Executive Benefits Survey 2021 - A comprehensive review of benefits offered to senior leaders across Corporate America - Ayco
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Executive Benefits Survey 2021 A comprehensive review of benefits offered to senior leaders across Corporate America
20 T H BIENNIA L
Executive Benefits Survey
Welcome to our 20th Executive Benefits Survey. Over 30 As America emerges from the COVID-19 pandemic, a new
years ago, Ayco began surveying our clients across Corporate paradigm is emerging for the role employers play in the lives
America to uncover trends and insights on the common of their workforce, in our communities and society at large.
incentives offered to senior leaders. Our inaugural survey The accompanying heightened focus on company culture,
was published in 1993, and we’ve fielded regular surveys in the ESG and DEI are all contributing to increased responsibilities
decades since to create a benchmark for the ever-changing and expectations of executives. Yet remarkably, even despite
landscape of select executive benefits, perquisites, voluntary a worldwide pandemic and continued shareholder scrutiny,
broad-based benefits and the associated tax practices. the results of our survey show little has changed when it
comes to executive benefits offerings. This is true whether
Drawing on the power of Ayco’s wide-reaching corporate
comparing the results to our last survey in 2019 or surveys we
relationships throughout various industry segments, we are
have completed over the last 20 years—and the conclusion
able to compile market data from a variety of respondents
is backed up by the ever-changing list of participants in our
including large, small, public, private, not-for-profit and
survey (over half of this year’s participants did not participate
foreign-owned companies.
in our 2019 or 2017 surveys). For HR leaders and board
The information included in Ayco’s Executive Benefits Survey compensation committees focused on attracting and retaining
far exceeds the information available through a company’s top talent, it is clear benefits and perquisites still hold an
publicly disclosed proxy statement, which is limited to only important place in a competitive executive compensation
the five Named Executive Officers (CEO, CFO and the three package.
highest-compensated executive officers) of publicly traded
companies. Our survey includes data from public and private Thank you to all participants who took the time to
companies across three categories of executives (CEO, Senior help us create this valuable snapshot of the current
Executives and Other Executives). Ayco does not provide benefits and perquisite landscape.
guidelines on the classification of Senior Executives and Other
Executives, leaving each company to define these categories
at their own discretion.
BENEFIT TRENDS SNAPSHOT
Of the companies that participated in our survey:
6% 5% 7%
added one or more eliminated one provided no special benefits to
executive benefits or more executive their CEO, beyond those offered
benefits to senior or other executives
E XECU T I VE BENEFI TS
24% 2%
added one or more eliminated one or more
broad-based benefits broad-based benefits
Most common additions:
Mental health resources, elder/childcare
support and ID theft protection
BROA D-BA SED BENEFI TS
2 | 2021 Executive Benefits Survey
Participant Overview
Representatives from both large and small companies, including several foreign-owned and private companies,
completed Ayco’s 2021 Executive Benefits Survey.
MEDIA N CL A SSIFICA T ION OF E XECUTIVES
of the
34%
261
S&P 100® 10 Senior Executives
(including 11 companies with over 100)
of the
31% Fortune 200
participants of the
23% S&P 500® 35 Other Executives
(including 9 companies with 500+ and 5 with 1,000+)
INDUSTRY BREA KDOW N
59 Financial 45 Natural Resources 5 Public Sector
53 Industrial 22 Healthcare 4 Real Estate
