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www.execunet.com – December 22, 2008 – As scrutiny of executive pay packages reaches unprecedented levels in response to taxpayer bailouts for troubled companies, a recent survey conducted by ExecuNet, a leading executive business and career network, reveals C-level executives, vice presidents, and their direct reports are expecting smaller bonus checks this year.
According to the survey of 113 senior executives, 61 percent are anticipating a year-end bonus in 2008. However, this year's bonus checks – which account for 19 percent of their total annual compensation – are expected to be 10 percent smaller than those received in 2007.
"While much of the public's focus has remained on Wall Street's pay packages, companies across all industries are cutting bonuses," says Mark Anderson, President of ExecuNet. "Heading into 2009, executive compensation packages can be expected to contract until the outlook for corporate profit growth rebounds."
Corporate performance was identified as the most important variable in determining year-end bonuses by more than half (51 percent) of all executives, followed by individual performance (24 percent), department/team performance (23 percent), and tenure (2 percent).
The survey also revealed that if given the choice, 75 percent of corporate executives would rather receive a year-end bonus than more time off from work.
Founded in 1988, ExecuNet is a leading business, career and recruiting network where senior level executives make new connections to share business challenges, solutions and professional opportunities. A recognized authority in executive recruiting and human capital, ExecuNet also provides members access to confidential six-figure job opportunities, proprietary research, and pragmatic advice. For more information, visit www.execunet.com.
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