Petro-Canada's Total Compensation Strategy and Program Research Paper - 3

Petro-Canada's Total Compensation Strategy and Program - Research Paper Example This paper illustrates that 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 supply petroleum products and services across the nation. 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. 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 of the parent company, Suncor Energy. The cash compensation received by an Applications analyst I in Petro-Canada is CDN$75,000-85,000 (Tang, 2010). Thi s is a much higher amount as compared to the average market rate which is $50,795. 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.