50 Consumer 22 Technology, Media, & Telecom 1 Government & Agencies
2021 Executive Benefits Survey | 3
Survey Results
Participating organizations were asked to identify the executive benefits they offer across three common categories: physical
and fiscal fitness, personal, and transportation. The breakdown in these charts reflects the benefits offered to different types
35
of executives according to each company’s self-reported classification. CEO
32%
30% 30% 30%
30 CEO Senior Executives
30% 30%
25 PHYSICAL AND FISCA L FITNESS BENEFI TS CEO Senior Executives Other Executives
22%
19%
20 18% Senior Executives
Other Executives
17%
16%
80 19%
15 18% Other Executives
17%
16% 11% 11%
67% 67%
8% 10 70
19% 65% 9% 65% 8%
17% 7% 7%
16% 11% 11% 6% 6%
5% 5%
5 60 9%
8% 3%
11% 1% 6%
7% 7%
6%
54%
11% 5% 51%
5%
9%
0 50 8% 3%
Executive 7%
Executive Life 6% Home Security 7%Excess Liability
1% 6% Country Club Dining or Cyber Security
5% 5%
Long-Term Disability Insurance 39% Insurance Membership/Dues Luncheon Club Protection
38%
3%
40Life1%
Executive Home Security Excess Liability Country Club Dining or Cyber Security
ility Insurance Insurance Membership/Dues Luncheon Club Protection
fe Home30
Security Excess Liability Country Club Dining or Cyber Security
Insurance Membership/Dues Luncheon Club Protection 24%
20
9% 10%
10 4%
0
Financial Counseling Services Executive Physical Exam Tax Preparation Services Executive Medical Coverage
35 CEO
32%
30% 30% 30%
30 CEO Senior Executives
30% 30%
25 PERSONAL
22%
E XECUTIVE BENEFITS CEO Senior Executives Other Executives
19%
20 18% Senior Executives
Other Executives
35 16%
17%
19% 32%
15 18%
30% 30% Other Executives
17% 30%
16% 11% 11%
19% 30 9%
% 10 8%
17% 7% 7%
16% 11% 11% 6% 6%
5% 5%
5 25 9%
8%
7%
3%
22%
11% 11% 1% 6%
7%
6%
5% 5%
9%
0 8% 19% 3%
20 Executive 18%
Executive Life 6% Home Security
1%
7%
7%Excess Liability
6% Country Club Dining or Cyber Security
Long-Term Disability Insurance
5% 5%
Insurance
17% Luncheon Club
Membership/Dues Protection
16%
3%
Executive Life1% Home Security Excess Liability Country Club Dining or Cyber Security
ty 15
Insurance Insurance Membership/Dues Luncheon Club Protection
11% 11%
e Home Security Excess Liability Country Club Dining or Cyber Security
10 Insurance Membership/Dues Luncheon Club 9% Protection 8%
7% 7%
6% 6%
5% 5%
5 3%
1%
0
Executive Executive Life Home Security Excess Liability Country Club Dining or Cyber Security
Long-Term Disability Insurance Insurance Membership/Dues Luncheon Club Protection
Additional Responses Included:
Long-term care, concierge medical service, accidental death & disability insurance
4 | 2021 Executive Benefits Survey35 CEO
32%
30% 30% 30%
30 CEO Senior Executives
30% 30%
25 T RA NSPORTAT ION BENEFITS CEO Senior Executives Other Executives
22%
19%
20 18% Senior Executives
Other Executives
% 17%
45 16%
41%
19%
15 18% Other Executives
17%
40 16% 11% 11%
19% 9%
8% 10 8%
17% 7% 7%
35 16% 11% 11% 6%
5% 5%
6%
9%
5 8% 3%
7% 7%
30 11% 11% 1% 6%
5% 5%
6%
0 9% 26% 8% 3%
Executive Executive Life 6% Home Security24% 7%
7%Excess Liability
6% Country Club Dining or Cyber Security
25
Long-Term Disability
1%
Insurance
5% 5%
Insurance 22%
Membership/Dues Luncheon Club Protection
3%
Executive Life1% Home Security Excess Liability Country Club Dining or Cyber Security 19% 19%
20 18%
bility Insurance Insurance Membership/Dues Luncheon Club 17%
Protection
ife Home Security Excess Liability Country Club Dining or Cyber Security
e 15 Insurance Membership/Dues Luncheon Club Protection
13%
10% 10%
10
6% 6%
5 2%
1%
0
Company Aircraft First-Class Air Travel Spouse Travel Company Car Chauffeur Service
(Personal Use)
Allowances
In place of providing a specific benefit, some companies choose to provide a cash amount to executives that can be used
for a designated purpose at their own discretion. We asked companies if they provide a cash allowance for perquisites
and cars, and if so, the dollar amount for each specified category of executive.
