His total compensation from ADP in 2018 was over $12 million
While his official salary is just over $1 million, Rodriguez has various other incentives in his contract that brings his current compensation package to a bit over $12 million. This includes more than $2 million in bonuses and $3.4 million in stock options. He has also received roughly $5.3 million in company stock.
@11NU5mDd-hkju. I disagree with your assessment of the VERP people being selfish. One of them spent their last weeks putting together dozens of pages of training documents and was one of the first individuals to leave. Keep in mind that the termination dates for each person was as much of a surprise as the package offering itself and there was no negotiation available. Many of the individuals who chose not to take the VERP have already been let go with or without severance. Try not to insult so many people in one blanket statement. It's just wrong. The people who have been left behind were new hires who were not given enough training, enough resources, or enough pay to succeed in the role. That is not the fault of the VERPs.
As has been stated several times, if you are home-shored and unable to work in one of the remaining offices and/or if you have any money in the pension fund, your job will be eliminated.
@11NU5mDd-hkju , I resent your comments!
Yes, I did what was best for myself, as my options was retire or lose my job. However, I can also tell you that this selfish person worked hard, showed up every day, and worked past quitting time on the final day to make sure every client issue was covered.
So, I am sorry that you felt imposed upon, but you are still working. Please keep your comments in mind when you leave so that your successor does not have the same complaint.
I see people bringing up verp but what does that have to do with anything? People who accepted it mostly did it for what they considered best for themselves. Most that took the verp were very selfish in the time between accepting the offer and their end date. They simply checked out leaving they're peers in a worse situation that it should have been.
Simple - CEO's account to the Board of Directors, not the employees. As long as the MAJOR share holders are happy with THEIR profits, and the "blood isn't on their hands" for layoffs, then the CEO remains. When the CEO of a company is more worried about employees than the Board of Directors' profits ...... unemployment line for that CEO. I know, we're all share holders....but not the MAJOR share holders. Just my opinion.
I would have taken a pay cut or a reduction of benefits.. for example less vacation / personal time. I had a hard time finding employment, had to settle for half of what I was making at ADP
Given that the new employees that are coming in to replace the VERPed and laid off personnel are earning about one third of what the eliminated employees were, I think it would have been inappropriate and indecent for ADP to have offered pay cuts for the expensive employees to stay. The pay cuts would have been by about 66%. I don't think that anyone could afford a pay reduction that steep. Again, not blaming ADP. It was just a business decision to drastically cut labor costs and to acquire cheaper and less proficient workers.
I have to disagree with the previous poster about pay cuts. I think it should have been offered as a option in addition to the VERP. I'm sure not everyone would be agreeable to a pay cut but each person impacted would have to make an informed decision which was best for them. I know if would have definitely taken a pay cut over the VERP. I don't fault ADP for anything they are doing. it's being done industry wide for a lot of different reasons which could be the subject of another lengthy posting here. Not everything went smoothly with my VERP and separation but it was my decision to leave and now it's time to move on which I have done. Believe it or not there life outside of ADP.
Not taking sides either way but in my opinion offering pay cuts would do far more harm both short term and long versus separation.
Carlos is the problem with ADP. He cares nothing about the employees which shows by the hundreds or thousands with tons of knowledge that they let go. Had those left to only train new hires then let them go. Never once offering existing employees to take pay cuts to keep their jobs. As long as he’s making big buck, screw everyone else.
During Year-End 1980 Frank Lautenberg was helping to Stuff Quarterly and Annual Reports at 405 Route, sleeves rolled up and tie tucked into his shirt. Nothing was beneath the President and CEO at that time when getting the job done.
Would the current President/CEO be capable of doing the same?
That’s actualy very close to the median compensation of a Fortune 500 CEO. Now, whatever your personal or professional thoughts are on the man one thing is for certain, the stock price is within shouting distance of its all time high. Will the stock continue to rise? Is that the most important factor for everyone? I’m fairly certain there are a lot of current and former ADP’ers with plenty of their stock, seeing as we all used to get it at a 15% discount back in the day then throw in the splits.
Not defending nor condemning the man, simply stating that while this amount of money seems obscene to us common folk, it is inline with Wall Street.
There will be those that say other Fortune 500 companies aren’t being slashed like ADP, in some cases that may be true, I don’t know.
Agreed. Certainly Carlos doesn't care about ADP when he wins financially no matter how the company does. As another poster said, no pressure either way.
I don't think anyone here is feeling sorry for anyone else. Just making observations and making do with life's curves and laughing about it as best as one can.
I don't see where anyone is feeling sorry for anyone else. The original post was simply a statement of fact that people who read this forum have a right to know. The company initiatives which Carlos has put in place in the last five years have forced knowledgeable employees out of the company and leaving newer employees to fend for themselves at around 1/2 the salary. The initiatives have also forced customers to change the product they bought to a lesser quality software or they could hit the road.
I believe the point was that Carlos doesn't really care about the company. He makes money no matter what happens to the employees or clients.
Nice! When you have so much money, there is no incentive to do well. You have enough money to keep a roof over your head and not have to worry about starving to death. Certainly no pressure to perform well whatsoever.
Yes, when I was at ADP, there was also no pressure for me to... oh wait, there was. I had to do well so that I could keep my job and feed myself and my family and keep a roof over our heads.
Too bad, I wish I could live Carlos' lifestyle and just walk away from my job, live in a mansion and enjoy the good life. But I can't. I'm just a mortal grunt and not a luminary genius who knows how to run his company. Oh wait, he doesn't!