Exxon Mobil gave massive pay raise to employees

Exxon Mobil has announced a significant increase in the salary of its workforce. The company posted highest ever quarterly profit in the last quarter. Hence, the company has awarded the biggest average salary reward since 2015. Furthermore, the Texas based oil giant has also provided a salary boost of 10% to its top executives.

Average 9% increase in wages

ExxonMobil Corporation is an American multinational oil and gas corporation headquartered in Irving, Texas. Recently, the company has posted huge quarterly profits and taken the strategic initiative to transfer this to its employees in terms of massive salary raises. According to a Bloomberg report, the oil company has announced an average pay increase of 9% to its workers. Moreover, the promoted workers will get an additional 5% increase to the average raise. Furthermore, Exxon has also pledged to issue restricted stock options to 14,000 employees worldwide. Therefore, more than 20% of its workforce will have restricted stock options. Last year, around 5,000 employees had the stock options benefit. According to company’s spokesperson Amy Von Walter, this is the largest salary raise in the last 15 years.

“Our company performance reflects the hard work, commitment and perseverance of our employees. We take great pride in the exceptional business results our teams delivered despite it being a time of uncertainty and significant change.” Von Walter told Bloomberg.

Significant wage increase for top executives and performers

Alongside, Exxon Mobil said in a regulatory filing that that have raised the salaries of its top executives by 10%. Previously, U.S. employees received a one-time cash payment worth 3% of their annual compensation in June this year. Significantly, some of the top performing employees got promoted and received salary raise of 15 percent to 25 percent. Exxon Mobil raised the salary of its CEO from $1.7 million to $1.88 million per annum. Similarly, the company has also increased the annual salary of its chief financial officer. All new salaries will take effect from 1^st of January 2023.

Oil industry companies are reporting record profits in wake of Russian war.

Browse for job opportunities in United States

Keep up with the latest employment news across United States