Companies are getting stingier when it comes to offering CEOs juicy benefits.
In 2011, the number of companies offering perquisites to CEOs fell drastically to 61.5% from 89.8% in 2009, according to Compdata’s Executive Compensation 2011/2012 survey of 4,500 organizations nationwide.
What are companies cutting back on?
- Company cars — 23.5% of employers offered their CEO a company car in 2011, compared to 28.3% in 2009.
- Voluntary deferred compensation programs — 21.2% offered them in 2011, down from 24.4% in 2009.
- Annual physical exams — 16.9% offered them in 2011, compared to 21.4% in 2009.
- Bonuses — the survey summary broke down bonus figures in the three industries impacted most (see below).
The largest drops in the number of bonuses paid out occurred in three industries:
- Hospitality — 40% of CEOs received bonuses in 2011, down from 65% in 2009.
- Insurance — 53.2% received bonuses in 2011, compared to 62.4% in 2009.
- Utilities — 12.5% received bonuses in 2011, down from 20.9% in 2009.
