Enbridge profits around $500k per employee. This is almost double the average of the large North American energy corps.
Last 4 quarter net income of around $6b. Around 11-12k employees.. 500k a pop. Every employee should know this number.
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No businesses work like that. If I owned an auto shop, and it was wildly successful, with all time 100% booked and with costs minimized through efficient operations and proper management, I would still only pay the mechanics what mechanics earn. I would pay at the top of the range under those circumstances, but I wouldn't suddenly go outside of the band.
As somebody said below, Enbridge isn't "a collective". They buy services from their employees at rates appropriate for their roles.
'Are we well paid compared to others?' Is one way if looking at it. Another is 'can we increase pay to reflect the value our employees are creating without having a major impact on growth and dividends? That answer is yes, given the last couple of years performance. Benchmarking at 50% is just a cost containment strategy that the industry collides on.
I would agree it's not a useful calculation. The question to ask is, "are the employees paid well compared to their peers in other similar organizations?" And of course, the answer, "Yes".
Enbridge is not a collective. The annual bonus includes the company's profitability in the calculation.
If the company is financially successful it means continued dividends, the flexibility to expand and adjust with lower debt burdens, and insulation from shocks due to disasters.
Sorry if after annual wage increase can reduce pay by 3% when corporate profits were down a year + ago in 2020.
Then do not have the decency or respect to employees to offer an additional increase when profits return in 2021.
That’s shows employee value
Enbridge employees are all paid market rate compared to their equals at all other oil and gas companies. They are well paid and no need for an increase
Of course this post isn't meaningless. Pay your people more to reflect the value they bring to the organization. If that leads to a $2.9 billion profit instead of $3billion, I'm sure the shareholders will survive, but it would make a huge difference to employees, especially new younger employees who aren't sitting on a $1 million dollar house with a 100k mortgage left.
So have most Oil and Gas stocks for the past two years. Believe me no fan of Monaco, but share price would be the same no matter who is in charge.
If only that profit translated to a better share price. Since AM took the CEO spot our shares have been in the toilet.
This post is meaningless. Enbridge is a publicly traded company. Thus profit belongs 100% to the shareholders. That is all that matters. So as a shareholder I am quite pleased by the profit.
Too bad AM takes about 50 peoples worth per year.