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Compensation Advisory Partners (CAP) assessed human capital actions taken by companies in the Real Estate sector in response to the COVID-19 pandemic. Key findings include:
- The Real Estate sector was nominally impacted by the COVID-19 pandemic.
- 24% of the Real Estate companies in the S&P Composite 1500 Index reported human capital actions in response to the pandemic. In contrast, 41 percent of companies in the S&P 1500 reported actions.
- Pay reductions for executives and board members are the most prevalent human capital actions in the Real Estate sector.
- Median salary reductions were 50 percent for chief executive officers (CEOs), while median salary reductions for other executives were 21 percent.
- For boards of directors, pay was cut by a median of 33 percent.
- In addition to pay reductions for executives and boards, the most prevalent human capital actions in the Real Estate sector were furloughs, workforce reductions and employee pay reductions.
The PDF of the report provides additional data for the Real Estate sector.
The human capital actions that CAP is tracking include pay cuts; changes to annual and long-term incentives; furloughs; workforce reductions; suspended 401K matches; enhanced health and welfare benefits; additional pay for frontline workers; pay continuity; and workforce expansions. CAP will continue to monitor corporate public announcements of COVID-19 actions.