Let’s rewind the headlines that hit our radar this quarter. From bonus pay to executive compensation and the latest industry research, there was a mix of sentiment as we near the end of 2024.
Tyson Foods’ top executives rewarded for financial turnaround
Despite modest revenue growth, the company’s earnings per share increased 131% this fiscal year which earned Tyson Foods’ top five executives more than $14 million in performance bonuses, up from $1 million in the previous year. The rewards were a mix of bonus pay, stock awards, options, and other perks according to Talk Business.
College football playoffs pay off for coaches and assistants
Performance-based bonuses aren’t new in college football, but the highly-anticipated playoff format means there’s more up for grabs in the post-season. From Boise State to Ohio State, head coaches and key assistants are poised for large paydays if they make it all the way to the championship game.
Volkswagen scraps manager bonuses to lower payroll expenses
As part of their negotiations with labor unions, it is reported that Volkwagen will reduce bonus pay by 10% for 4,000 managers over the next two years in addition to scaling back production and a reduction in its workforce. In the next three years, it was negotiated that manager pay will fall again by 8%, 6% and 5%, respectively.
Salary increases expected to be flat in 2025 according to WTW survey
Willis Towers Watson revealed in its latest Salary Budget Planning Report that companies will keep their salary increase budgets in line with 2024 at an average of 3.7%. “Despite a conservative outlook for 2025, salary increases remain at a healthy rate by historic standards and amid higher total payroll expenses (which include salaries, bonuses, variable pay and benefit costs).”
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