So people talk, of course... and it seems that the biggest beneficiaries of salary increases and the expanded LTIP are people who constantly post on Workplace, attend multiple D&I meetings every week, socialize (that is, suck up) with "mentors" at Starbucks 4 hours a day... while those of us who, I don't know, do the work for this company got relatively shafted. I understand some degree of balance with behaviors, but shouldn't performance and results matter?
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What happened to rewarding performance? Kiddo, you’d need to transport yourself back in time to 1985 to begin to understand. After then, rewarding performance at Chevron started to erode and devolve.
There is definitely a MIP. I have a buddy who is a GM and he is all over it. $$$$
There is no such thing as MIP as another bonus program. There is CIP at every level and LTIP at all levels above PSG 26. That’s it. You can see the data for the most senior executives each year in the 10-K.
If you don’t have MIP you don’t need to worry about it. It’s none of your business what anyone else is paid. Do your job well and you will be compensated fairly.
Old performance system with forced calibrated ranking across multiple teams and consistent computer generated raises seemed so much better.
Now we seem completely at the mercy of individual TLs. If TL is a great leader that "aligns & inspires" and appreciates, then it works out well. If the TL is a "check the box" middle management Chevroid type, your career can stagnate & suffer, causing CVX rank & file to look elsewhere that would have never happened under better management.
@5txe, MIP begins when you become a manager (not sure what title or PSG that is in the new scheme). You're right, for those on the technical side and above PSG 25, there still is a CIP. What you should look at is that outside of CTC, there are very few >PSG25 technical types in the BUs, and extremely few above PSG26. With the Boomers retiring in 2020, even in CTC there aren't that many anymore. The other acid test is go ask someone higher than your front-line manager, guaranteed they are not in CIP.
Performance? Ha .. try brown nosing. That will work much better with lot less effort. Performance in cvx is in the eyes of the beholders in the ranking session. If any of the chums don't like you, then unfortunately you are doomed till that person moves on from ranking sessions, or gets a promotion or retires.
What happened to rewarding performance .........simple RM happened with her woke criteria disguised as D&I which ended any pretence that performance mattered.
As long as she remains performance will never matter
And at what PSG does this so called “MIP” begin? >PSG 30?? You can find CIP targets by grade to at least PSG 30 online. I know many PSG 26/27/28s that get Merit + CIP + LTIP. No “MIP” to be seen.
@3rcd, MIP is the completely unadvertised managerial equivalent of the CIP. Ever wonder why you never see your (or any) manager showing any emotion about CIP? It's because they don't participate in CIP, they have their own system. Their bonus system would make your eyes water, it makes whatever you get seem like chump change (50% salary bonus is very typical, those in higher positions can approach 100% of already-inflated salary). Supposedly this is to reward them for their "hard work". Add in the stock options @1qsy shows, and you can see how becoming a Chevron manager will make you very wealthy, very fast. Very productive? You be the judge...
MIP? Cousin of CIP? Does MIP == LTIP??
They really don’t look at the “whole” reward thing because there are those that need to be “rewarded” with the front door….
LTIP began in the 80’s. It is a stock options based incentive plan. If Chevron stock performs well, it can be worth thousands. For high level executives, it can be worth hundreds of thousands.
With this subjective performance system we have now I’m not even sure what ranking means anymore. You’re at the complete mercy of your TL and how they feel like distributing their little bucket of scraps. Couple that with a watered down PSG CIP percentage “range” instead of a target and you’re basically being hosed. Next up they’ll freeze the pension plan.
LTIP long term incentive plan
@kig: LTIP: an executive long term retention bonus, which is basically a stock option package (although it is divided into 3 parts with different specifics). Previously it started at grade 26, but this year was extended to a select few in lower grades. The realized value varies with how well the stock rises but has been about 25% of salary for grade 26, 50% for 27 and 100% for grade 28… for grades above that salary becomes progressively less important. That said, options given during the pandemic lows are now generating huge profits!
what LTIP stands for? how long its been in the company already? shame on me who is with cvx for 10+ years but dont know nothing about it!!!
The was a time under DO'R when performance and achievement were all that mattered, and (my guess) 75% of those who performed and achieved rose in the company. Under JW it was pretty much the same, although cronyism, school favoritism and high-pot mentality started to erode those numbers. Once MW took over, everything fell apart as we shifted from being an admired oil company (think "Chevron Way") to being a social engineer and slave to whatever is the trendy this year. First it was gender equity, then it was lifestyle equity, then it was racial equity now it's equity-at-all-costs (otherwise known as reverse discrimination). Throw in the 'energy transformation' (the program without a plan) to make it even more ludicrous. If you've been around long enough, you can fill in the blanks of the cutesy acronyms and programs for all of these. I've said it before, LTIP was just designed to put more money in the pockets of the favored, blend them into the MIP (the secret, but wealthy cousin of the CIP) before they were actually managers. The cultural rot in Chevron, particularly over the last decade, has been nothing short of incredible. Integrity, thy name is not Chevron.
You Chevron lifers have no idea how ridiculous this all is. The only way to rise here is to focus on internal nonsense that has zero value to actual work. I’ve never seen a more disconnected management structure.
To answer your question, under MW, performance doesn’t matter. Focus is on D&I and other social initiatives.
The basic problem is those that can do and those that have no clue go into management. Those in management, without a clue on how to get the job done, have no ability to judge effort or impact. Sadly, in such environments, those extra things that make one more visible to the assembled pea brains is all that really matters. Present your own work, demand more visibility from your direct report (rather than feeding him/her your results), and focus on gaining acbroader range of consumers (scope). If you are not in the room when your work is being “delivered” then “you” did not “do” it! Period!
Jay Johnson presumably has no complaints. According to SEC filings he sold $244 million worth of company stock in 2022. That's fair I guess, given how his upstream performance has caused the stock surge.
Raise this question with your supervisor. They can usually offer tips about improving performance or can gently let you know you will always be viewed as a "benchmark performer".
Don’t hate people for figuring out how to play the game.
How would you know the performance of all others / peers. Maybe you should show some discretionary efforts as some do, even outside of the normal work schedule. Those that do extra-curricular activities while at work may be doing extraordinary work outside of the normal work hours.