Holy smokes if that’s true but lots of rumors flying about at the high end it would be 0.5 and likely less.
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MW announce the corp CIP to employees was 0.95 on Feb 5. --- But your boss gets to divvy up a pool of actual dollars that is based on and no real check on equity. Chevron favoritism for the popular folks and upper ranks
I think it was a 0.95 in 2019 or so, wasn’t it? The company made billions that year too
Last times the CIP was below 1 the corporation lost money that year (2020 and 2016).
I'm not saying it won't be low, because management seems to be spiteful, not am I saying that earnings are the ultimate metric, but we don't seem to be in that same realm. So far we've reported ~19 billion through Q3
@3ydh who says we are basing our budget on the bonus. I did not prepare myself and dedicate most of my awake time to the company just to make ends meet. It is for the extra disposable income.....tons of it. and bonus is part of it.
Well hopefully they do something decent for employees considering they already announce a increase up to 1.63 per share on stock by the end of 2024. To tell us we su-k then raise the dividend for stockholders is bull. https://finance.yahoo.com/news/chevron-entering-2024-cautious-note-190016834.html#:~:text=The%20company%20will%20pay%20a,a%20dividend%20yield%20of%204.18%25.&text=The%20payment%20of%20dividends%20is,share%2C%20which%20is%20quite%20generous.
It's a bonus, you aren't supposed to base your budget on a bonus.
This seems about right given the email we received from the CFO late last year about CVX performance.
- 7 seems about right, all things considered. Anything significantly less than that, like 0.5 or below, will really pi-s off the rank and file.
OP has good sources.
Axeman cutting the bonus too. Chop chop.
- 4 is already done.
When CIP was introduced the intent was to reduce base salaries by paying the "bonus" of course the "bonus" is not guaranteed so when ever the company want they can reduce the payroll by reducing or eliminating CIP.
Think about it!!!!
Its 2%
Ive been told by reliable sources.
I remember a 0.75 and a 0.8. I also remember a 1.8, long time ago. It is the highest corp multiplier I have ever got.
There are still many that remember when CIP didn't exist. When they start it, it was nothing more than free money.
- 75 was the CIP for 2020 paid in 2021
was ever cip lower than 1.0 in history at the company??? if not, then it means something for the company…
That would be similar to XOM suspending the 401k match. Serious hit to their reputation. Fortunately for them their mgmt makes better investment decisions.
And LTIP only goes to people in leadership roles. CVX is VERY selfish with it. For the lower folks, be sure you're su-king up to your supervisor so you MIGHT get nominated to receive an award. Stupidest LTIP nomination process ever....pretty useless and not providing the incentive that was intended. Comp team needs to be revamped with new leadership with fresh ideas.
Don’t worry LTIP factor will be 1.5+
Have you heard of “You get what you pay for”? Chevron best not forget this old tried and true adage when they consider what bonus and pay structure they aim to hand out this year. If it’s below my expectation, I guarantee they’ll get what they pay for.
It’s supposed to be between.75 and 2. Deviations outside of that would need to go to the board.
How is it we can buy 2 companies in recent years for north of 60 billion but when it comes time to pay or reward employees this is an afterthought
Be careful what you ask for: a decent CIP is always used by management to negate a poor structure %. The bonus is instant gratification, structural raises are much better for your long-term benefit (pension, SS, etc.).
I agree there is a historical floor, I do not see an exceptionally low cip. My 2c is if structure is very low then bonus will be ok. I was thinking .75 prior to hearing structure being so low. My money is on .93.
Troll post: The floor is 0.5, so it won’t go lower.
Retiree here, who has worked for other companies as well as Chevron. I agree with all the comments about how bad a sub-1.0 CIP would look (especially in the face of massive stock buybacks, dividend increases, and healthy corporate profit). I also agree that it is completely antithetical that management would give themselves proportionately anything more in bonuses than what the average employee gets in CIP (that is, "One Team" behavior). However, some prudent advice to younger employees, never, ever treat a bonus as a given or integral part of your family budget. It's a bonus, use it to pay off bills, pay down your mortgage, put it in your 401(k), or take the kids on vacation. That way, if indeed it is a lean year (they do happen), your family financials are not threatened.
That is a collective punishment, they use same tactics that is being employed in the middle east by their so called "allied". It should not be a surprise to anyone.
it is an important part of the compensation. not sure why many act as if it was a freebie that we get. Each company structures their package differently. In some, base salary is higher with no bonus, in others its the other way around. When I compare my compensation to any offer, bonusses are a big factor.
Feel lucky there’s a multiplier again in the real world there is no multiplier.
You should have seen my bonus before I came to Chevron! "Hey, we'll pay you the day after Christmas and here is a gift card to HEB"
@kmn, I'll take it, but won't be happy. Have to cut back further and try to save even more. Been doing this since 2020. Su-ks.
If that indeed is the case, "leadership" has explaining to do. Needs to set realistic achievable expectations that we can control to achieve at least 1.0 CIP in the future. Setting unrealistic expectations to lower hardworking employee CIP is wrong on multiple counts.
If we get less than 0.7 CIP then that would be a royal kick in the teeth B.S. sc--wing over the hardworking employees a.k.a. Christmas Vacation style. That is wrong.
- 7 absolutely expected. 0.5 or less really hurts the employees when they count on it, especially when the corporation is making billions and execs taking their LTIPs.
You’ll take what you get and be happy…
I've worked at places where a bad year meant you got a big, fat zero. I'll take whatever they give me.
That would not be ideal.