Recession-related cost cutting is finally hitting the top brass, according to a new survey by ExecuNet. Companies are cutting back on pay packages they offer new executives in 2009 and trimming signing bonuses, which were once considered standard.

When times were good, CIOs and executives were guaranteed severance packages--another perk that is disappearing. The survey found that the percentage of executive compensation packages that included guaranteed severance dropped 10 percent from 44 percent last year, according to the survey.

But ExecuNet President Mark Anderson says companies' compensation plans may soon be shifting as the recovery begins. "With executive turnover poised to spike during the early stages of the recovery, which could be stronger than many expect, these compensation trends may be short-lived, as companies enhance their efforts to recruit and retain top talent in a more competitive
marketplace," Anderson said in a press release.

For more on IT bonuses in tough times:
- check out this CIO.com article

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