Wanting to attract and motivate staff and make them part of the Company’s success, we have built our Compensation and Benefits Policy on the pillars of fair pay, annual bonuses based on individual employee performance and Company results, a Long-Term Stock Incentive Program, and benefits for employees and their families, parental leave, as well as opportunities to socialize, share and celebrate special occasions.
Our commitment has been designed under the concepts of competitiveness and equality so that people are paid fairly and in line 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. We make internal adjustments based on survey results, aiming for better and more consistent wage conditions. This commitment means that the wage we pay to the starting category of our employees is above the local minimum wage in all our operations.
(202-1) Local wages*
USD |  Argentina |  Chile |  Colombia |  Ecuador |  Brazil |
Starting wage | 689 | 1,620 | 580 | 2,700 | 2,990 |
Minimum wage | 236 | 441 | 229 | 400 | 207 |
Ratio % | 1.92 | 2.67 | 1.53 | 5.75 | 13.44 |
*The differences compared to the same indicator in 2019 are due to the impact of variations in exchange rates against the US Dollar in each of the local currencies. Furthermore, GeoPark has no bottom-level positions in Chile, Ecuador or Brazil.
Our commitment has been designed under the concepts of competitiveness and equality so that people are paid fairly and in line 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. We make internal adjustments based on survey results, aiming for better and more consistent wage conditions. This commitment means that the wage we pay to the starting category of our employees is above the local minimum wage in all our operations.
(202-1) Local wages*
USD | Argentina | Chile | Colombia | Ecuador | Brazil |
Starting wage | 689 | 1,620 | 580 | 2,700 | 2,990 |
Minimum wage | 236 | 441 | 229 | 400 | 207 |
Ratio % | 1.92 | 2.67 | 1.53 | 5.75 | 13.44 |
*The differences compared to the same indicator in 2019 are due to the impact of variations in exchange rates against the US Dollar in each of the local currencies. Furthermore, GeoPark has no bottom-level positions in Chile, Ecuador or Brazil.
Our employees are paid annual bonuses based on individual performance and Company results. Each year’s objectives are defined in our Scorecard (see Appendix) based on our Business Model, which includes operational, financial, social, environmental, safety and corporate governance targets.
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 started in January 2020 and is subject to the Company’s operational and financial performance.
We continuously seek new benefits to help build a great place to work. Our employees have first-rate medical plans, life insurance, gym membership plans, recreational activities and recreation rooms in the field, and gifts on special dates and occasions.
Employees from all our operations (Colombia, Ecuador, Chile, Argentina and Brazil) receive the same benefits package. There are only some access restrictions for part-time or temporary employees.
For greater connectivity in 2020 as part of working from home, we added a benefit to cover Internet expenses.
Employee Benefits
Permanent contracts | Temporary contracts | |
Share ownership | ||
Annual bonus | ||
Health care / medical insurance | ||
Disability coverage | ||
Parental leave | ||
Life insurance | ||
Gifts for weddings and births | ||
Christmas and birthday hampers | ||
Home Internet connection | ||
Gym |
(401-3) GeoPark encourages the use of parental leave, and 19 of our employees used it in 2020 (42% men and 58% women). All employees entitled to this leave resumed their position and duties on returning to the Company. Our commitment is that their reintegration continues to be gradual, considering each case on its own circumstances and being as flexible as necessary with schedules and absences. This support is collaborative and involves leaders and work teams.