L-Blast | March 2020
We are facing unprecedented times and it is my sincere hope that you and your families are safe and have everything you need as we all continue to comply with orders from health and government officials. These are those times in our lives that we will always remember. As such, being able to take this time and enjoy our families; appreciate those that we are blessed to work with; make those calls of encouragement we’ve been putting off to those that need it, and doing what we can to help others will only add to these memories. So while we work to stay safe, let’s continue to see the positives this time is affording us.
We have some critical pieces to share with you in this month’s L-Blast. The first article is probably our most important piece given the situation with COVID-19. In this article, we outline all the important factors to take into consideration when re-assessing your compensation strategies as you tackle the challenges the pandemic will bring.
The next article focuses on the impact the coronavirus may have on shareholder activism and this year’s proxy season. It suggests we will probably see less activism due to the high volatility in the market but warns once COVID-19 is behind us, we should expect activists to return with a vengeance.
The final piece is in regards to boards and how they should react to the unexpected “Black Swan” event we are currently facing. Now is a critical time for board members to step up and provide additional leadership and engagement. This article provides a good set of guidelines for boards to follow during times like these.
Lastly, a reminder that our midstream and upstream surveys open April 1st. Also, there is still time to participate in our pulse survey on COVID-19 impact which will close today. We have some additional resources for you listed below and hope they are helpful for you and your teams during this time.
Don’t hesitate to reach out to us if you have concerns about your compensation programs in this time of crisis, we are here to help. Be safe and remain optimistic, we will get through this.
The NFPCC Team
COVID-19 and Compensation: What to Think About
According to a recent survey by Willis Towers Watson, in mid- February some 15% of participant companies expected material impacts from COVID-19 to persist over the next six months. As we all know, the situation has continued to evolve around the world, injecting increasing levels of uncertainty in the corporate world, sending financial markets into disarray and adding to our worries at home. Now, one month later that percentage of companies concerned about longer-term impacts is markedly higher.READ MORE
Is the Coronavirus Killing the Proxy Season?
Everybody is talking about it: the coronavirus or COVID-19. It has started to impact the global economy and affect people’s everyday lives. Will it impact the 2020 proxy season as well?
The vast majority of public companies in the U.S. hold their annual shareholder meeting between April and June. Most of these companies require in the bylaws advance notice of director nominations by shareholders. These nomination deadlines are typically between January and March.
The Board’s Role In Responding To An Improbable ‘Black Swan’ Event
As a new decade begins, employee-compensation specialists shared their expectations. Below are five trends that pay-watchers predict will gain ground in 2020 and beyond.
No. 1: States will continue to set their own compensation mandates. On minimum wage and overtime requirements, “more states feel emboldened to establish their own direction and set their own policies that stretch beyond the policies established by the federal government,” said Perry Braun, executive director of the Benefit Advisors Network (BAN), a consortium of health and welfare benefit brokers.READ MORE
NFPCC’s Midstream & Upstream Surveys Launch April 1st
Keep your compensation programs competitive by participating in NFPCC’s 2020 Midstream and Upstream Industry Compensation surveys. Get access to the latest benchmarks ranging from administrative support to executive C-suite in both corporate and technical roles, inclusive of actual total direct compensation and target total direct compensation.
Final survey results will be available only to participating organizations. Don’t want to miss out!
Click below to learn more about the surveys or contact Josh Whittaker at 281.378.1368midstream surveyupstream survey
Compensation Re-assessment and Guidance in Response to COVID-19
NFPCC is here to assist your organization during these troubling times. Our consultants are ready to assess your current compensation programs and provide strategic guidance as to what changes should be made to retain and motivate the human capital needed to navigate the challenges ahead. Call us at 281.378.1358 or click below to get started!GET STARTED
NFPCC Pulse Survey – COVID-19 ImpactCLOSES TODAY!
As the world responds to COVID-19, companies are in constant review of their strategic plans to ensure they effectively navigate the delicate exercise of balancing internal and external stakeholder interests. To aid this effort, NFPCC’s pulse survey will bring insight to participants on the human capital front. NFPCC will aggregate all survey results and provide an observation summary report to all participants.TAKE SURVEY
COVID-19 HELPFUL RESOURCES
NACD’s resource center offers board-relevant guidance to help companies confront COVID-19 and mitigate its business impact. Resources are being frequently updated. »
SHRM’s resource center offers ways to prepare your workforce for business closures, working from home, quarantines and other outcomes of a disease outbreak. »
WorldatWork’s planning and response page offers practical steps and pandemic information as well as official resources from DOL, SEC and others. Navigate to the bottom of the page to access links. »
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