What moves are the majority of finance chiefs making when it comes to their company’s benefits and compensation?
That’s what a recent national survey of U.S. CFOs and senior leaders revealed. According to the Grant Thornton, LLP, survey, 53% of CFOs said that salaries at their companies won’t change for at least six months.
Another 32% said they actually plan to cut salaries, and only 15% plan to boost workers’ pay.
The study also found most firms plan to keep employee bonuses and 401(k) match contributions the same.
When it comes to employers’ 401(k) match contributions, the study found:
- 74% of employers are keeping their 401(k) match the same
- 21% are reducing 401(k) match contributions, and
- 5% increasing the 401(k) match.
In terms of employee bonuses, the study found:
- 47% of firms plan no change to employee bonuses
- 44% plan to decrease bonuses, and
- 9% plan to increase employee bonuses.
Readers, do these findings seem consistent with what your company is doing? Let us know in the Comments section.