Employees & Payroll Schlumberger - Research Paper Example

Employees and Payroll Compensation is twofold: it can be a salary or a wage. Firstly, the salary is the amount of money paid for a particular job irrespective of the hours worked while wage is the amount received on the prospect of hours worked (Priz, 2005). On the monthly basis, salaries shall be payable in respect of the normal payroll strategies. For instance, the initial term executive base salary was US $ 108,334.00 on the other hand the secondary term was $ 81,250.00 per month. Moreover, annually, the executives participated in health, insurance and welfare programs that are stated as US $ 1,300,000.

Eligibility to accrue benefits and profit sharing program during the term of office for the executive shall be US $ 1,300,000 on an annual basis. Executives will participate in incentives plan during the initial term at a 100% basic pay level range however; there will be no participation during the secondary term (Veinot, 1999). In the normal operations of duty in regard to the company the executive will be reimbursed for any amounts incurred such as travel expenses under his duty at work. Intended to retain trained, experienced and able employees, attract new others and stimulate the active interests of persons is an options plan.

Three members were appointed by the board of directors where neither of them is neither an officer nor an employee of the company and no eligibility to receive stock options under his tenure (Nehauser & Donovan, 2007). Persons who are to participate are to be employees of the company or a subsidiary corporation. In case of retirement or where on is involved in a detrimental activity, it is the discretion of the committee to forfeiture the options. 12,000,000 shares of common stock issued at a par value of $ 0.

01 will be subjected to the options plan. The initial term will begin on the effective date, February 9th 2010 till December 31st 2010. Similarly, the secondary term commences on January 1st 2011 till January 31st 2014. Executives affirmed to devote 100% of their time to the business of the company in the initial term. Comparatively, 50% time was to be devoted in the secondary term. There are a number of union labor agreements like the one formed in Egypt and Norway just to mention to cater for employee needs (Gunderson, 2000).

The organization chart was descending with Paal Kibsgaard as the chief executive officer; below him was Simon Ayat, Chief financial officer and executive vice president. There were also three presidents, Aaron Gatt Florida, Jean Francois Poupeau and Patrick Schorn in charge of characterization, drilling and production respectively (Ball, 2002). In addition we had different presidents in charge of technology, operations and communication. The levels of education were university graduates to be able to understand the general operations of the company.

The executives in the schlumberger limited are to enjoy insurance plans example medical, short and long term disability, welfare schemes and health benefits. Also, incentives plan of 100% on the base pay was enjoyed. Executives would receive cash within 30 days after the effective date during their vacation (Braggs, 2004). Work Cited Ball, C. A. (2002). Take charge of your workers compensation claim an A to Z guide for injured employees (3rd ed.). Berkeley, CA: Nolo.com. Bragg, S. M. (2004). Accounting for payroll: a comprehensive guide.

Hoboken, N.J.: John Wiley & Sons. Gunderson, M. (2000). Workers compensation: foundations for reform. Toronto: University of Toronto Press. Neuhauser, F., & Donovan, C. (2007). Fraud in workers compensation payroll reporting how much employer fraud exists : what is the impact on honest employers?. Sacramento, CA.: California Commission on Health and Safety and Workers Compensation. Priz, E. J. (2005). Entrepreneur magazines ultimate guide to workers compensation insurance: secrets for reducing workers compensation costs.

Irvine, CA: Entrepreneur Press. Veinot, S. (1999). Management review of the deferred compensation plan program. Seattle, Wash.: The Office. Top of Form