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Attracting, Retaining and Motivating Employees
ChevronTexaco seeks to offer a competitively based total remuneration package designed to attract, retain and motivate a highly competent, global work force. We provide compensation and benefit programs that are locally competitive and tied to the performance of the individual, his or her business unit and the company. The company's goal is to maintain equitable salaries based on job responsibilities and performance. In 2002, ChevronTexaco's total global payroll was approximately US$2.9 billion.
Linking Pay and Performance
Our Performance Management Process is the foundation of our compensation practices. The process requires the annual evaluation of employees not covered by union contracts and may result in merit pay increases for those employees. Many business units have rewards and recognition programs that provide cash and noncash awards for exceptional performance on specific projects.
One element of the overall pay and benefits program is variable pay, which can provide cash payouts that are in addition to base pay and are based on a variety of metrics, including the company's performance and, for many employees, environment, health or safety measures. The availability of such Success Sharing programs and how they are structured varies across locations and depends on a variety of factors, such as local customs, regulations and the specific competitive compensation environment. The ChevronTexaco Management Incentive Plan annually pays a cash award for performance to senior-level managers. The ChevronTexaco Long-Term Incentive Plan, which rewards leaders for achieving company goals and creating stockholder value, is designed to align management interests with stockholders' interests over a multiyear time horizon.
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