Economy & Business

Exxon Battles the Silicon Valley Brain Drain

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. Read more…

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