Total compensation for chief executive officers in the US jumped 15.7% last year, marking the largest increase in eight years, according to a report by WTW (Willis Towers Watson).

2021’s increase is also a big step up from the 3.2% median increase in 2020. The last time CEOs had seen total compensation rise by this much was in 2014, when it increased approximately 16%.

WTW noted annual bonuses rose 39.3% in 2021 compared with a 6.1% decline in 2020. Higher values of long-term incentives helped drive the increase in total pay.

“Last year was a bounce-back year for CEO compensation as well as a good year financially for many companies and shareholders,” said Don Delves, North America practice leader of executive compensation at WTW.

The report is based on 500 companies in the S&P 1500 that had before the end of April filed proxies disclosing pay for 2021.

Total pay includes base salary, actual annual and long-term cash bonuses, the grant-date value of long-term incentives, the value of perquisites, earnings from deferred compensation and the change in value of executive pensions.

“Companies continue to manage their executive pay programs carefully,” Delves said. “The fact that CEO pay accelerated in a year when revenue growth, earnings and return to shareholders shone demonstrates that CEOs are being rewarded for performance.”

In another study, WTW also reported more companies are adding environmental, social and governance metrics to their executive incentive plans.

Separately, Staffing Industry Analysts releases an annual report on executive compensation for the staffing industry. It’s available to corporate members.