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

© Bloomberg. Darren Woods Photographer by F. Carter Smith/Bloomberg

(Bloomberg) — Exxon Mobil Corp (NYSE :). This company is increasing efforts to maintain workers and to stem high turnover rates. It offers more raises for 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. It would also be an off-cycle rise. Woods also said Exxon is “tripling the number of employees eligible for stock grants.”

Over the last two years, major attrition has occurred in this energy company. Globally, the company’s headcount dropped by 9,000 people, or 13%, last year as a result of layoffs, attrition and performance-related departures.

Exxon is not the only company facing challenges in retaining employees. The U.S.’s so-called quits rate is 2.9%. This is well over the pre-pandemic level.

©2022 Bloomberg L.P.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.