The official thread
23 replies (most recent on top)
Has anyone else heard of a 75 point requirement in order to receive CIP? I "retired" as of July 1st 2015. Did not get any bonus money, which I thought we would be pro-rated. I called local HR, and they said I needed 75 points, to call the 1 888 HR to verify points...I was 3 months short of having 75 points. Anyone else come across this?
Chevron adheres to the regional salary levels of the industry and marketplace. HR and outside consultants maintain a good pulse on the market. I won't expect any increase in salary adjustment come April 1. It's also s longstanding policy at Chevron to not lower an employee's existing salary even if the market is showing a salary contraction.
What are salary program's likely to be this year? Structural increases or zero?
Plenty others actually paring back salaries plus benefits.
There will be some type of CIP, although very low. Even during the worst of the 80s, the company made a match, even if it was only a nickel on the dollar.
Maybe 0.3 corp factor. Not zero, but not going to be good either.
@2csu, There is no legal or contractual obligation to pay the CIP. Any incentive pay is part of your overall compensation, but should not be expected. Now, some of your other comments make some sense. The business enterprise recognizes the benefits these "bonus" programs have in incentivizing the workforce. But when times are tight, it's possible we may not get one. I however, believe Chevron will payout a CIP, albeit a smaller one than last year.
I expect there is a legal obligation to pay CIP; it is a ‘contractual’ promise. So It cannot be non-zero. (anybody know ?)
Also, many (most?) of the CIP metrics have a financial value (eg: lack of safety raises expenses: fines, repairs, PR, legal, etc); failure to reward desired behavior may/will result in raised cost.
In short, a high probability costs go up when CIP goes down. (the reverse of what we need just now)
I’m not an imbecile. A higher CIP doesn’t immediately reduce costs either.
@1guu, if your guess is correct, then 0.83 (last year's factor) minus 27% = 0.60 as this year's corporate factor. It's very probable you are right.
@1ctn - agreed = they are shooting too high...
I think most of you are shooting too high. CVX stock has fallen 27% in one year. I'd think the CIP factor would fall by at least that much, compared to last year.
@1guu, let me assure you that 0.10 is not "about right" to anyone. It may well be what we get, but it's in no way about right.
I would have more respect for the company if they didn't pay cup. It nay save a few jobs.
I think most of you are shooting too high. CVX stock has fallen 27% in one year. I'd think the CIP factor would fall by at least that much, compared to last year.
.99!
We wont get 0.0 because that makes the whole CIP process redundant and the execs will want to pay themselves something. Think 0.10 is about right.
@1foz, I wouldn't have a lot more respect for management if we got 0 and you won't either when you find out they all gave themselves million dollar bonuses. We want our bonus too.
0.45 - Right out the ASS END of "MR. ED" Watson. You heard it here first.
However I would have a lot more respect for management if we got 0.
This escalated quickly - good thread
Thought Corporate last year was 1.05?
I'm not sure out of which end of the horse we will hear it, but I'll guess the corporate rating will be around 0.62.
Last year the Corp factor was something like 0.83. I'd say this year we will get between 0.55 and 0.70. The Unit award ratings must balance to 1.00, so some units will do poorly and others will see as high as 1.50. We can keep guessing or wait until Feb 3 to get it from the horse's mouth. (I'm sure there's some that will call Watson the horse's ass).
$1.00 Bob.
0.5 or less. Can't be bleeding money, have huge layoffs, and then payout big bonuses.
Corp factor O/U set at 0.7
Get your guesses in now.