Questions about employee compensation in a post-pandemic workplace are still front and center for workers and employers. With three to four million people in the U.S. receiving COVID-19 vaccinations each day, Americans are exhaling a collective sigh of relief. But there are still many understandable issues keeping people awake at night.
What about vaccine-resistant new strains of the virus? Even if U.S. vaccinations reach target, what about the rest of the world and how does that effect the global economy? Are the Biden administration’s new tax strategies viable and if they are, how will they impact both employers and employees?
When Elements Global Services surveyed more than 2,200 workers in the United States, Canada, and the United Kingdom, they came away with a clear picture of “pandemic pay uncertainty”.
Employee Compensation Big Picture
- More than half (65 percent) of all U.S. workers surveyed said their pay remained the same or declined during the pandemic.
- Many workers accepted a cut in pay in order to retain their job, although this trend was less prevalent for American workers than for others surveyed.
- Many businesses froze raises, bonuses, or both during the pandemic.
Executive Compensation Big Picture
Despite a prevailing sense that corporate leadership is frequently under fire for drawing top salaries, 69 percent of Americans surveyed said they understood why executive compensation at their organization is what it is. They noted that the salaries of key talent made sense and felt that it was justified. Yet within the c-suite, the CEO (or owners) were singled out specifically as perhaps being paid more than is justifiable. Only 45 percent of U.S. workers believe the executive compensation received specifically by the CEO or owner is warranted.
Strategically designed deferred compensation strategies can help employers and compensation committees achieve a viable solution for paying top talent competitively while aligning executive compensation with the objectives of the organization, the wishes of the stakeholders, and the opinion of the public.
About Elements Global Services:
Elements Global Services is an award-winning HR technology and services company. Elements provides employment solutions in over 135 countries – covering everything from payroll, benefits, HR, local compliance to visa and mobility. Learn more at: https://elementsgs.com/
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