Benefits
Total Rewards: Successful employees earn top value
We reward top performance with a Total Reward program that's tops in the oil and gas industry. BP provides:
- competitive pay with opportunities for additional financial rewards linked to company, team and individual performance;
- Excellent benefits that include health and protection plans; savings and retirement plans; and policies and programs that help employees manage both their work and their family lives; and
- People development programs for employees' professional and personal lives.
Competitive compensation
When you become a BP employee, you can expect to be recognized and competitively rewarded for your performance – not just through your base pay, but through several variable pay plans and stock programs as well.
Your BP base salary is determined by:
- the scope of your role and responsibilities;
- the individual contribution you make;
- the value you bring to the organization;
- the extent to which your behaviors support BP's values; and
- various competitive market forces.
BP’s variable pay programs – which are determined by the Business Stream in which you work – provide additional compensation for employees who achieve specific individual and team performance objectives. Our variable pay programs tie pay to performance and typically consist of cash awards that recognize company results, specific Business Stream results or individual performance contributions. In addition, all employees are eligible to receive Spot Bonus Awards, which can be given at any time to recognize individual or team contributions.
Depending on your role and responsibilities, you also may be eligible to participate in one of BP’s stock programs. These are designed to align management and shareholder rewards, thereby creating employee ownership in BP.
Your benefits
BP's LifeBenefits tailor your health and protection coverage to meet your needs and your family's – now and in the future. Our retirement programs and savings plans offer you a great start on reaching our long-term financial goals. LifeBenefits' policies and programs also you manage the demands of your work and personal life.BP's premier health care coverage includes medical, dental, prescription drug and mental health plans on your first day of work. At that time, you may elect single coverage or family coverage. Family coverage includes your spouse/domestic partner and/or eligible dependent children.
BP's medical plans give you flexibility and choice, with both in-network and out-of-network options. In many locations, employees may elect to join at least one Health Maintenance Organization (HMO).
Depending on where you live, you may choose the BP Dental Plan, which covers eligible services from any dentist, or the Dental Maintenance Organization, a network-based dental plan. Vision benefits are available if you enroll in the Vision Service Plan.
BP employees also can take advantage of a Health Care Spending Account and a Dependent Care Spending Account. These are tax-efficient ways to pay for eligible healthcare and dependent care expenses.
BP’s income and survivor protection benefits safeguard your income and offer financial support to your family when illness or injury prevents you from working, or if you die. Income protection benefits include company-paid Short-Term Disability (STD) and Long-Term Disability (LTD) Plans. Additional LTD coverage may be purchased.
BP also provides another type of income protection - Basic Life Insurance and Occupational Accidental Death Insurance - at no cost to employees. Again, you can purchase additional life insurance for yourself, your spouse/domestic partner and your children through the Group Universal Life Insurance (GUL) plan.
It's never too early to start building a secure financial future. BP offers savings and retirement programs that can help.
The BP Employee Savings Plan, a 401(k) plan, offers more than 200 investment options and a dollar-for-dollar company match contribution on the first seven percent of eligible pay you contribute.
You will receive retirement benefits through the BP Retirement Accumulation Plan, a cash balance plan fully funded by the company. BP makes monthly contributions to your account that are equal to a percentage of eligible pay and based on your age or years of service. Your account grows with regular interest. BP assumes all investment risk.
Once you’re vested, your benefit is portable – this means that you can take the vested benefit with you when you leave BP. You may:
- take the benefit immediately as a lump sum payment and roll it over into another eligible plan (such as an IRA) or
- leave the benefit in the plan (if your account balance is more than $5,000), where it will continue earning interest. When you retire, you may elect to receive a lump sum payment or a series of monthly payments.
Policies and programs
We understand the challenges you face in successfully managing your work, home and professional commitments and needs. That’s why we offer a broad range of programs that make it easier for employees to achieve the right balance in their lives.BP’s relocation program is of special interest to potential employees. If relocation is required for you to take a position at BP, the Domestic Relocation Policy provides reasonable financial assistance, in keeping with industry practice, to meet individual needs and circumstances. You’ll receive a lump-sum payment to help with house-hunting, temporary living and certain moving expenses, plus reimbursement of other covered relocation expenses.
Because managing work and family commitments can sometimes feel overwhelming, BP offers APS Helplink, a 24-hour family resource program. APS Helplink provides access to free referrals, helpful publications that address a wide range of life concerns and other valuable information.
Other resources:
Other policies and programs for BP employees include:
- Vacation and holidays: Vacation time is based on your years of service with the company and the number of hours per week you’re scheduled to work. BP offers eight paid holidays plus up to two “personal choice” days each year in most U.S. locations. Paid holidays may vary by location, based on local practice and other business considerations, and will be announced locally each year.
- Leaves of absence: BP recognizes that employees occasionally need time off to take care of personal or family matters. The company offers a variety of unpaid leave of absence programs, including leaves for medical or personal reasons and leaves to fulfill military obligations.
- Adoption Assistance Plan: BP will reimburse employees up to $3,000 of qualified adoption expenses for each adopted child.
- Educational Assistance Program: BP reimburses eligible employees up to 90% of their approved expenses for educational and vocational courses taken at an accredited educational institution.
- Service and Retirement Awards: To recognize milestones in your BP career, at five-year intervals you’ll receive a service award, and at retirement you’ll receive a retirement award.
People development
BP respects the rights and dignity of all employees, and everyone who works for BP contributes to our success. Working together, drawing from our diverse talents and perspectives, we stimulate new and creative opportunities for our business, generate a more exciting and rewarding work environment and help every employee feel responsible for the performance and reputation of our company.
You’ll receive open and constructive feedback about your job performance in an annual career discussion, and you’ll be encouraged to play an active part in shaping your career by creating a personal development plan. Through an electronic internal job posting system, you can apply for available BP jobs.
Because BP recognizes the mutual benefit of employees’ continued growth and career development, the company offers a number of programs to help enrich the work experience. In addition to offering the Educational Assistance Program, BP emphasizes learning and career development resources to build relevant skills. Specific training opportunities vary by business and location.
We believe that we have a responsibility to invest in the development of each and every community in which we do business. Because we want our employees to embrace that belief, we encourage them to contribute to society by supporting their efforts through our Global Social Investment initiative. We fund projects originated on a corporate basis, we provide matching gifts to support employees’ charitable contributions and we offer time off to allow employees to fulfill volunteer commitments.
