SGL 15-18 have had their total comp reduced, although the company has done a good job at dressing it up as no big deal with their slide show. Basically, your vcip % goes down and your RSU % goes up and to help offset inbetween until those elevated RSUs vest there is a lump sum payment. However when you do the math the reduction in VCIP for the two lost years outweighs the laughably small lump sum payment, and the bigger the VCIP amount the bigger the loss. Further to that you lose some pension on your VCIP since that’s a smaller number now and SGL 17 and up loses their perq bonus. This was all announced the day after layoffs were completed. Congrats now you work for less, enjoy.
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@g7 gfy
@jf Nah
@an please get off COP site as you’re obviously not COP
@g7 I think you mean employee there, Einstein
Canadian employers are free to either deal with it or work elsewhere. If they don’t like those options, there’s always MAID.
@eg ICs to be capped at SGL 16 for petrotechs is my guess. Also if Canada is reducing VCIP targets, I imagine the US will too. It's all about hitting a G&A target - like always. Some will get bumped down if they are above SGL 16... talk about sc--wing people. You're to valuable to layoff but here is a pay cut and if you dont like it then adios.
Huge changes coming
@ec it's exactly what's stated. Listen to the L48 townhall video. Details weren't given but they did say a grade restructure is coming.
What was announced? I haven't anything about Grade reductions or salaries.
They've announced an ambiguous change to salary grade structure for L48. Not sure about other areas. Won't find out until the 17th.
Nuts considering exchange rate is 1.40
@OP other than RSU/VCIP + lump sum offset, any changes to base pay and SGL?
@aq the OP said they reduced the bonus, not the pay.
The EOI would have been overloaded with requests if there were a lot of companies hiring that have better benefits. The reality is COP has better than average which is why you will not be seeing people leave in droves.
Ha. We saw “compensation” on a slide deck from some org changes last month and asked if they were going to reduce our pay, and they said no. Liars. I feel like they’re going to have a lot more people leave the company after pulling something like that. It’s like when they changed to the PTO policy saying “you get two more weeks of paid time off now!” while actually it was losing 6+ weeks of paid sick leave/year. This is very discouraging to hear. Maybe you should feel better off if you do get laid off then, and could work for another company with more competitive benefits. Plus get the severance pay. Now it makes sense why we’ve had people jumping ship early.
Also, what are PERQ benefits?
@an SGL = Salary Grade Level (I think)
Whats SGL 15-18?
I’d take a pay cut over a job loss .
You might be rubbing some salt in the wounds of the people who were let go by complaining about your bonus.
Let's be real.
The V in VCIP and the second word in perq BONUS should tell you that those can be changed at any time to suit the needs of the establishment.
Paid less for more work, gotta love it!