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  • All HBS Web  (207)
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    • All HBS Web  (207)
      • Faculty Publications  (24)

      Compensation Consultants Remove Compensation Consultants →

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      • March 2022 (Revised October 2022)
      • Case

      Transforming Kimball International, Inc. (A)

      By: Lynn S. Paine and Will Hurwitz
      Kimball International, Inc. (KII), led by CEO Kristie Juster, and its board of directors, chaired by Kim Ryan, faced critical questions about KII’s future in the spring of 2021. Two years earlier, the board had appointed Juster as the new CEO of KII, a publicly traded,...  View Details
      Keywords: Board Of Directors; Board Committees; Board Decisions; Board Dynamics; CEO Compensation; CEO Succession; Compensation Committee; Compensation Consultants; Compensation Design; Compensation Mix; Corporate Purpose; COVID-19; ESG; Furniture; Furniture Industry; Manufacturing; Midwest; Pandemic; Purpose; Spin Off; Strategic Change; Strategic Decisions; Strategic Evolution; Target-setting; Executive Compensation; Family Ownership; Governance; Restructuring; Strategy; Transformation; Manufacturing Industry; United States
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      Paine, Lynn S., and Will Hurwitz. "Transforming Kimball International, Inc. (A)." Harvard Business School Case 322-083, March 2022. (Revised October 2022.)
      • March 2022
      • Supplement

      Transforming Kimball International, Inc. (B)

      By: Lynn S. Paine and Will Hurwitz
      Supplements the (A) case.  View Details
      Keywords: Board Of Directors; Board Committees; Board Decisions; Board Dynamics; CEO Compensation; CEO Succession; Compensation Committee; Compensation Consultants; Compensation Design; Compensation Mix; Corporate Purpose; COVID-19; ESG; Furniture; Furniture Industry; Manufacturing; Midwest; Pandemic; Purpose; Spin-off; Strategic Change; Strategic Decisions; Strategic Evolution; Target-setting; Executive Compensation; Family Ownership; Governance; Restructuring; Strategy; Transformation; Manufacturing Industry; United States
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      Paine, Lynn S., and Will Hurwitz. "Transforming Kimball International, Inc. (B)." Harvard Business School Supplement 322-084, March 2022.
      • March 2022 (Revised May 2022)
      • Case

      Winning Business at Russell Reynolds (A)

      By: Ethan Bernstein and Cara Mazzucco
      In an effort to make compensation drive collaboration, Russell Reynolds Associates’ (RRA) CEO Clarke Murphy sought to re-engineer the bonus system for his executive search consultants in 2016. As his HR analytics guru, Kelly Smith, points out, that risks upsetting–and...  View Details
      Keywords: Compensation; Collaboration; Executive Search Firms; Consulting Firms; Compensation and Benefits; Restructuring; Human Resources; Human Capital; Management Practices and Processes; Organizational Culture; Organizational Change and Adaptation; Social and Collaborative Networks; Recruitment; Selection and Staffing; Talent and Talent Management; Consulting Industry; Consulting Industry; Asia; Europe; Latin America; Middle East; North and Central America; South America; Oceania
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      Bernstein, Ethan, and Cara Mazzucco. "Winning Business at Russell Reynolds (A)." Harvard Business School Case 422-045, March 2022. (Revised May 2022.)
      • March 2022
      • Supplement

      Winning Business at Russell Reynolds (B)

      By: Ethan Bernstein and Cara Mazzucco
      In an effort to make compensation drive collaboration, Russell Reynolds Associates’ (RRA) CEO Clarke Murphy sought to re-engineer the bonus system for his executive search consultants in 2016. As his HR analytics guru, Kelly Smith, points out, that risks upsetting–and...  View Details
      Keywords: Compensation; Collaboration; Executive Search Firms; Consulting Firms; Compensation and Benefits; Restructuring; Human Resources; Human Capital; Management Practices and Processes; Organizational Culture; Organizational Change and Adaptation; Social and Collaborative Networks; Recruitment; Selection and Staffing; Talent and Talent Management; Consulting Industry; Consulting Industry; Asia; Europe; Latin America; Middle East; North and Central America; South America; Oceania
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      Bernstein, Ethan, and Cara Mazzucco. "Winning Business at Russell Reynolds (B)." Harvard Business School Supplement 422-046, March 2022.
      • January 2020
      • Article

      Compensation Consultants and the Level, Composition, and Complexity of CEO Pay

      By: Kevin J. Murphy and Tatiana Sandino
      We provide fresh evidence regarding the relation between compensation consultants and CEO pay. First, firms that employ consultants have higher-paid CEOs—this result is robust to firm fixed effects and matching on economic and governance variables. Second, while this...  View Details
      Keywords: Consultants; Benchmarking; Incentive Pay; Executive Compensation; Complexity; Motivation and Incentives; Governance
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      Murphy, Kevin J., and Tatiana Sandino. "Compensation Consultants and the Level, Composition, and Complexity of CEO Pay." Accounting Review 95, no. 1 (January 2020): 311–341.
      • June 2019
      • Technical Note

