Employee Benefits & Engagement
In 2020, we expanded our paid family leave benefit from eight to 12 weeks for primary caregivers and from two to six weeks for secondary caregivers. We also created a Workplace Flexibility Program to allow eligible employees the opportunity to work from home up to two days per week coupled with our existing option for a 9/80 flex schedule.
Our success is based on financial performance and operational results, and we believe that our compensation program is an important driver of that success. The primary objectives of our program are to pay for performance, pay competitively and encourage long-term shareholder value.
To accomplish this, our compensation program is designed to reward employees for their performance and to motivate them to continue performing at a high level through both absolute feedback and relative performance assessments. The annual cash bonus is our short-term incentive for eligible employees, which reinforces both corporate and individual annual performance and prioritizes both financial and operational metrics. Eligible employees may also receive long-term incentives in the form of restricted stock awards that vest over multiple years to support retention and aligns employee interests with those of our shareholders, by driving value at the enterprise level. We provide market-competitive pay levels to attract and retain the best talent. We regularly benchmark each component of our pay program, including our benefit program against our peers and a broader subset of the oil and gas industry, to ensure we remain competitive.
Due to the challenges caused by the COVID-19 pandemic, including material reductions in the employee workforce, performance metrics and objectives in our annual cash bonus were revised to align with the company’s modified business plan for the remainder of 2020 and only absolute feedback was provided at the individual level. This resulted in a flat percentage bonus based on company performance paid to all employees. Read more in our Pandemic Response Highlight.
Additional benefits can include health, dental and vision assistance plans for employees and their families, including domestic partners and children of domestic partners in the United States; retirement savings plans; adoption assistance; vacation; paid holidays; sick pay; life and accident insurance; leaves of absence; educational reimbursement; matching gifts; workplace giving; and a volunteer incentive program. To see a full list of benefits visit https://www.mrobenefits.com/
Marathon Oil values the health and wellness of our employees and their families. Our voluntary wellness program, established in 2007, offers programs and incentives to employees to encourage healthy lifestyle behaviors and improve their overall health.
Through Well onTarget from BlueCross BlueShield of Texas, employees can choose from several activities to understand their health status and potential risks and learn practical steps to improve or maintain their health.
Marathon Oil also offers employees free biometric screenings, an employee assistance program (EAP) that provides confidential counseling and fitness discounts. In 2021, we enhanced our EAP to include new full-spectrum digital self-care tools to help with common concerns from managing stress, anxiety and depression to improving sleep and mindfulness.
We generally conduct a full employee engagement survey every two years. Our most recent employee survey was conducted in 2018; our 2020 survey was postponed due to COVID-19. We conducted a pulse survey in 2021 and plan to conduct a full employee engagement survey in 2022. In addition, we conducted a Total Rewards Survey in 2019, which provided helpful input into our decision to expand our family leave and flexible workplace policies in 2020.
We also host monthly all-employee meetings and more focused employee workshops and ask for feedback from employees before, during and after these presentations. We encourage employee feedback and input when developing new employee tools and gather social intelligence wherever possible to inform our employee programs and policies. Our employee resource groups also offer continuous opportunities to engage employees.
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