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CEO pay levels picked up a bit after falling steeply in 2019, indicating that companies focused on retaining key talent through the pandemic. (Photo: Shutterstock)

The economic fallout from the pandemic has forced businesses to adjust the structure and compensation of their workforces. Many companies altered their performance plans, froze or reduced salaries, and furloughed employee segments, according to the 2021 Gallagher Russell 3000 CEO and Executive Compensation Trends study.

“Now that the economy is picking up, organizations are seeking to attract new senior managers,” the report said. “Even in the executive ranks, the concept of pent-up turnover is becoming apparent as some corporate leaders begin to job-jump in response to feeling stagnant at their current organizations and compensation levels. Many employers that Gallagher works with are reviewing their executive compensation plans and programs to ensure they support their leaders’ career and financial wellbeing and do not lose key talent to the competition.”

 

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