Back to the Future: A Century of Compensation

What were the hot compensation issues and practices over the past century? Does history offer any lessons that may inform our compensation decisions in the future? To answer these questions, we reviewed newspapers and business publications from the past 100 years. To highlight changes in compensation systems during that time, we selected four topics to examine in detail in this paper: compensation\u27s role in the changing nature of the deal; the evolution of pay-for-performance; the emergence of benefits; and the bellwethers of compensation systems. Four lessons for the future are drawn. These include: End the search for the one right compensation strategy; Understand what in the context matters; Continue pragmatic experimentation, and Support continuous learning about compensation. Readers are invited to delve into the history of compensation to discover what they take away for the future

2009 Annual Report to Congress

[Excerpt] Enacted in 2004, Public Law 108-375 also created an Office of the Ombudsman (the Office) and urged the Secretary of Labor to take appropriate action to ensure that it be an independent Office within the Department of Labor (DOL), including independence from the other officers and employees of the DOL engaged in activities related to the administration of the provision of the EEOICPA. See 42 U.S.C. § 7385s-15(d). The Secretary of Labor appointed an Ombudsman in February 2005, and the Office submitted its first report to Congress covering calendar year 2005 on February 15, 2006. When initially created, the duties of the Office only extended to Part E. On October 28, 2009, Public Law 111-84, the National Defense Authorization Act for Fiscal Year 2010, expanded the authority of the Office to also include Part B of the EEOICPA. The day to day activities of the Office are driven by two goals; 1) to provide information and assistance to claimants and potential claimants regarding the EEOICPA; (2) to provide opportunities for claimants and potential claimants to express their complaints, grievances, and requests for assistance concerning this program. In achieving these goals, the Office: Engages in outreach – We sponsor town hall meetings, as well as attend other meetings, forums and workshops where we discuss the EEOICPA and its requirements. This year, with the assistance of the efforts of a task force comprised of many of the agencies involved with the EEOICPA we were able to attend 20 outreach meetings in 11 different cities. Clarifies/explains documents and procedures – The EEOICPA can be very complicated and decisions are oftentimes based on very technical medical, scientific and/or legal concepts. We are contacted by claimants who find it difficult to comprehend these concepts. In addition, there are a many nuances to this program – for example for many of the “rules” there is at least one exception. Some claimants need assistance “steering the right course” as they proceed with their claim. Receives complaints, grievances and requests for assistance – Individuals with pending claims; individuals whose claims were denied; as well as some individuals whose claims were awarded, contact the Office or attend our town hall meetings, to voice complaints and grievances with this program. We are also contacted on occasion by claimants who have complimentary comments concerning the program – usually complimenting the services provided by individuals associated with the program. Provides assistance – It is rare when we are contacted by an individual who simply wants to voice a complaint. Most individuals contact us because they are seeking assistance with their claim. In some instances, we are asked to explain a word or decision. On other occasions, we are asked to provide assistance locating necessary records, or our input is sought on how to proceed with a claim. Inasmuch as many claimants do not have access to computers, we also frequently provide public information such as copies the Site Exposure Matrices; Site Profiles; listing of the 22 cancers covered for purposes of Special Exposure Cohorts, etc. Within the limits of our authority and resources, we assist claimants however we can. The report that follows is a synthesis of the many e-mails, letters, telephone calls, faxes, and face to face conversations that members of this staff had over the past year

2012 Annual Report to Congress

[Excerpt] Public Law 108-375 not only repealed Part D and established Part E it also created the Office of the Ombudsman (the Office). The law urged the Secretary to ensure the independence of the Office within DOL, including independence from other officers and employees of DOL engaged in activities related to the administration of the provisions of EEOICPA. Public Law 108-375 also contained an express sunset date, terminating the requirement for the Office on October 28, 2007. On October 22, 2007, shortly before the sunset provision was to take effect, former Secretary Chao issued a Memorandum determining that the Department of Labor should continue to have an Office of the Ombudsman in the event that the statutory requirement expired. This Memorandum took effect on October 28, 2007. Subsequently, on January 28, 2008, Section 3116 of the FY08 Defense Authorization Act, Public Law 110-181, effectively reinstated the statutory requirement for the Office by extending the sunset date until October 28, 2012. On October 24, 2012, shortly before the October 28, 2012 sunset date, former Secretary Solis signed a Memorandum continuing the Office under the authority of the previous Memorandum signed on October 22, 2007. EEOICPA outlines three duties for the Office: Provide information about the benefits available under Part B and Part E and on the requirements and procedures applicable to the provision of such benefits; Make recommendations to the Secretary regarding the location of resource centers for the acceptance and development of claims under Part B and E; and Carry out such other duties as the Secretary specifies. See 42 U.S.C. §7385s-15(c). In addition, 42 U.S.C. §7385s-15(e) requires the Office to submit an annual report to Congress setting forth: The number and types of complaints, grievances, and requests for assistance received by the Office during the preceding year, and An assessment of the most common difficulties encountered by claimants and potential claimants during the preceding year

