Super perks are one of the major reasons for many CEOs to rethink about their job. Today if you think companies are cutting the expenditure on the over paid CEOs then I afraid that you might be wrong. More firms are now willing to stake their company for the outrageous perks of their CEOs. Perks attract CEOs to shift to a new job. A handsome salary is always the deciding factor for keeping a CEO happy but it's also the supplementary things that attract the inner pleasure of a person and after all a CEO is one of them. A famous cliché says interest is more pleasurable than the principle amount, same is the case with salary and perks. Perks are the interests which the CEO gets from his job. We might say that perks are not the only deciding factor for a CEO but nevertheless they should not be neglected. Companies keep on showering execs with juicy perks and severance packages to the CEOs which becomes a major reason for CEOs to switch jobs. Undoubtedly, perks are like the most alluring factors for the CEO which surely can change the mind of the executive.
Showering perks have no limitation. It certainly depends on the company and its reputation which decides the perks of a CEO. From lavish farmhouses to even highly paid gym membership, the list is endless for the CEOs. Along with the salvaging salary the perks are like the extra cheese on their cheese pizza. Perks could include anything for the CEOs. Now days there aren't any limitation in deciding the perks and it all depends on the wants of the CEO whatever it may be. Recently a study showed that perks of a CEO also includes luxuries for his/her children or family members. So now perks are not necessarily given direct to the CEOs. Here is the list of major perks that companies have showered in excess some of the most sought after CEO. For some CEOs sky is certainly not the limit when getting perks.
- Nike has paid $579,649 for home remodeling to an outgoing chief executive at Nike.
- The new finance chief at eBay will be getting up to $700,000 if he can't get the price he wants for the Texas house he gave up to take his job with eBay in California.
- A new president at Starwood Hotels & Resorts Worldwide might get $1.5 million for airfare during his first year on the job. This money is just to help him to commute from New York to California so that he would be there till his son finishes his school.
Challenging role
None of the freshers are appointed as a CEO so it is evident that to reach a position like a CEO of company involves experience and challenge. Once the CEO earns more than a decade of experience then the role becomes quite more challenging and this is where most of the CEOs prefer to choose their company. Once an executive has reached the position of a CEO then he will always switch jobs as per the name of the firm because then remuneration becomes a default attachment with the salary.
In a recent survey it has been quoted that many CEOs shifted their jobs to companies bigger than their existing companies. This gives the answer to the question that how challenge influences the job shift of a CEO. Bigger companies have greater challenges and to maintain that a CEO has to be more agile and make extra efforts. When you are a CEO of a company then your perks become secondary, but it's what you have contributed to the firm and the growth chart, is what becomes more important. The latest trend shows that more CEOs are now opting for the better brand name than the better package. Shifting from a domestic company to an international firm always has an increase in standard of pay, as well as perk, so CEOs prefer to take more challenging work. But if the case is deciding among two companies of same reputation then nothing but the remuneration is what matters.
Boredom or inability
Whether you are a CEO or just an executive, job shifting decision depends on the person and the nature of the human being. Though it's quite rare to see CEOs quit jobs for boredom or inability to function, but there are CEOs who have done it before. Work satisfaction is the only thing that can give you a professional growth and when a person has reached to a position like CEO then he must have a growth rate which includes work satisfaction too. Now days it has become a notion that CEOs don't work rather they are just paid for their previous works and experience. Well, for some extent it's true also but the intact statement couldn't be entirely factual. If the CEO is not satisfied with his/her work then it will affect his/her performance and the company growth as well.
Despite of excessive remuneration, if work satisfaction is not what the CEOs receive then it might become difficult for them to utilize their acumen to the highest degree.
Family Factor
Now as far as the family factor is concerned let me be little biased to the gender. If you are a male then it might happen that you will change your job to any country if you are being showered with lavish salary and outrageous package. But if it's a female then there are family factors which come to play which might be a hurdle for her to choose a job shift. Children also play a vital role in deciding the job change by the CEO. A recent survey shows that the new president at Starwood Hotels & Resorts Worldwide will get $1.5 million for airfare during his first year on the job. This money is offered to him because it was difficult for him to shift to New York from his home in California for the job as his son is yet to complete his high school in California. This is one of the examples of how children influence the decision. Because of his son the new president would be getting more perks.
This compels me to reframe the statement that family like spouse and children play a pivotal role in asking for more perks for the CEOs. Hence the decision turning factor still remains the perk but connected with various other catalysts too.
Netting CEO's
Price is the most important factor playing a pivotal role in netting a CEO. According to various company board members talent is worth of the price but when tings come to bidding then this is exactly what we mean netting. Remuneration in all aspects plays the most important role and what succeeds is the reputation of the company. It's always a big leap in shifting from one small company to a bigger organization. Some of the other major factors could be the passionate pursuit of the work. If you are getting the job which has always been your passion then nothing could match that.
Work satisfaction is what most of the CEOs are now opting for. Working round the clock will only be possible when the CEO will enjoy the work. A chauffer and a butler are good to look at when you are at home but if its office then it has to be the work which should give more pleasure to the executive. Another is the control of the job, if the position will only for name sake without any control then it might not attract the “entrepreneurial” CEO. Along with the perks the company should also offer control then this might give you some guarantee in getting that CEO.
Best Bite for CEO's
More than the joining amount many CEOs are now poured with perks for quitting their previous job. This year has seen some of the most outstandingly high perks for some CEOs who have joined new firms for the package.
One of the most interesting of them happened when Former Nike Chief Executive William Perez resigned last January after serving a mere one year on the job. This entitled him to receive some of the most outrageous packages a CEO had ever received. Perez got a severance package worth $5.5 million which included $2.8 million that translated into two years' base salary, and if you think this is huge then think about gigantic as he also received a $1.75 million bonus for 2006 despite of not serving the whole year, and this all made $11 million for Perez to take home.
Besides this the very generous Nike also purchased his Portland home for the price $3.18 million. And now look for the major kick the company gave $579,649 worth of renovations along with $456,500 for his bill in the prepaid athletic club fee if he quits the gym.
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