Earlier this year, Pearl Meyer conducted a series of Quick Poll surveys on COVID-19-related compensation topics. This follow-up survey incorporates a variety of questions from the earlier surveys as well as additional topics to gauge actions and perspectives in response to the pandemic. The survey was conducted online in late May, with a total of 285 responses. This Banking Edition includes 75 financial institutions: 40 publicly traded; 20 privately held, for-profit; and 15 privately held, not-for-profit.
Most financial institutions continue to take a “wait and see” approach with regard to compensation program designs, goal setting, and potential use of discretion in response to COVID-19. Generally, pay and workforce actions have been limited; however, as more is known about the financial impact of recent events, we anticipate the greater actions will be taken, especially in regard to incentive plan metric, goals, and payouts.
