Compensation & benefits
At MOL Group we believe in rewarding great performance. MOL Group compensation schemes are designed to reinforce our merit-based culture. Great results are based on outstanding performance which yields significantly higher returns to MOL Group.
MOL Group, as an international company, has high regard for its compensation competitiveness on the market and we continuously monitor best practices in light of attracting, motivating and retaining employees. Therefore, MOL Group aligns and harmonizes the compensation levels across the Group in companies with similar business profiles by recognizing the local needs and/or local competitors.
MOL Group uses international total remuneration principles when structuring compensation elements, which provides us the opportunity to recognize great performance and competency.
Besides these compensation elements, MOL Group recognizes outstanding performers and provides career perspectives for success and growth.
The major cornerstone of the compensation and benefits architecture is the HAY methodology, the most widely recognized job evaluation method. Using the HAY method enables the company to create and manage a single, transparent and consistent system that builds a sense of fairness and provides for merit-based rewarding of the employees.
Our initiative to harmonize the system of fringe benefits at a Group level is constantly being re-evaluated. The Group Compensation policy includes a number of principles that apply to operating companies and concerns about the elements that should be included in compensation packages, although these must also be in line with local legislation; here the details differ from county to country.
Social and pension funds are embedded in the Hungarian and regional market. 94 % of MOL Group employees are covered by pension contributions which are paid either by the employer or employee. The amounts paid differ by country, based on local legislation.
Moreover, the majority of MOL Group companies also provide financial assistance to employees whose situations change dramatically due to unexpected circumstances.
The exact structure and further benefits of our corporate pension schemes depend on national legislation and are defined in Collective Agreements.
MOL Group’s employees are integral part to company’s success. We foster a culture based on listening, sharing and learning and we regularly seek feedback on how we can perform better. Employee engagement begins with a culture that is open and collaborative. Therefore at every level of the company we are committed to fostering a level of openness and equality that is changing our culture for the better.
At MOL Group the employee engagement is one of the key factors of our sustainable success as global company and it helps us to meet our business goals and to make MOL Group a great place to work.
MOL Group conducts a group-level employee engagement survey, Roundtable survey, biannually to measure the engagement and satisfaction levels of its employees. Last year in October the fifth survey cycle was conducted in 16 countries with a participation rate of 80% overall MOL Group. By participating in the employee engagement survey, our employees contribute directly on strengthening MOL Group’s values and shape our workplace together.
Along the engagement journey, the employee engagement survey, as a measurement tool, is just the first step which provides the opportunity to better understand the drivers of engagement. Business leadership teams review the results and agree actions to address focus areas. Hence impactful actions are created that initiate the sustainable improvement in employee engagement across the company. Further to the survey results, focus groups are organized to collect additional insights and to understand the root drivers of engagement.
More information about employee engagement can be found in MOL Group’s Annual Report.