U.S. Compensation and Benefits
At Devon, we want our employees to feel challenged and rewarded and that they matter. We put our employees first and offer a compensation and benefits package that is among the best in the oil and gas industry. We also have offerings beyond these benefits – the icing on the cake - to even better meet the needs of our employees and their families.
Rewards
Health
Lifestyle
Savings
Learning
Icing
Rewards
We value our employees and recognize and reward them for a job well done. We offer an annual bonus that is based on individual and company performance to reward your efforts.
In addition to the bonus program, we provide you with a competitive salary with annual merit increases as appropriate and other long-term incentives.
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Health
Health Care
You and your dependents are eligible to enroll in Devon’s health care benefit plan at a low premium cost. We provide benefits both within a network of preferred provider organizations (PPOs) and out-of-network. Our plan covers medical, dental and vision.
Short-Term Disability Insurance
We offer additional income protection for periods of illness or injury (not work related) lasting longer than 14 calendar days up to 180 days, at which time the company’s long-term disability coverage becomes effective.
Long-Term Disability Coverage
We maintain a long-term disability program to provide you income protection during extended absences due to serious injury or illness. If you become disabled as a result of sickness or injury for a period longer than 180 days, the company will pay you 60 percent of your monthly earnings, subject to maximum benefits. This benefit is paid for entirely by Devon.
Basic Life Insurance
Devon provides group life insurance coverage equal to two times your annual salary, up to a maximum of $1 million.
Voluntary Life Insurance
You can purchase group term life insurance up to an additional three times your annual salary. Spouses can be insured for up to one-half of the amount purchased and dependent children can be insured for up to $10,000 each.
AD&D Insurance
Devon provides accidental death or dismemberment (AD&D) benefits based on two times your annual salary, up to a maximum of $1 million. You also can purchase additional AD&D insurance coverage in $50,000 increments.
Business Travel Insurance
We provide business travel life insurance equal to five times the annual salary for an individual, up to a maximum of $2 million per individual, or an aggregate of $10 million per accident.
Employee Assistance Program (EAP)
We offer a program for individual counseling on a broad range of personal and family issues.
Retiree Medical Insurance
You are eligible for pre-65 retiree medical coverage if the following eligibility requirements are met:
• You are age 55 or over at the time of retirement and
• Have 10 years or more of credited service with Devon at the time you leave the company
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Lifestyle
Alternate Work Schedule
To help promote a healthy work/life balance, Houston and Oklahoma City office employees receive every other Friday off by working an additional hour on eight out of nine workdays.
Vacation
You will begin each year with three weeks of vacation. You may receive more than three weeks vacation per year, based on your years of experience.
Sick & Personal Leave
You will begin each year with 80 hours of sick leave.
Holidays
We observe all major holidays each year in addition to Good Friday.
Back-up Child and Elder Care Program
We offer back-up dependent and adult care at a low cost for in-home care of $4 an hour with a four-hour minimum.
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Savings
Incentive Savings - 401(k) Plan
We offer a 401(k) Incentive Savings Plan where you can defer, before tax, up to 50 percent of your annual salary (up to the annual IRS maximum). All new employees will be automatically enrolled in the 401(k) plan with a contribution of 3 percent. Employees are considered 100 percent vested after four years of service.
Retirement Contribution and Company Match
We are an industry leader with our retirement plan. We will make a retirement contribution into an employee’s 401(k) on his/her behalf. All contributions will be based on years of benefit service and a percentage of your eligible pay. You are not required to contribute to your 401(k) to receive the company contribution.
| If your years of benefits service are: |
Your company retirement contribution will be: |
The company match will be: |
The total company-funded contribution will be: |
| Less than 5 |
8% |
100% of the first 3% of eligible pay that you contribute |
11% |
| 5-9 years |
8% |
100% of the first 6% of eligible pay that you contribute |
14% |
| 10-14 years |
12% |
100% of the first 6% of eligible pay that you contribute |
18% |
| 15 or more years |
16% |
100% of the first 6% of eligible pay that you contribute |
22% |
Flexible Spending Account
This program offers the option of deferring pre-tax dollars, through a bi-weekly salary deduction, to pay dependent childcare expenses and qualifying out-of-pocket medical expenses, up to $5,000 annually.
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Learning
We offer a number of learning opportunities to meet your lifestyle needs, whether it is online or classroom facilitated. These learning offerings aid in your career and individual development.
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Icing
$3,000 employee referral bonus
Education gift matching and volunteer grant program
Free parking/subsidized transportation, depending on work location
Tuition reimbursement
Free flu shots/health screenings
Free annual mammogram screenings
Investment education meetings
Various discounts for products and local attractions
Business casual dress; casual Fridays
Community volunteer opportunities
Gym membership discounts
Corporate sports teams
Company picnics and Christmas parties
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