Like many of you, I’ve learned a lot about myself during the stay-at-home order. Some good, some bad. It turns out that I am an excellent hunter-gatherer of scarce paper goods. And, I’m good at making pancakes. On the flipside, I am terrible at prioritizing my home chores. Put away boxes after moving six years ago – nope! Take the Roomba out of the box – too busy! Learn about non-avian dinosaur paleobiology – yes please!
Thankfully credit unions have a guiding principle in navigating COVID-19 to help them prioritize amid the chaos, “people helping people.” As much as I love talking about executive compensation, it’s not the main focus right now. However, our current environment is an opportune time to evaluate your executive retention program. Eventually we’ll be back to our usual day-to-day activities, and retention of your tested high performers will be critical. In other words, your competitors will be eager to recruit your proven – and subsequently highly marketable – executives to steer them through the next challenge.
My colleague Dan Mayfield, Managing Director of Gallagher’s Human Resources & Compensation Consulting practice, shares answers to nine common questions he is receiving from clients about executive compensation administration during this uncertain time. One piece of advice Dan offers is to maintain as much discipline as possible as compensation decisions during this stressful time could set a precedent for future challenges. In addition to retention questions, Dan addresses succession planning and perquisites. I recommend you check out Dan’s action items to identify any gaps in your current program.
You can access the Top Nine Questions Asked about Executive Compensation and COVID-19 here »
I hope that during this crazy time, you’ve found something you’re good at. In case you were wondering, I’m halfway through my 12-week dinosaur class!