The real issue seems to be the colossal lack of awareness (or utter disregard) for how the $75 billion share buyback announcement and the less-than-anticipated CIP corporate factor would be received by employees. Communicating about the share buyback program, which is likely poorly understood by many, nearly at the same time that employees found out that the 1.4 corporate factor, after very healthy profits in 2022, is less than the prior year factor left many feeling bamboozled. All this time we heard about our strong performance and how important employees are to that achievement, but when it came to pony up the CIP, the BOD & our execs sure left a lot to be desired.
To those who come on this site to preach about how we should be grateful that we received any CIP at all, I would like to remind you that neither I nor my colleagues work for fun. If I make sacrifices, including working long hours, missing family events due to company travel, etc., and I contribute my expertise to help Chevron meet its objectives, then I expect to be fairly compensated. This CIP is not adequate for the performance delivered.
The issue of fatalities is a serious one. However, it very much feels like our execs and BOD are using that as an excuse to weasel out of sharing Chevron’s success with the very employees vastly responsible for it.
There are many employees, especially those in lower PSGs, for whom the CIP payout is a critical component of compensation. I’d tell the execs to be ashamed for their behavior; but that would imply they have feelings and are capable of giving a d4mn, and I think we can all agree that is not the case.