PERQUISITE ALLOWANCE CA R A LLOWA NCE
% Average % Average
Providing Annual Median Providing Annual Median
Allowance Allowance Allowance Allowance Allowance Allowance
CEO 10% $28,942 $24,000 CEO 15% $20,784 $18,000
Senior Senior
10% $16,402 $15,000 16% $16,691 $13,680
Executives Executives
Other Other
7% $11,064 $9,750 14% $12,472 $10,800
Executives Executives
2021 Executive Benefits Survey | 5Tax Treatment
As a general rule, the cost of providing executive perquisites excluded from income. However, the entire incremental cost to
results in taxable income to the executive that is deductible the company needs to be disclosed in the proxy for benefits
to the company. However, special rules govern the personal provided to Named Executive Officers.
use of corporate aircraft and a company car. The value of
It is no surprise that a limited number of companies reimburse
these perquisites is reported as income on a Form W-2
or gross-up the imputed income associated with select
and is subject to tax withholding. For IRS guidance on
executive perquisites, particularly for public companies given
when to impute, see Announcement 85-113. In general, the
the scrutiny on such practices by shareholders and corporate
value of valid business travel does not need to be imputed,
governance groups.
while personal use does. If travel is associated with bona
fide security concerns, a portion or all of the value may be
CEO
CEO
Taxes Withheld* Tax Gross-Up*
Senior Executives 66 Companies Gross-Up
Senior Executives Other Executives At Least One Benefit:
100
19% 89% 18 privately held
90
17% Other Executives
16% 8 foreign-owned
80 74%
11%
2 not-for-profit
11%
9%
70 8%
62%7%
64% 7%
1% 11% 6% 60% 6%
5% 5%
608% 55%
3%
55%
7% 7%
1% 6% 6%
5% 50 5% 45%
3% 41% 41%
Home Security Excess Liability Country Club Dining or Cyber Security 36% 36%
40
Insurance Membership/Dues Luncheon Club Protection 31% 30%
28% 28%
lity Country Club 30 Dining or Cyber Security 24%
e Membership/Dues Luncheon Club Protection 20% 20%
18% 17% 18%
20 15% 16%
13% 12% 11% 12% 13% 13% 13%
9% 9%
10 4% 2%
5%
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*of companies who offer the benefit
6 | 2021 Executive Benefits SurveyImputing Income for Executive Benefits
Not all companies reported whether they impute income for each executive perquisite offered or when they impute.
The below breakdown reflects only respondents that did provide this information.
Semi-Annually Monthly or
Annually
or Quarterly Pay Period
Cyber Security Protection 75% 25%
73% 9% 18%
Executive Physical Exam
Excess Liability Insurance 63% 37%
Home Security 61% 9% 30%
Dining or Luncheon Club 55% 9% 36%
Company Aircraft (Personal Use) 53% 26% 21%
First-Class Air Travel 50% 50%
Tax Preparation Services 49% 26% 25%
Company Car 49% 6% 45%
Financial Counseling Services 47% 28% 25%
Country Club Membership/Dues 43% 14% 43%
43% 23% 34%
Spouse Travel
42% 37% 21%
Chauffeur Service
41% 12% 47%
Perquisite Allowance
Executive Life Insurance 41% 5% 54%
Executive Long-Term Disability 35% 3% 62%
31% 69%
Executive Medical Coverage
Car Allowance 13% 7% 80%
0 20 40 60 80 100
2021 Executive Benefits Survey | 7Realizing Executive Benefits’ Full Value
As the war for talent intensifies amid what the media is minute spent on personal finances means less time to focus
calling “The Great Resignation,” HR leaders and boards are on the business.
increasingly focused on using benefit programs to support
The vast majority of respondents to our survey reported using
the recruitment and retention of top executives. Success
email (90%) and brochures (70%) to communicate their
hinges on how well a company’s executives understand and
benefits, but these passive methods rely on executives to take
appreciate the full value of what is available to them, especially
action on their own. Seeking higher returns on their offerings,
while the landscape of offerings remains static.
HR leaders and boards are also turning to comprehensive
It’s an uphill battle for HR leaders. Educating executives on financial management benefits like Ayco, which take the
their complex packages takes time, as does maximizing the onus off of the executive. In partnership with HR teams, Ayco
value of interconnected benefit and compensation options helps ensure executives are able to maximize the financial
with serious tax implications. For a busy executive, every opportunities offered by their employer.
