Petro-Canada's Total Compensation Strategy and Program Research Paper - 1

Petro-Canadas Total Compensation Strategy and political platform - Research Paper ExampleHowever, the report analyses the above compensation structure before the occurrence of the amalgamation between Petro-Canada and Suncor susceptibility. 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 nominate an introduction about the go with before studying its compensation structure. Petro-Canada is a public organization producing petroleum and bodge organization and taking part in all of the upstream and downstream operations. The company is cognise for exploring for and producing energy not only locally but also internationally. It has as many as 1,323 sell 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 form 2008, the total revenue of the c ompany 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 high gearly competitive having strong competitors like Encana etc. The objective to amplification strength and emerge as a larger oil and gas company the company distinct 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 accepted by an applications psychoanalyst 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 step as compared to the number 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 moolah 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 avails and there is no biasness in that. virtually 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