Our overarching human resource mission is to provide the right people with the right values, at the right place, for the right time to help us deliver on our business strategies and objectives.
To help us fully understand our recruitment needs, we use an integrated workforce planning process which identifies the skills and capabilities that will be required across the Company in the coming years. Workforce planning positions us to strategically recruit a balance of mid-career hires, who can contribute immediately, and new graduates, whose ability to contribute will develop and mature.
In 2008, our integrated workforce planning and recruitment strategies helped us to hire 950 new employees, resulting in a 9% increase in our workforce after attrition.
As we move into 2009, we are faced with slowing external markets. We will meet these challenges through balanced decision-making to ensure we have the right skills at the right time to continue to deliver our business strategy and objectives. Over the next five years, recruitment will still be a key focal point for us. Simply put, retaining and attracting a talented workforce still remains a key priority for us.
Equally important is retaining our existing talent. We recognize that employees are more likely to commit themselves to an organization if they see opportunities for capability and career development and are being mentored by leaders they can trust. To this end, we continually develop our leadership capability and hold leaders accountable for developing their people.
Employees are provided with an opportunity to share their feedback and perspectives through our employee survey, which is conducted on a bi-annual basis. The employee survey focuses on these areas of: safety, leadership, training , career development and overall employee satisfaction.
In 2008, the employee survey results showed company-wide positive trends and high absolute scores in a number of areas. In particular, scores were high in the areas of safety, capability development and communication of the organization’s strategy and goals. These are the areas we have focused our efforts, so it was rewarding to see the positive trend. In terms of areas for further attention, we have an action plan in place to work on the continuous improvement of our respectful workplace initiatives. The survey feedback is summarized for the senior leadership to review with employees and to commit to an action plan to address any significant gaps identified.
One of the ways we measure our success of our retention efforts is by tracking our voluntary turnover rate compared with the industry average. Between January and December 2008, our attrition rate was 4.02% - lower than the oil and gas industry average voluntary turnover rate of 9.4%.*
*"Compensation Planning Outlook 2009.” - Report by Allison Cowan — October 2008
Source: The Conference Board of Canada.
Competitive Benefits and Employee Support
Petro-Canada recognizes the strong link between pay, benefits, recognition, performance and retention. We strive to offer overall total compensation (compensation plus benefits) that is competitive within the industry.
Employee benefits are an important compensation factor. Petro-Canada provides benefits that are comprehensive, tax effective and affordable. In Canada, many of our plans are 100% company-paid, including:
- defined contribution pension
- health and dental benefit plans
- short-term disability
- basic life and accident insurance plans
A Company-paid savings plan representing 5% of base salary, with a health care spending account and a share purchase program option, provides employees with flexibility. Petro-Canada also supports employees by providing access to:• education assistance, counselling programs, and financial and retirement planning. These benefits, when combined with elective employee-paid plans, provide employees with a flexible way to meet their individual needs.
We benchmark our compensation programs against our industry once a year and benchmark our benefits every second year, adjusting as required. Compensation surveys show we are maintaining our desired competitive position.
Work/Life Equilibrium
Petro-Canada recognizes that employees have needs and priorities in their personal lives, which they must balance with their work. Everyone’s equilibrium is different, and it changes throughout their career.
To help employees achieve this balance, we offer: flex days, a fitness subsidy, an on-site daycare at our head office facility, training and education (including retirement and wellness seminars), flexible work hours and work at home, where appropriate.
Our employee survey provides employees with the opportunity to comment on their work/life equilibrium. The feedback is used by business leaders to look for new opportunities to enhance our programs.