HOW COMPANIES COMMUNICA TE BENEFI TS TO E XECUTIVES
100
90%
80
70%
60%
60 53%
42% 30%
40
20
9%
0
Email Benefits Brochure Meeting or Live Third-party/ Webinar/ Other
or Other Presentation Provider Recorded
Printed Materials With HR Communications Presentation or Call
Additional Responses Included:
Company webpage, orientation
8 | 2021 Executive Benefits SurveyVoluntary Broad-Based Benefits
The most common (and usually appreciated) broad-based insurance continues to rise. Voluntary benefits were generally
voluntary benefits support employees’ physical and fiscal reported as paid for by employees or executives, rather than
health. These benefits often include an employee’s entire the company. Financial education and financial wellness/
family (even their pet). counseling benefits were the notable exceptions. When it
comes to financial education, 88% reported as company-
Financial education benefits saw one of the biggest
paid, another 7% subsidized by the company and only 5%
increases among broad-based benefits from our 2019
paid for by the employee/executive. As to financial wellness/
survey, with an 11% jump in companies offering financial
counseling, 83% reported as company-paid, another 11%
education to all employees. Though a few companies
subsidized by the company and only 6% paid for by the
removed pet insurance from their offerings, overall the
employee/executive.
35 number of companies offering pet CEO
32%
30% 30% 30%
30 CEO
All Employees Executives
Senior Only
Executives
30% 30%
25 Senior Executives Other Executives
80 22%
74%
70% 19%
20 18% Other Executives
70 16%
17%
19% 62%
15 18%
17%
60 16% 11% 11%
9%
10 50% 8%
7% 7%
50 11% 11% 46% 6%
5% 5%
6%
9%
5 8%
40% 3%
7% 7%
1% 6% 6%
40 5% 5%
34%
0 3% 32%
Executive Executive Life
1% Home Security Excess Liability Country Club Dining or Cyber Security
29%
30Disability Insurance
Long-Term Insurance Membership/Dues Luncheon Club Protection
Executive Life Home Security Excess Liability Country Club Dining or Cyber Security
ility Insurance 20 Insurance
14%
Membership/Dues Luncheon Club Protection 16% 15%
11% 12%
10 5%
2% 3% 2% 3% 2%
0% 1% 0% 0%
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Additional Responses Included:
Fitness program/gym reimbursement, tuition reimbursement, mental health resources/employee assistance programs
Financial 11% 88%
Education increase* paid for by
employers
Benefits *Compared to 2019 Ayco
Executive Benefits Survey
2021 Executive Benefits Survey | 9A Decade of Change (or Lack Thereof)
Despite greater shareholder focus on executive pay practices, While the benefits landscape may have seen little change,
enhanced SEC disclosures rules and the increased influence adoption rates of voluntary benefits are on the rise. The below
of corporate governance groups, the executive benefits and charts compare the adoption rates from 2011 and 2021 of select
perquisites landscape has held mostly steady over the last 10 benefits and perquisites for Senior Executives and voluntary
years. In this year’s survey, only three executive benefits and broad-based benefits. Companies have been realizing value
perquisites for Senior Executives varied more than 3% from from a diverse menu of voluntary broad-based benefits in
their 10-year average and median: Country club membership/ their recruitment and retention efforts, particularly as the talent
dues are down by 5% and 6%, respectively; executive physical pool becomes more diverse. It is likely no surprise there’s been
exams are up 6% and 8%; tax preparation services are up significant increases in all categories over the last decade, other
6% and 7%. than long-term care insurance.
