Manufacturing Industry
Get it in writing: study shows many firms are lax about executive severance policies, with potentially costly consequences.(Compensation)
Industry Week, August, 2004 by Jusko, Jill
EVER WONDER HOW YOUR company's executive severance policy matches up against others in Corporate America? If your first thought is, "What executive severance policy?" then you are in the same boat as 25% of the companies in a recent survey that said they don't even have an executive severance policy. And of those firms that do have such policies, only half formally define the conditions, events and terms for payment. Nearly one-third of CEOs don't have employment contracts, and an even larger percentage of executives below the CEO level work without contracts.
The study by human resources consulting firm Hay Group, Philadelphia, found a number of lapses in contractual agreements between companies and their executive leadership. Such lapses can create huge...
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