Back in late February and early March corporations in many industries were blindsided by the Coronavirus pandemic and its impact on their bottom line. Companies in the oil & gas sector took on dramatic losses as the demand for oil plummeted. Several Oil Giants elected to cut benefits or lay people off in an attempt
As a recruiter I’m often asked about benefit packages offered by certain companies. Over the last year many Fortune 500 companies have made substantive changes to employees’ benefits with most of the changes hurting the workers. We’ve seen many large corporations choose to cut employee benefits whether that be pension, 401(k), or healthcare. Verizon created
The coronavirus has caused the oil & gas industry major strife over the last 6 months. However, corporations were struggling with their pension liabilities long before the pandemic hit. The number of Fortune 500 companies who offer a traditional defined benefit pension plan has dropped by 43% in the last 20 years. In an environment
Chevron, along with most other oil companies, is in the process of trying to cut costs to help deal with the economic downturn brought on by the Coronavirus. The pandemic hurt the entire economy, but it came down on the oil & gas industry especially hard. Chevron has chosen to conduct layoffs to try and
Chevron is in the process of cutting costs to help cope with the current recession caused by the pandemic. Coronavirus took a toll on the entire economy, but it came down on the oil & gas industry especially hard. So far, most of Chevron’s cost cutting efforts have come from layoffs. According to Reuters Chevron
Losing your job is a catastrophic event for many folks and the people around them. Unfortunately, with the current economic situation this could be a reality for a lot of people. The oil and gas industry is getting hit particularly hard right now. While these times may seem like the lowest of lows, it is
As a recruiter, clients ask me, yes a recruiter, about what they should know about their benefits. With everything going on in the market and the current health crisis those questions have become more and more frequent. Luckily for Chevron employees, current Chevron (CVX) benefits when compared to other companies may be 2-3 times better.