Here are 5 ways Wall Street firms can get creative on compensation as bonuses are expected to plunge this year
- While many industries have seen dramatic reductions in their workforces as a result of the coronavirus pandemic, most of Wall Street is still at work, albeit from home.
- But the coronavirus pandemic and tough market conditions could still impact Wall Street workers, especially when it comes time for bonus pay.
- While bankers and investment professionals often rake in six-figure salaries, annual bonuses can far exceed base comp for top performers.
- Bonus pay on Wall Street could fall by as much as 40%, according to compensation consulting firm Johnson Associates.
- From getting creative with non-cash bonuses to limiting executive pay, here are some of the things that HR execs on Wall Street could do when it comes time to talk compensation.
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The coronavirus pandemic is having a huge impact on the US workforce. Employees across industries including airlines, hotels, restaurants, and retailers have been laid off or furloughed. But while weekly jobless claims have spiked to a record 3.3 million, those who are able to work remotely have been less impacted so far.