EXECU TIVE PERQUISI T ES AD OPT ION R AT ES VOLUNTA RY BENEFI TS A DOPT ION R A T ES
6% 62%
Country Club Membership/Dues
15% Group Legal Plan
27%
30%
Executive Life Insurance
31% 40%
Homeowners/Auto Insurance
67% 29%
Executive Physical Exam
59%
67% 32%
Financial Counseling Services Long-Term Care Insurance
71% 37%
29%
Company Car or Allowance Senior Executives
33% 46%
Pet Insurance
17%
18%
Company Aircraft (Personal Use)
17%
34%
9% Child/Elder Care
Home Security 4%
7%
35 0 20 40 60 80 0 20 40 CEO 60 80
32%
30% 30% 30%
30 35 2021 Survey CEO
2011 Executives
Senior 2021
32%
30% 30% 30%
25 30 Senior Executive
Other Executives
22%
19%
20 25 18% Other Executive
22% 17%
16%
19%
15
PROX20
Y DISCLOSURE RULES
18%
FOR EXECU
11% 11%
16%
T IVE PERQUISIT ES
17%
9%
10 15 8%
7% 7%
SEC proxy disclosure rules require that perquisites provided6%to 11%5% one
11% that confers a direct
5%
6% or indirect benefit with a personal aspect,
9%
5 Named Executive
10 Officers be valued based on the incremental cost whether it’s provided 7%for a business reason or for the convenience
8% 3%
7%
1% 6% 6%
5%
0
to the company
5
and reported in their proxy statement under the of the company unless 5%
the perquisite is3%generally available on a non-
All Executive Executive Life column
Other Compensation Home ofSecurity Excess Liability
the Summary Country Club discriminatory
Compensation
1% Dining or Cyber to
basis Security
all employees. An item is not a perquisite
Long-Term Disability Insurance Insurance Membership/Dues Luncheon Club Protection
0
Table. Companies must disclose perquisites provided toExcess
a Named or personal
Executive Executive Life Home Security Liability Country Club benefit
Diningiforit is integrally and directly related to the
Cyber Security
Executive Officer if the
Long-Term total value
Disability exceeds $10,000 in the aggregate.
Insurance Insurance performance of
Membership/Dues the executive’s
Luncheon Club duties. It’s important to get these
Protection
If the value of a single perquisite exceeds the greater of $25,000 or disclosures right, as evidenced by recent SEC enforcement actions
10% of the total value of all perquisites reported, then its type and that have resulted in significant penalties to companies stemming
amount must be identified in a footnote. A reportable perquisite is from improper or insufficient disclosure.
10
10 || 2021
2021 Executive
Executive Benefits
Benefits Survey
SurveyParticipants
Survey participants are listed below. Additionally, 76 participants requested their company or organization
name not be disclosed.
3M Company E. & J. Gallo Winery MetLife, Inc.
Air Liquide S.A. Eastman Chemical Company Mondelez International, Inc.
Alliance Data Systems Corporation Eaton Corporation plc The Mosaic Company
The Allstate Corporation Echo Global Logistics, Inc. Motorola Solutions, Inc.
American Electric Power Company, Inc. Ericsson MSA Safety Incorporated
American International Group, Inc. Erie Insurance Group MUFG Union Bank, N.A.
Ameriprise Financial, Inc. Evergy Mutual of Omaha Insurance Company
AmerisourceBergen Corporation Exelon Corporation National Oilwell Varco, Inc.
Amgen Inc. Experian NCR Corporation
Amicus Therapeutics, Inc. Fifth Third Bancorp Newmont
Anthem, Inc. First National Bank of Omaha Nikola Corporation
Apache Corporation FirstGroup plc NiSource Inc.
Arch Resources, Inc. FM Global Novartis Services, Inc.
Archer-Daniels-Midland Company Ford Motor Company Novo Nordisk
Associated Banc-Corp Freeport-McMoRan, Inc. nVent Electric plc
Atlas Air, Inc. GCM Grosvenor Oncor Electric Delivery Company LLC
Automatic Data Processing, Inc. General Dynamics Corporation Owens Illinois
AutoZone, Inc. Genuine Parts Company Pacific Premier Bank
Avis Budget Group, Inc. Global Atlantic Financial Group Ltd. Panasonic Coporation
Ball Corporation The Goodyear Tire & Rubber Company Penn State University
The Bank of New York Mellon Corporation Greif, Inc. Pentair plc
Bank of the West Hallmark Cards, Inc. Pepsi Bottling Ventures LLC
Baylor College Of Medicine The Hanover Insurance Group, Inc. Pfizer Inc.
Ben E. Keith Company The Hartford Financial Services Group, Inc. Phillips 66 Company
Bessemer Trust Health Care Service Corporation Pitney Bowes Inc.
Black Hills Corporation The Hershey Company PPG Industries, Inc.
Blue Cross Blue Shield of Michigan Hess Corporation Protective Life Corporation
Blue Yonder Group, Inc. HollyFrontier Corporation Rayonier Inc.
