A friend asked me about the details of Oxy‘s bonus. I told him my target bonus. He asked how it worked and told me about how his company‘s bonus works. I actually do not know how Oxy‘s bonus works. How is the amount decided? Where is Oxy‘s bonus plan? I’ve never seen it.
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Cut your 20% target in half . Company performance is a percentage which we can't control. Your manager will hopefully tell you the number, for this example let's say 150% x10%= 15%. The other 10% is multiplied by a percentage that corresponds to your personal performance rating. Let's say you get strong performer which is like a 3 , no clue what this is so we will say 100%, maybe if you were a 2 it's 150% and a 1 is 200%. So add that up 15%+10%=25% bonus. This is my interpretation, but could be wrong.
For the first twenty years of my professional career, I never got an annual bonus - because my employer did not pay them. I got bonuses for special projects and achievements. (I worked for a federal agency)
At Oxy, the bonuses I have received exceeded any I received elsewhere in the private sector. As someone else stated, the process of determining your bonus (assuming you get one) is an enigma; but as someone else noted, you are not "entitled" to any bonus.
Pretty simple. Your target +/- 200%. Based on personal and company performance.
The bonus program is an enigma wrapped in a riddle. Even the people administering it can't really explain it. On a fundamental level, they give what they want to give.
Amen brother!
Who cares about the bonus. Concentrate on retaining your job and hope the stock price stays up.
At APC, a large component of our bonus was our ranking against the peer companies at the end of the year. We saw it on the computer screen in the elevator and the company webpage everyday. If we were not at the top, bonus time reflected it. Oxy is at the bottom of it's peer group, your stock price su-ks and.... you want a bonus? Bonuses are not a guarantee and your first question shouldn't be what's the bonus this year? PS...If you get one, save it away as it may be the last one you get if this boat doesn't float.
To answer the question, your bonus target is split, and half your bonus depends on performance review and the other half depends on company performance. For example, if your salary is $100,000/year and your bonus target is 10%, then $5000 depends on your performance review (e.g., if you had an above-average review, increased to $6000) and $5000 depends on company performance (e.g., if a weak year, decreased to $4500). Add them together for your final bonus ($10,500 in this example).
For the company side, on the intranet home page click the button that says "Total Spend Per Barrel" for current outlook.
Yeah, not many of us were around 37 years ago. Oxy was a different company in 1988.
The bonus is you weren't on Piper Alpha, but can still act proud of Oxy being the 'best company ever and operator of choice' Unless you are Scottish.
Oil company employees in Houston are spoiled. They should move them to a mid size manufacturing company for one day. They would come back totally appreciating their pay and benefits and work from home schedule.
Here we go again...Stock heading towards $45 and the Gen Z's in the herd want to know about their bonus. In an alternate universe where reality prevails, your bonus should be zero. Bonuses should be a balance between personal merit and achieving corporate goals. If one of the company's goals is to lose money, congratulations! Welcome to the land of entitlement.