Exxon Plans to Raise U.S. Wages 3% to Stay Competitive

(Bloomberg) -- Exxon Mobil Corp. is upping efforts to retain workers and stem high turnover rates by offering more raises and perks to its U.S. workforce.

The oil major will raise wages 3% in the U.S. in June “to maintain competitiveness,” Chief Executive Executive Darren Woods said on an earnings call Friday after reporting first-quarter results. That would be an off-cycle raise. Woods also said Exxon is “tripling the number of employees eligible for stock grants.”

The energy giant has suffered major attrition over the past two years. Globally, the company’s headcount dropped by 9,000 people, or 13%, last year as a result of layoffs, attrition and performance-related departures.

Challenges retaining staff extend beyond Exxon. The so-called quits rate across the entire U.S. is at 2.9%, well above pre-pandemic levels.

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