So, the messaging in Town Halls is the integration has exceeded all expectations….but prepare for lower bonuses! Cash flow increased by 700% and everyone has to work 12 hour days just to keep up, but sorry…bonus targets are now 20% lower so any motivation you may have had is now vaporized by management! We’re making money hand over fist, but just be happy we didn’t cancel bonuses all together!
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It’s very clear. The most important thing to AP is meeting the integration targets communicated to the market by 2022. They got scared when employees revolted when it was leaked of retention bonuses to only the friends of the well connected. They had to create something to calm everyone down which was the 1.2 by 22, but they don’t intend to spend more money and risk the integration cost saving targets by 2022. The money will obviously come from lower bonuses this year and next. Wake up ! This is Cenovus! The quick aggressive reactions below confirm it.
Word is that legacy HSE bonuses were mediocre at best, and not in the same ballpark as Cenovus. So they might just be taking advantage of that fact and trying to set a new baseline, without actually setting a new baseline. i.e. keep actual bonus targets the same but lower the performance ranking targets by 20-30%. Pretty slimy given the increases to stock price and cash flow in 2021.
Calling out your cr-p…
It’s pretty clear they plan to tank bonuses for the next couple years to at least partially offset the big payout coming from the synergies incentive bonus! The big wigs will make damn sure that gets paid out to further pad their bank accounts…so funding it by ensuring employees get the shaft for the next couple years appears to be reality. It’s literally been in the messaging of every town hall…expect lower bonus targets for each performance ranking! So, I guess you are daft for thinking employees would possibly benefit from the synergy incentive AND regular/historical healthy bonus payouts.
… Mrs. Helen Shirley : You didn't! Well, of all the cheap lousy ways to save a buck!
SWAT Commander : That's pretty low, mister! If I had a rubber hose, I would beat you...
Mr. Frank Shirley : Sometimes things look good on paper, but lose their luster when you see how it affects real folks. I guess a healthy bottom line doesn't mean much if to get it, you have to hurt the ones you depend on. It's people that make the difference. Little people like you. So, Carl... whatever you got last year, add... 20%
Shouldn't you women be wrapping presents and planning dinner
And engineers have the social skills of a Dwight Schrute from the Office tv show.
That makes sense. Accountants have the social skills of a ralph wiggum.
I work in accounting and my cat's breath smells like cat food.
Whistle-blower moment... you are clearly not in the know and likely don't even work at the company.
You are either a troll or an awful accountant.
In either case just stop with the mis information and inaccuracies.
What the heck?!? So your telling me the scorecard has been off by 50% from actual results in the past!! Wtf! Good job accounting.! Sc--w us all! Learn to count!
Lots of name calling as well so I think I believe the whistleblower on this one
There goes Big N and his gimps again.
I also work in accounting and we have been asked to adjust the accuracy up by 50 percent based in the actual performance of the company relative the the board of directors approved score card. Your post only confirms how d-mb and speculative you are. I am so glad the company doesn't actually trust you with real accruals... id--t.
I work in accounting and we have been asked to adjusted the accrual for the bonus down by 50% the amount accrued for the 1.2 by 22.
Rumour is that we will be asked to do the same next year for bonus as well per the budget, so that’s where the money will come from to fund the 1.2 by 22 bonus.
Reduce the bonus over 2 years to recycle it as 1.2 by 22. It angers me that they treat everyone like this that they are not smart enough to see through this manipulation.
Yes, 1.2 in 22 is additional to regulate bonus, however the new performance bonus structure includes two changes:
- . Some job functions received new lower bonus targets.
- . Falling into any given performance bucket doesn’t carry the previous bonus target. You could get ranked as meets expectations, but that doesn’t guarantee you will receive your bonus target anymore! In fact they are saying expect 20% less than you would normally receive. So now a 100% target gets reduced to an 80% payout!
This will be the new bonus model, even after 1.2 in 22. Now who’s the daft one?
You must be a bit daft... the Synergy Incentive program is over and above the bonus which will benefit from the same based on the corporate score card. Most employees will get both... even the mo--ns.