PAY AND BENEFITS
Wanting to attract and motivate staff and make them feel part of the Company’s success, we focus our pay and benefits policy on the following pillars: fair pay, annual bonuses based on individual employees’ performances and Company results, Long-Term Stock Incentive Program, benefits for employees and their families, parental leave, and opportunities to socialize, share and celebrate special occasions.
fair pay, annual bonuses based on individual employees’ performances and Company results, Long-Term Stock Incentive Program, benefits for employees and their families, parental leave, and opportunities to socialize, share and celebrate special occasions.
Fair pay – Relation to local minimum salaries
Our commitment has been designed under the precepts of competitiveness and internal equality so that people obtain a fair remuneration that is aligned with the impact of their position on the Company. To be competitive with other companies, we participate in market surveys on wage issues, compensation and benefits. Based on the results of the studies, we make internal adjustments to promote better and more consistent wage conditions. This commitment means that the wage we pay to the starting category of our employees is in all our operations above the local minimum wage.
Long-Term Stock Incentive Program
All our employees are shareholders in the Company, allowing them to share its financial success and to align their interests with the objectives of the business and of all the shareholders. Consistent with this objective the implementation of a three-year share distribution plan will begin again in January 2020, when subject to performance conditions 800,000 shares will be made available to employees.
|Starting wage||US$ 657||US$ 1,067||US$ 757||US$ 2,600||US$ 1,577||US$ 1,515|
|Local minimum wage||US$ 268||US$ 401||US$ 245||US$ 394||US$ 250||US$ 280|
Annual Bonus – Based on individual and Company performance
Our employees, including the Company’s Management Team, receive annual bonuses based on individual performance and the results of each business unit and the Company as a whole. The objectives for each year are defined in our Scorecard based on our business model, which includes operational, financial, social, environmental, safety and corporate governance goals.
Benefits for employees and their families
We continuously seek new benefits to help build a great place to work. Our employees have first-rate medical plans, life insurance, membership plans with gyms, recreational activities and recreation rooms in the field, gifts for special dates such as births, marriages, Father’s Day, Mother’s Day, International Women’s Day, birthdays, Easter, Christmas, etc. Employees from all our operations (Colombia, Peru, Argentina, Brazil, Chile and Ecuador) receive the same benefits package. There are only some access restrictions for part-time or temporary employees.
|YES||NO||FULL TIME||PART TIME /|
|Share ownership||Share ownership||Share ownership||Share ownership|
|Annual bonus||Annual bonus||Annual bonus||Annual bonus|
|Health care/medical insurance||Asistencia sanitaria / seguro médico||Asistencia sanitaria / seguro médico||Asistencia sanitaria / seguro médico|
|Disability and invalidity coverage||Cobertura por incapacidad e invalidez||Cobertura por incapacidad e invalidez||Cobertura por incapacidad e invalidez||Cobertura por incapacidad e invalidez|
|Parental leave||Parental leave||Parental leave||Parental leave||Parental leave|
|Life insurance||Life insurance||Life insurance||Life insurance|
|Birth/wedding gifts||Birth/wedding gifts||Birth/wedding gifts||Birth/wedding gifts||Birth/wedding gifts|
|Christmas hamper, birthday||Canasta navideña / cumpleaños||Canasta navideña / cumpleaños||Canasta navideña / cumpleaños|
At GeoPark, we encourage the use of parental leave, and 19 of our employees did so during 2019 (47% men and 53% women 2017). All employees entitled to this leave took it, 89% of them returned to work and have stayed in their jobs, as we make efforts for them to return to work gradually, according to individual needs and with flexibility in schedules, with time off and the support of their leaders and the team.
|Employees with the right|
to parental leave
|Employees who took|
|Employees who returned|
to work after parental
leave and were in the
position 12 months later
TRAINING AND EDUCATION
In 2019 we delivered 242 training events reaching 90% of employees, providing more than 33,600 hours of training with an investment of US$ 583,000. At GeoPark, our education and training processes are not just for internal teams, but include interns, indirect employees and suppliers, among others. We are committed to continuous, quality and transversal training to promote the development of all the actors involved in our operations.
|Men||Women||Total||Total employees||Ratio of employees trained|
de 239 employees
Professionals and operators
de 141 employees
leaders and professionals mid- seniority
de 69 employees
Managers and professionals with more than 15 years’ experience
de 12 employees
of 461 employees