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Canada’s top paid CEOs will earn the average yearly income by noon on Jan. 4: report – Global News

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By the time most Canadians settle back into their work-from-home offices on the first working day of the year, Canada’s top CEOs would have already made the average worker’s salary — $53,482 — according to new research from the Canadian Centre for Policy Alternatives (CCPA).

The report said that the average top-paid CEO would have made that average income by 11:17 a.m.ET Monday, about an hour later than the previous year. It also found that in 2019, the average top Canadian CEO made 202 times more than the average worker in the same year, which was down from a record 227 times the previous year.

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Top CEOs have already made average Canadian’s salary in 2020: report

“There’s a real golden cushion for a lot of these CEOs, who have seen years of outrageous pay, this will cushion them and their wealth in a sense, but for many of them they will actually see an increase in their pay because their stock has done fairly well during the pandemic,” said David Macdonald, the report’s author and senior economist for the CCPA.

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According to Macdonald, most CEO pay is not in salary, but is handed out to them in bonuses and that because of this, it wouldn’t be possible yet to calculate how much they made in the most recent year. About 82 per cent of this year’s average top CEO income of $10.8 million is made up of bonuses, he added.

While the research found the wage gap had narrowed slightly compared to the previous year, McDonald said that changes to executive pay structure would certainly have to be made, especially given the financial hardships caused by the spread of the novel coronavirus pandemic.


Click to play video 'Canadian CEO’s taking pay cuts during COVID-19 crisis'



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Canadian CEO’s taking pay cuts during COVID-19 crisis


Canadian CEO’s taking pay cuts during COVID-19 crisis – Apr 17, 2020

Over a third of the top 100 CEOs of 2019 were found to have ran companies that applied for and received payroll support in 2020 through the federal government’s Canada Emergency Wage Subsidy (CEWS), while about half of that 100 was expected to either retain their compensation or see a raise during the pandemic due to the stock market boom.

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“I still don’t think there’s any way we can avoid it, it’s not built into the rules as it is in other countries like the Netherlands or Spain where you can’t pay out shareholders and executive bonuses at the same time as you’re receiving their version of the wage subsidy,” Macdonald said.

Read more:
Canada’s top CEOs will make $50K before noon on Jan. 2: report

“But we can put those rules into place, we haven’t so far, so I think it’s basically guaranteed we’re going to see massive executive bonuses going at the same time as the federal government paying the wages of the companies.”

Macdonald’s research also found that there was roughly 15 per cent people working less among those who were making $17 an hour or less, while the workers with the “highest wages” fully recovered by July.


Click to play video 'Pay equity gap still ‘significant’: Canada’s Women’s Foundation'



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Pay equity gap still ‘significant’: Canada’s Women’s Foundation


Pay equity gap still ‘significant’: Canada’s Women’s Foundation – Apr 2, 2019

According to a 2020 report from the Fraser Institute, CEO pay has increased in recent years due to an increasing demand in skills and competition in the industry.

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“The best business leaders in the world, just like top professional athletes and entertainers, are in limited supply while also being in high demand globally, so the compensation they receive reflects that,” wrote Vincent Geloso, the report’s author, in a press release.

Read more:
Gender gap shows a ‘double-pane’ glass ceiling for salary for female CEOs

According to Geloso’s report, the gap between CEO and worker pay in Canada is “overestimated” due to many other comparisons factoring in CEO bonuses. Geloso also argued that the high pay was justified due to the high amount of executive turnover, citing a Globe and Mail survey that found only 15 of the top 100 CEOs remained in the list between 2007 and 2017.

Macdonald, on the other hand, argues that given the economic turmoil of the pandemic, several tweaks have to be made to Canadian tax and wage policy — starting with the federal government restricting the CEWS only to companies that are not paying out executive bonuses, as well as excluding it from companies that substantially increase executive salaries.


Click to play video 'New report says women CEOs are paid less than men'



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New report says women CEOs are paid less than men


New report says women CEOs are paid less than men – Jan 2, 2019

“The argument so far is that the federal government is that companies are using the wage subsidy to pay employees, which they are, but the issue is that we can’t be having companies reward the executives while we’re paying the payroll, and that’s exactly what’s going to happen unless that stipulation is made,” he said.

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Aside from that, Macdonald recommended eliminating executive tax benefits, introducing new marginal tax rates on extreme incomes and increasing the tax rate on those who made more during the pandemic to close the gap.

“One of the places they should be looking at for revenue is to people who have done particularly well from the pandemic, it has not been bad for everyone — a lot of these CEOs would come out of this much better off as a result of the pandemic, and those are the types of people who should be asked to pay a little bit more. They made substantially more, so they should chip in a little bit more.”

© 2021 Global News, a division of Corus Entertainment Inc.

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Stop Asking Your Interviewer Cliché Questions

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Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.

In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • Your level of interest in the company and the role.
  • Contributing to your employer’s success is essential.
  • You desire a cultural fit.

Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:

  • “What are the key responsibilities of this position?”

Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”

  • “What does a typical day look like?”

Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.

  • “How would you describe the company culture?”

Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”

Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.

  • “What opportunities are there for professional development?”

When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.

Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.

Here are my four go-to questions—I have many moreto accomplish this:

  • “Describe your management style. How will you manage me?”

This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.

  • “What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”

This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”

  • “When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”

Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.

  • “If I wanted to sell you on an idea or suggestion, what do you need to know?”

Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.

Other questions I’ve asked:

 

  • “What keeps you up at night?”
  • “If you were to leave this company, who would follow?”
  • “How do you handle an employee making a mistake?”
  • “If you were to give a Ted Talk, what topic would you talk about?”
  • “What are three highly valued skills at [company] that I should master to advance?”
  • “What are the informal expectations of the role?”
  • “What is one misconception people have about you [or the company]?”

 

Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Canadian Natural Resources reports $2.27-billion third-quarter profit

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CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.

The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.

Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.

Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.

On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

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Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

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CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

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