Exxon Mobil Adjusts Trader Salaries with New Compensation Structure
Exxon Mobil Introduces New Compensation Structure for Traders
Exxon Mobil, the U.S. energy major, announced on Thursday a new compensation structure for its traders. The company stated that trader salaries would be adjusted based on benchmarking, with the inclusion of performance bonuses at the end of the year and long-term incentives as part of their compensation package.
Varying Compensation Based on Performance and Results
Individual compensation outcomes will vary for traders depending on company results, global trading performance, and individual contributions. Exxon Mobil emphasized that the new structure aims to offer competitive salaries aligned with industry standards.
Revamped Trading Operations Yield Positive Results
In 2019, Exxon launched a significant push into trading but had to scale back in 2020 due to the impact of the COVID-19 pandemic on energy demand. However, the company successfully rebooted and restructured its trading operation last year under new leadership, which led to beating fourth-quarter profit estimates.
Base Salary Adjustments and Bonus Incentives
Bloomberg News reported that Exxon informed traders in the U.S. and Europe about adjustments to base salaries to align with industry norms. Under the new compensation structure, bonuses are highlighted as a way to offset salary cuts for some traders, offering a balance in the overall compensation package.
Looking Towards Competitive Salaries and Enhanced Performance
Exxon Mobil’s emphasis on competitive salaries, performance-based incentives, and a revamped trading strategy signifies the company’s commitment to driving growth and success in the trading sector. The new compensation structure reflects a strategic approach to aligning with industry standards and rewarding traders for their performance.