      Valuing Employee Equity at Early Stage Ventures

      By: Shikhar Ghosh, Christopher Stanton and Sanchali Pal
      The note introduces a framework to consider factors that influence the value of employee equity at early stage ventures. Valuing equity is complex, and it important to account for expected dilution, assess exit potential, and acknowledge the high rate of failure in...  View Details
      Keywords: Employees; Equity; Valuation; Business Startups
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      Ghosh, Shikhar, Christopher Stanton, and Sanchali Pal. "Valuing Employee Equity at Early Stage Ventures." Harvard Business School Technical Note 819-167, June 2019.
      • 2021
      • Working Paper

      rTSR: Properties, Determinants, and Consequences of Benchmark Choice

      By: Paul Ma, Jee-Eun Shin and Charles C.Y. Wang
      We develop a measurement-error framework for assessing the quality of relative-performance metrics designed to filter out the systematic component of performance and analyze relative total shareholder return (rTSR)—the predominant metric market participants use to...  View Details
      Keywords: Relative TSR; Relative Performance Evaluation; Systematic Risk; Board Of Directors; Compensation Consultants; Style Effects; Executive Compensation; Performance Evaluation; Corporate Governance
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      Ma, Paul, Jee-Eun Shin, and Charles C.Y. Wang. "rTSR: Properties, Determinants, and Consequences of Benchmark Choice." Harvard Business School Working Paper, No. 19-112, April 2019. (Revised May 2021.)
      • January 2019 (Revised December 2019)
      • Case

      CrossBoundary Energy

      By: John Macomber
      Almost 500 million people are without electricity in sub-Saharan Africa. Governments and public utilities are challenged to bring generation and distribution to most of them. Considerable promise exists in “off-grid” or “mini-grid” technologies, notably using renewable...  View Details
      Keywords: Energy Investing; Economic Development; Renewable Energy; Business Growth and Maturation; Developing Countries and Economies; Project Finance; Emerging Markets; Industry Structures; Infrastructure; Segmentation; Private Equity; Decision Choices and Conditions; Energy Industry; Utilities Industry; Africa; Tanzania; Ghana
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      Macomber, John. "CrossBoundary Energy." Harvard Business School Case 219-089, January 2019. (Revised December 2019.)
      • 2019
      • Working Paper

      Compensation Consultants and the Level, Composition, and Complexity of CEO Pay

      By: Kevin J. Murphy and Tatiana Sandino
      We provide fresh evidence regarding the relation between compensation consultants and CEO pay. First, firms that employ consultants have higher-paid CEOs—this result is robust to firm fixed effects and matching on economic and governance variables. Second, while this...  View Details
      Keywords: Consultants; Benchmarking; Incentive Pay; Executive Compensation; Complexity; Motivation and Incentives; Governance
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      Murphy, Kevin J., and Tatiana Sandino. "Compensation Consultants and the Level, Composition, and Complexity of CEO Pay." Harvard Business School Working Paper, No. 18-027, September 2017. (Revised March 2019. Accepted and forthcoming at The Accounting Review.)
      • 2016
      • Working Paper

      Through the Grapevine: Network Effects on the Design of Executive Compensation Contracts

      By: Susanna Gallani
      Effective design of executive compensation contracts involves choosing and weighting performance measures, as well as defining the mix between fixed and incentive-based pay components, with a view to fostering talent retention and goal congruence. The variability in...  View Details
      Keywords: Compensation Design; Board Interlocks; Compensation Consultants; Network Centrality; Homophily; Quadratic Assignment Procedure; Blockholders; Executive Compensation
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      Gallani, Susanna. "Through the Grapevine: Network Effects on the Design of Executive Compensation Contracts." Harvard Business School Working Paper, No. 16-019, August 2015. (Revised December, 2016.)
      • November 2013
      • Article

      Which U.S. Market Interactions Affect CEO Pay? Evidence from UK Companies

      By: Joseph Gerakos, Joseph Piotroski and Suraj Srinivasan
      This paper examines how different types of interactions with U.S. markets by non-U.S. firms are associated with higher level of CEO pay, greater emphasis on incentive-based compensation, and smaller pay gap with U.S. firms. Using a sample of CEOs of UK firms and using...  View Details
      Keywords: CEO Compensation; International Pay; Incentives; Cross-listing; United Kingdom; Motivation and Incentives; Executive Compensation; Globalization; Corporate Governance; United Kingdom; United States
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      Gerakos, Joseph, Joseph Piotroski, and Suraj Srinivasan. "Which U.S. Market Interactions Affect CEO Pay? Evidence from UK Companies." Management Science 59, no. 11 (November 2013).
      • December 2012 (Revised August 2020)
      • Case

