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Petro-Canada's Total Compensation Strategy and Program - Research Paper Example

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Petro-Canada's Total Compensation Strategy and Program Contents Introduction 4 Overview of the Company 4 Compensation Program for Applications Analyst I 5 Cash Compensation 5 Benefits 5 Medical Insurance 6 Income security 6 Time off benefits 7 Pension plans 7 Life Insurance 7 Other benefits 8 Comparative analysis 8 Internal 8 External 9 Conclusion 9 Appendices 10 Appendix 1 10 Reference 13 Bibliography 14 Introduction It is imperative that large organizations are associated with better salaries while the smaller ones offer lower salaries in comparison to their counterparts…
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Petro-Canadas Total Compensation Strategy and Program
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Download file to see previous pages However, the report analyses the above compensation structure before the occurrence of the merger between Petro-Canada and Suncor Energy. The idea is to analyze the compensation package of this employee to evaluate the same for the organization. Overview of the Company It is important to provide an introduction about the company before studying its compensation structure. Petro-Canada is a public organization producing oil and gas organization and taking part in all of the upstream and downstream operations. The company is known for exploring for and producing energy not only locally but also internationally. It has as many as 1,323 retail outlets which supplies petroleum products and services across the nation (The Canadian Encyclopedia, 2011). Headquarter of the company is located at the in downtown Calgary in Alberta. In the year 2008, the total revenue of the company was $27,785,000, while its employee strength was 6,088 (Petro-Canada, 2008, p.110). The oil and gas industry in Canada happens to be highly competitive having strong competitors like Encana etc. The objective to increase strength and emerge as a larger oil and gas company the company decided to merge with Suncor in the year 2009. However, now it operates as a subsidiary under the parent company, Suncor Energy (Suncor Energy Inc, n.d). Compensation Program for Applications Analyst I The compensation package received by an applications analyst I is quite favorable (Please refer Appendix 1). Cash Compensation The cash compensation received by an Applications analyst I in Petro-Canada is CDN$75,000-85,000 (Tang, 2010). This is a much higher amount as compared to the average market rate which is $50,795 (Pay Scale, 2011). Thus it can be said that the company has a lead policy in this regard. Apart from having an attractive salary the company also has a scheme of sharing profits with employees which happens at the end of each fiscal year. The amount of the profits shared with the workers depends on the performance of the company at that financial year. As per the rules of the company an Application Analyst I is able to earn an amount of 10% of his base pay as profit sharing. In this way an employee could earn as high as 15% to 20% when the company has a successful performance in a year (Tang, 2010). Benefits Every staff in the company is subjected to the same comprehensive benefits and there is no biasness in that. Some of the benefits are determined by the company; however certain benefits schemes are subjected to more flexibility by the employees. Employees have certain amount of liberty to decide plans for the schemes. Thus, a flexible policy of benefits was developed by Petro-Canada to provide workers with the flexibility to choose their benefit coverage as per their choice. Beginning from the day the employee starts working with the organization, he is entitled to the following benefit schemes. Medical Insurance Companies generally provide benefits regarding the medical expenses of the employees. This type of benefit forms a major part in employee benefit policy. It has often seen that if the employees’ ...Download file to see next pagesRead More
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