Compensation, benefits and well-being
Our compensation and benefits philosophy and the overall structure of our programs are designed to reward all employees who contribute to our success. We offer competitive, performance-based compensation packages, follow global equitable pay practices and provide family-friendly benefits that support employees through all stages of their life.
Compensation
Our compensation programs are generally comprised of a base pay rate, the annual Variable Cash Incentive Program (VCIP) and, for eligible employees, the Restricted Stock Unit (RSU) program. From the CEO to the frontline worker, every employee participates in VCIP, which aligns employee compensation with ConocoPhillips success on critical performance metrics and also recognizes individual performance. The RSU program is designed to attract and retain employees, reward performance and align employee interest with stockholders by encouraging stock ownership. Our retirement and savings plans are intended to support employees’ financial futures and are competitive within local markets.
Global equitable pay practices
We have global equitable pay practices that strive to ensure the compensation of every employee reflects their talents, skills, responsibilities and experience and is competitive within our peer group. We routinely benchmark our global compensation and benefits programs with local markets to ensure they are competitive, inclusive and aligned with company culture, and allow employees to meet their individual needs and the needs of their families.
Benefits
Our global benefits are competitive, inclusive and align with our culture. We provide family-friendly policies such as flexible work schedules, a hybrid office work program, competitive time off, paid leave to care for seriously ill family members and parental leave in many locations. Combined with our maternity benefit (eight weeks), new birth mothers in the U.S. are eligible for up to 14 weeks of paid leave.
In the U.S., we partner with employees who participate in the ConocoPhillips medical plan to promote accountability for personal health through our Health Improvement Incentive Program. This voluntary program encourages healthy behaviors, provides insights into potential health risks and offers opportunities to improve overall health. Employees can earn incentives toward medical premiums by completing a series of steps, including a mental well-being incentive. In 2023, over 80% of participants completed a biometric screening, of which 85% earned the mental well-being incentive.
Well-being
Our global well-being programs are designed to educate participants and promote a healthy lifestyle and culture. Exercise facilities, healthy food choices and various wellness programs are available to our employees at many locations. Each year, we host a global well-being competition featuring health and wellness activities called the SPIRIT of Wellness challenge. In 2023, ~1,200 employees participated as individuals or as part of a team, recording daily activities, earning points, and tracking their progress on individual and team leaderboards. Participants worldwide benefited from interactive presentations and events focused on four key areas: Physical activity, nutrition, mental health and lifestyle improvements. The program challenged participants to prioritize their well-being by incorporating healthy and sustainable components of wellness into their daily routines.
All employees have access to our employee assistance program (EAP), and many of our locations offer custom programs to support mental well-being.