BNSF Railway Company Horace Mann Service Coroporation Raytheon Technologies Corporation
The Boston Beer Company, Inc. HP Inc. Regions Financial Corporation
Boston Scientific Corporation Hubbell Incorporated Reinsurance Group of America, Incorporated
Brighthouse Financial, Inc. Hunt Consolidated, Inc. Schlumberger Limited
Brunswick Corporation Ingevity Corp Shape Corp.
Bryant University Iridium Satellite LLC The Sherwin-Williams Company
BWX Technologies, Inc. Jacobs Engineering Group Inc. Southern Company
CACI International Inc. Johnson & Johnson SpartanNash Company
Campbell Soup Company Kansas City Southern Stanley Black & Decker, Inc.
Cargill, Incorporated Kao USA Inc. Stellantis N.V.
Catalent, Inc. Kellogg Company Stryker Corporation
Caterpillar Inc. KeyBank Target Corporation
CDW Corporation Keysight Technologies Thermo Fisher Scientific Inc.
Cengage Learning, Inc. KLA Corporation Tractor Supply Company
CenterPoint Energy, Inc. Kohl’s Corporation Travel + Leisure Co.
Chevron Corporation Krispy Kreme, Inc. The Travelers Companies, Inc.
Church & Dwight Co., Inc. The Kroger Company TreeHouse Foods Inc.
Cimarex Energy Co. L Brands, Inc. U.S. Bancorp
CIT Group Inc. Land O’Lakes, Inc. Ulta Beauty, Inc.
Citrix Systems, Inc Libbey, Inc. UMB Financial Corporation
Cleveland-Cliffs Inc. Liberty Mutual Insurance Union Pacific Corporation
CNO Services LLC Lincoln Financial Group University of Phoenix
Coca-Cola Bottling Company United, Inc. Linde plc Valvoline Inc.
Colgate-Palmolive Company Littler Mendelson P.C. Verizon Communications Inc.
Comerica Incorporated LMI Vulcan Materials Company
Conagra Brands, Inc. L’Oreal USA, Inc. W.W. Grainger, Inc.
ConocoPhillips Marathon Oil Corporation Western Digital Corporation
Constellation Brands, Inc. Marathon Petroleum Corporation Westinghouse Electric Company LLC
Corning Incorporated Marriott International, Inc. Whirlpool Corporation
CSX Corporation Marsh & McLennan Companies, Inc. Wolverine World Wide, Inc.
Curtiss-Wright Corporation Massachusetts Mutual Life Insurance Company Xcel Energy Inc.
CVS Health Corporation Mastercard International Incorporated
Delta Air Lines, Inc. Maximus Inc.
Dominion Energy, Inc. McKesson Corporation
Duke Realty Corproation Meijer Inc.
2021 Executive Benefits Survey | 11ayco.com
Ayco is an industry pioneer and preeminent leader of
company-sponsored financial planning services.
We believe companies best serve their stakeholders and the
greater economy when their employees’ financial lives are clear,
understood and in their own control.
If you would like more information about our Executive Benefits Survey or
how Ayco can help your company achieve its goals, reach out to your Ayco
representative or email us at AycoCommunications@ny.email.gs.com, and a
member of our team will get in contact.
All individual responses are confidential. Survey results are based on the aggregate responses of all participants. The
information contained in this report is based upon the survey responses received. Although this survey is compiled based
on information we believe to be accurate, Ayco does not represent that the data received is accurate or complete. Ayco will
not voluntarily disclose any responses received to the survey unless authorized to do so. No part of this material may be: i)
copied, photocopied or duplicated in any form, by any means; or ii) redistributed without The Ayco Company, L.P.’s prior written
consent.
Advisory services offered by The Ayco Company, L.P. d/b/a Goldman Sachs Ayco Personal Financial Management (“Ayco
Personal Financial Management” or “Ayco”), a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC
(“GS&Co.”) and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset
management, and financial services organization. Brokerage services are offered through GS&Co. and Mercer Allied Company,
L.P. (a limited purpose broker-dealer), both affiliates of Ayco and members FINRA/SIPC.
©2021 The Ayco Company, L.P., d/b/a Goldman Sachs Ayco Personal Financial Management. All Rights Reserved.
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