standard. 8-10% range looks pretty standard for them.
You’re not making the point that you think you’re making.
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