Keeping Up with CEO Jones: Benchmarking and Executive Compensation

This paper seeks to understand the role that peer comparisons play in the determination of executive compensation. I exploit a recent change in the Securities and Exchange Commission’s regulations that requires firms to disclose the peer companies used for determining the compensation of their top executives. Using a new dataset of S&P 900 companies’ choice of benchmarking firms during two fiscal periods (2007 and 2008), I investigate what determines the choice of comparison firms. I find that companies have a preference for choosing larger and higher-CEO-compensation firms as their benchmark. Though I find that companies prefer to choose as their benchmark peers with similar firm characteristics, for CEO compensation, this effect is countered by a preference for firms with higher-than-own CEO compensation. Using the complete map of firms’ choices, I implement an instrumental variable strategy that uses the characteristics of peers-of-peers to estimate the effect of others’ compensation on own compensation. For Fiscal Year 2007, I find an elasticity of 0.5

Study of compensation process of ion beams

For investigation of space charge compensation process due to residual gas ionization and the experimentally study of the rise of compensation, a Low Energy Beam Transport (LEBT) system consisting of an ion source, two solenoids, a decompensation electrode to generate a pulsed decompensated ion beam and a diagnostic section was set up. The potentials at the beam axis and the beam edge were ascertained from time resolved measurements by a residual gas ion energy analyzer. A numerical simulation of self-consistent equilibrium states of the beam plasma has been developed to determine plasma parameters which are difficult to measure directly. The temporal development of the kinetic and potential energy of the compensation electrons has been analyzed by using the numerically gained results of the simulation. To investigate the compensation process the distribution and the losses of the compensation electrons were studied as a function of time. The acquired data show that the theoretical estimated rise time of space charge compensation neglecting electron losses is shorter than the build up time determined experimentally. To describe the process of space charge compensation an interpretation of the achieved results is given

Workers' compensation in the United States: high costs, low benefits

Studies suggest that income replacement is low for many workers with serious occupational injuries and illnesses. This review discusses three areas that hold promise for raising benefits to workers while reducing workers' compensation costs to employers: improving safety, containing medical costs, and reducing litigation. In theory, workers' compensation increases the costs to employers of injuries and so provides incentives to improve safety. Yet, taken as a whole, research does not provide convincing evidence that workers' compensation reduces injury rates. Moreover, unlike safety and health regulation, workers' compensation focuses the attention of employers on individual workers. High costs may lead employers to discourage claims and litigate when claims are filed. Controlling medical costs can reduce workers' compensation costs. Most studies, however, have focused on costs and have not addressed the effectiveness of medical care or patient satisfaction. Research also has shown that workers' compensation systems can reduce the need for litigation. Without litigation, benefits can be delivered more quickly and at lower costs

Performance of electronic dispersion compensator for 10Gb/s multimode fiber links

In high-speed optical links, electronic compensation circuits can be utilized to greatly improve the data transmission performance limited by fiber dispersion. In this paper, we develop a full link model, including multimode fibers, optical/electronics/optical components, clock-and-data recovery and electronic compensation circuits. The performance of various electronic compensation techniques, such as feed-forward equalizer and decision feedback equalizer for optical multimode fiber is investigated and numerically evaluated. Finally, a comparison of the performance of each compensation techniques and a proposal of optimal equalizer circuit implementation, achieving a 10-Gb/s transmission over 1-km standard multimode fiber are presented

Spectral and temporal gating mechanisms enhance the clutter rejection in the echolocating bat, Rhinolophus rouxi

Doppler shift compensation behaviour in horseshoe bats, Rhinolophus rouxi, was used to test the interference of pure tones and narrow band noise with compensation performance. The distortions in Doppler shift compensation to sinusoidally frequency shifted echoes (modulation frequency: 0.1 Hz, maximum frequency shift: 3 kHz) consisted of a reduced compensation amplitude and/or a shift of the emitted frequency to lower frequencies (Fig. 1). Pure tones at frequencies between 200 and 900 Hz above the bat's resting frequency (RF) disturbed the Doppler shift compensation, with a maximum of intererence between 400 and 550 Hz (Fig. 2). Minimum duration of pure tones for interference was 20 ms and durations above 40 ms were most effective (Fig. 3). Interfering pure tones arriving later than about 10 ms after the onset of the echolocation call showed markedly reduced interference (Fig. 4). Doppler shift compensation was affected by pure tones at the optimum interfering frequency with sound pressure levels down to –48 dB rel the intensity level of the emitted call (Figs. 5, 6). Narrow bandwidth noise (bandwidth from ± 100 Hz to ± 800 Hz) disturbed Doppler shift compensation at carrier frequencies between –250 Hz below and 800 Hz above RF with a maximum of interference between 250 and 500 Hz above resting frequency (Fig. 7). The duration and delay of the noise had similar influences on interference with Doppler shift compensation as did pure tones (Figs. 8, 9). Intensity dependence for noise interference was more variable than for pure tones (-32 dB to -45 dB rel emitted sound pressure level, Fig. 10). The temporal and spectral gating in Doppler shift compensation behaviour is discussed as an effective mechanism for clutter rejection by improving the processing of frequency and amplitude transients in the echoes of horseshoe bats

Executive Compensation and CEO Equity Incentives in China’s Listed Firms (CRI 2009-006)

This study investigates the economic, ownership and governance determinants of executive compensation and CEO equity incentives in China’s listed firms. Consistent with the agency theory, we find that executive compensation is positively correlated with firm size, performance, and growth opportunities. CEO incentives are negatively associated with firm size, positively linked with firm performance and growth opportunity. Firm risk has a negative effect on pay and incentives. Compensation and CEO incentives are significantly greater in privately-controlled firms compared to state-run firms and are lower in firms with concentrated ownership structures. Boardroom governance is important: firms with compensation committees or a greater fraction of independent directors on the board have higher executive pay and greater CEO equity incentives