Most companies taking 'wait-and-see' approach to coronavirus | CFO Dive - 0 views
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Most companies taking 'wait-and-see' approach to coronavirus
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Despite rising concern of the effect coronavirus will have on their businesses, most U.S. companies are taking a "wait-and-see" approach when it comes to adjusting their executive pay and sales compensation programs
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Additionally, a survey from Gartner's risk management practice found that 56% of business leaders rated themselves as "somewhat prepared," for the outbreak, with 11% relatively or very unprepared.
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Companies are increasingly expecting that the coronavirus will adversely affect their businesses. Yet, because the exact impact of the virus is uncertain, compensation committees and executives are not making immediate changes to their organizations’ pay programs — at least for now
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34% of companies expected the virus to have a "moderate or large negative impact" on their business over the next six months. 44% companies say their annual executive incentive plan has been or will be affected by coronavirus, but nearly one in five intends to adjust funding or targets for the plan.
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A recent survey by Gartner’s risk management practice aligns with Willis Towers Watson’s findings; just 12% of Gartner’s 1,500-plus respondents believe their businesses are highly prepared for the impact of coronavirus, with 26% believing it will have a negligible impact at all.
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56% of respondents rated themselves somewhat prepared, and 11% said they were either relatively or very unprepared