At HELLENIC PETROLEUM, we actively recognize the valuable contribution our people make to the Group's development, through a comprehensive compensation and benefits system.
Our compensation programs are designed to recognize and reward employees for their accomplishments and the value they bring to the Group. The Group is committed to provide competitive pay programs that are designed to help attract, retain and motivate the key talent that we need to succeed in all aspects of our business. We monitor all elements of our total compensation program to ensure that it is competitive with those of other companies and appropriate to the markets in which we compete for talent.
Although employees’ benefits may vary by company and country, medical plans, life insurance for total or partial disability, retirement income benefits, crèche allowances, etc. are provided to all employees. All employees’ benefits and policies are presented in "OPERATIONAL PERFORMANCE" section (indicator G4-EC1) and, in 2014, exceeded € 18 m. The average employee retention rate (loyalty indicator) over the same period was 98% ("OPERATIONAL PERFORMANCE" section, indicator G4-LA1).
Additional insurance (life & health) and pension plans cover 99% and 93% respectively of employees (averages). The current value of pension benefits (defined contribution and benefits plan) is based upon a number of factors which are determined using actuarial methods and assumptions.
The achievement of both the Company’s and Employee’s objectives is directly linked to the formation of an annual variable remuneration scheme drawn up for the Group’s senior level executives. In particular, the achievement of specific goals in health, safety and environmental protection, as well as HR development goals (which are steadily and continuously included in annual targets), decisively affect the configuration of the variable remuneration of senior level executives.
All employees are subject to and participate in an annual performance review, in order to assess performance and plan for further knowledge and skills development.
In 2014, all employees (99%-100%) were evaluated according to the standard evaluation system. For further information see "OPERATIONAL PERFORMANCE" section (indicator G4-LA11).