Oil and gas vs Banking

Seems rather low for oil and gas.

[Bean]

Originally Posted by Unregistered

how many years have u been in exxon? your projections dont seem to consider promotional increment..

he say 1.5years exp!!!

starting salary ~3600
after 1 year = 1.12 x 3600 = 4032
Annual =15 x 4032 = 60480, well very close to 61K..

since TS only 1.5 years exp, need to wait for 0.5 year more for the next increment of another 12%

by then with 2 years exp,
salary = 4032 x 1.12 = 4515
Annual = 15 x 4515 = 67737, well very close to 68K..

from 3rd year onward, the annual increment or (promotion if any) is based on individual performance,

TS stated PB is sub divided in 3 category, top 33%, mid 33%, last 33%..

top 33%>>annual increment ~10-12%
mid 33%>>annual increment ~5-6%
last 33%>>annual increment ~maybe 3-4%

Originally Posted by Bean

he say 1.5years exp!!!

starting salary ~3600
after 1 year = 1.12 x 3600 = 4032
Annual =15 x 4032 = 60480, well very close to 61K..

since TS only 1.5 years exp, need to wait for 0.5 year more for the next increment of another 12%

by then with 2 years exp,
salary = 4032 x 1.12 = 4515
Annual = 15 x 4515 = 67737, well very close to 68K..

from 3rd year onward, the annual increment or (promotion if any) is based on individual performance,

TS stated PB is sub divided in 3 category, top 33%, mid 33%, last 33%..

top 33%>>annual increment ~10-12%
mid 33%>>annual increment ~5-6%
last 33%>>annual increment ~maybe 3-4%

so whats the promotional increment? 20%? 25%?

Originally Posted by Unregistered

Seems rather low for oil and gas.

How much do you want?

Exxon is a very good company to work for! Many ple r hoping to be in your shoes working for such a prestigious company!

My 2cents worth is that unless u can get into FO, its better to stay in EM!

[Bean]

Originally Posted by Unregistered

so whats the promotional increment? 20%? 25%?

he never say he promoted? Anyway I dun think there will be any promotion in the first 2 years in EM...

maybe from the 3rd year onward will have promotion if he perform well...


ya I am also asking this question too:
>>when promoted, how much will be the solely promotion increment(excluding annual increment)? how many %

Originally Posted by sgengineer

Hi All,

I am currently working as an engineer at one of the oil and gas MNC. I had been with the company for 1.5 years upon graduation and my annual salary for 2011 was ~61k.

My company has a policy that new hires will have a fixed increment of ~12% per year for the first 2 years. On top of that all SG employees are given a fix bonus of 3 months regardless of company's performance. As such, I can quite accurately project my 2012 annual income to be ~68k.

Every year we have a force ranking and employees are classified into the top 33%, middle 33% or bottom 33%. This will in turn affect their subsequent year increment where the top 33% will get ~10-12% (estimate) increment, middle 33% ~5-6% increment, bottom 33% may be given very low increments.

Hence, if one is doing well in the company (consistency performing well in the top tier), he/she will be able to hit ~10k/month or ~150k/annum salary after 10 years of service. On the other hand, the average performer will be able to hit around 7k/month or ~100k/annum salary after 10 years of service.

On top of that my company position is to provide long time employment and they do not have any records of laying off employees during bad economies as compared to other oil and gas company which may pay better but had cases of retrenchment or pay cut during an economy down turn.

On the overall, what I gathered is the company I am working for provides a stable income for me to sustain a comfortable lifestyle. Moreover I typically do not need to work OT too often, maybe only about 3-4 days per month where I have to stay till 7+ pm in office.

However, I look around and see some bankers/traders who are able to make much more money and live luxuriously and that got me to consider if I want to jump over to the financial sector for that monetary reward. However I am one who value work life balance and I am worried I might regret jumping into the financial sector where the hours are always rumored to be very bad. Also, I am also considering the risk of not being able to perform in the financial sector or how the financial sector hire and fire base on the economy.

I would like to hear advices from all you fellows out there on what you will do if you are in my shoe? Be satisfied with a comfortable life, or take a risk and jump into another sector which is deemed lucrative to either make it, or break it.

Which oil and gas company is this? Exxonmobil? Shell?

Originally Posted by Unregistered

How much do you want?

To join EM is not easy, the candidate would definitely be above average, outstanding even amongst his peers at university. In EM, due to a presumably stringent selection process, everyone is above average as compared to other companies regardless of job scope. Then it is even more difficult to be a top performer.

-For such an excellent person (top performer out of a whole company of above-average persons), paying him 150k/annum after TEN years is low. In another more lucrative sector, he would be making much more, 150k/annum after only a few years.

- Consider the average person in EM, who would be above-average in another less competitive company. He only gets 100k/annum after ten years. I say this is also low.

- Considering that EM is a very profitable company, they don't pay their people as well as I would have expected.

<< Hence, if one is doing well in the company (consistency performing well in the top tier), he/she will be able to hit ~10k/month or ~150k/annum salary after 10 years of service. On the other hand, the average performer will be able to hit around 7k/month or ~100k/annum salary after 10 years of service.>>

Originally Posted by Unregistered

To join EM is not easy, the candidate would definitely be above average, outstanding even amongst his peers at university. In EM, due to a presumably stringent selection process, everyone is above average as compared to other companies regardless of job scope. Then it is even more difficult to be a top performer.

-For such an excellent person (top performer out of a whole company of above-average persons), paying him 150k/annum after TEN years is low. In another more lucrative sector, he would be making much more, 150k/annum after only a few years.

- Consider the average person in EM, who would be above-average in another less competitive company. He only gets 100k/annum after ten years. I say this is also low.

- Considering that EM is a very profitable company, they don't pay their people as well as I would have expected.

<< Hence, if one is doing well in the company (consistency performing well in the top tier), he/she will be able to hit ~10k/month or ~150k/annum salary after 10 years of service. On the other hand, the average performer will be able to hit around 7k/month or ~100k/annum salary after 10 years of service.>>

Yours is the twisted logic exactly used by our esteemed ministers to justify their astronomical pay. What makes think that past performance is a 100% indicator of future performance? Does a top student make a good employee? It's plausible, but not definite.

If this is how the world works, all top students will be billionaires.

Just want to add on based on my own experience.
EM is a very large company which is doing very well overall. The company is clearly driven by its mission to enhance its shareholder value. It has very good management systems to allow it to operate as a huge coroporation. Employee wise, they will reward people accordingly just to retain them in service, though their repsonse time to adjust based on market conditions can be slow and less flexible. However, if you are just a average performer, I can say the job can be quite secured. High flyers are transferred to different departments frequently, however pay wise may not be as high as compared to other companies in the oil/gas industry. In singapore, many senior management positions are taken up by foreigners from EM other locations. EM is constantly closing its refining business in other parts of the world, however Singapore is definitely its focus in Asia Pacific.
EM offers prestige and experience in management systems which other smaller companies may not have. There are many people left EM after 5-10 years and join other companies in the same industry, eg supporting industries. The new job nature may be different, more towards service, sales and technical, but as long as people can adapt to that change, the rewards and quality of life is usually much better than in EM. So I can say EM should be treated as a good training ground for other companies in the industry. However, I know many people still stay with EM after many years, not becasue it is a good company (EM can treat employees harshly, and the environment can be stressful and working hours can be very long), but most people are resistant to changes.