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| Economy |
| Exxon CEO Promotes Salary Hikes In Attempt To Get Employee Attrition Under Control |
| 2021-10-27 |
| [ZERO] It appears that not even oil supermajor Exxon, who has recently been struggling with its image as a fossil fuel company during the age of ESG, is immune to labor shortages. The company is in the midst of considering salary hikes for its workers as a means to combat attrition across its business divisions, a new Bloomberg report revealed this week. CEO Darren Woods told employees they should be "encouraged" by the salary review process. "The policies we’re putting in place will get back to where people can begin to see a different path going forward than the path we came out of in 2020," Woods told his team at a October 20 town hall meeting, according to the report. He didn't indicate the size of any potential pay hikes, nor did he note which employees would be eligible. A company spokesman said that the program could alter salaries, promotions and retirement benefits. "We anticipate 2022 will follow our typical annual salary and promotion process, with industry benchmarking informing decisions about our 2022 salary program in advance of a January 1 effective date. We are recruiting, hiring and backfilling roles," company spokesman Casey Norton said. Due to the pandemic, and the ensuing crash in oil, Exxon went from being one of the country's highest paying employers to imposing large job cuts and suspending matches to employee retirement programs. |
| Posted by:Besoeker |
| #2 If history is any guide, they do not want back the employees they got rid of over the past five years, they want to replace them with ones with 5-10 years experience, lower short-term cost and longer future potential. Then in 5-10 years they will get rid of half these new people. |
| Posted by: Glenmore 2021-10-27 11:21 |
| #1 Blows my mind that most employers are still acting like it's a buyer's market. |
| Posted by: Angstrom 2021-10-27 10:44 |