      Rodan + Fields Dermatologists

      By: Das Narayandas, Michael Roberts and Liz Kind
      The case focuses on issues involved in managing the direct multilevel marketing sales consultants who sell R+F skin care products. The company is trying to better manage the inconsistent and highly variable recruitment behavior of the sales force i.e., the degree to...  View Details
      Keywords: Marketing; Salesforce Management; Recruitment; Compensation and Benefits; Consumer Products Industry; Beauty and Cosmetics Industry; California
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      Narayandas, Das, Michael Roberts, and Liz Kind. "Rodan + Fields Dermatologists." Harvard Business School Case 513-067, December 2012. (Revised August 2020.)
      • April 2010
      • Article

      Executive Pay and 'Independent' Compensation Consultants

      By: K. J. Murphy and Tatiana Sandino
      Executive compensation consultants face potential conflicts of interest that can lead to higher recommended levels of CEO pay, including the desires to "cross-sell" services and to secure "repeat business." We find evidence in both the US and Canada that CEO pay is...  View Details
      Keywords: Compensation Consultants; Conflicts Of Interest; CEO Pay; Board Of Directors; Director Pay; Disclosure; Conflict of Interests; Governing and Advisory Boards; Corporate Disclosure; Executive Compensation; Corporate Governance; Consulting Industry; Canada; United States
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      Murphy, K. J., and Tatiana Sandino. "Executive Pay and 'Independent' Compensation Consultants." Journal of Accounting & Economics 49, no. 3 (April 2010): 247–262.
      • July 2008 (Revised November 2012)
      • Case

      Negotiating Equity Splits at UpDown

      By: Noam Wasserman and Deepak Malhotra
      Michael Reich is having severe doubts about how he split the equity with his co-founders two months ago, when they completed a one-page "November Agreement." Since then, Michael has found an angel investor and has worked non-stop on the business, while one co-founder...  View Details
      Keywords: Business Startups; Entrepreneurship; Capital; Venture Capital; Equity; Compensation and Benefits; Negotiation; Partners and Partnerships
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      Wasserman, Noam, and Deepak Malhotra. "Negotiating Equity Splits at UpDown." Harvard Business School Case 809-020, July 2008. (Revised November 2012.)
      • January 2008
      • Article

      How to Change the World

      By: Howard H. Stevenson
      Alan Wilson has a decision to make. The CEO of his company, Grepter, wants him to relocate to Zurich, where he can gain valuable experience for a rise to the top. Karl, his best friend, hopes to lure him to a hedge fund that promises big money fast. Shiori, an enticing...  View Details
      Keywords: Decision Choices and Conditions; Values and Beliefs; Compensation and Benefits; Personal Development and Career; Power and Influence
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      Stevenson, Howard H. "How to Change the World." Special Issue on HBS Centennial. Harvard Business Review 86, no. 1 (January 2008).
      • November 2001 (Revised April 2003)
      • Case

      Camp Dresser & McKee: Getting Incentives Right

      By: Ashish Nanda
      "If you try to use money to motivate behavior, you are in a powerful and dangerous place, especially with engineers and scientists," remarked Tom Furman, CEO of Camp Dresser & McKee, Inc. (CDM), a consulting environmental engineering firm. Historically, CDM had...  View Details
      Keywords: Motivation and Incentives; Compensation and Benefits; Service Industry
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      Nanda, Ashish, and M. Julia Prats. "Camp Dresser & McKee: Getting Incentives Right." Harvard Business School Case 902-122, November 2001. (Revised April 2003.)
      • July 1995 (Revised April 1996)
      • Case

      Cambridge Technology Partners (A)

      By: Teresa M. Amabile, George P. Baker III and Michael Beer
      Cambridge Technology Partners uses a highly innovative product strategy, supported by a human resources strategy, that has been very successful. However, high growth rates jeopardize product quality while tension about relative compensation levels between sales and...  View Details
      Keywords: Growth Management; Compensation and Benefits; Organizational Culture; Quality; Human Resources; Relationships; Innovation and Invention; Consulting Industry; Massachusetts
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      Amabile, Teresa M., George P. Baker III, and Michael Beer. "Cambridge Technology Partners (A)." Harvard Business School Case 496-005, July 1995. (Revised April 1996.)
      • June 1995 (Revised June 1996)
      • Case

      Hawthorne (A): The Compensation Consulting Marketplace

      By: Jay W. Lorsch and Geoffrey Love
      Keywords: Markets; Compensation and Benefits; Strategy
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      Lorsch, Jay W., and Geoffrey Love. "Hawthorne (A): The Compensation Consulting Marketplace." Harvard Business School Case 495-065, June 1995. (Revised June 1996.)
      • June 1995 (Revised June 1996)
      • Case

      Hawthorne (B): The Hawthorne Compensation Consulting Practice

      By: Jay W. Lorsch and Geoffrey Love
      Keywords: Markets; Compensation and Benefits; Strategy
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      Lorsch, Jay W., and Geoffrey Love. "Hawthorne (B): The Hawthorne Compensation Consulting Practice." Harvard Business School Case 495-066, June 1995. (Revised June 1996.)
      • March 1987 (Revised July 1996)
      • Case

      Kansas City Zephyrs Baseball Club, Inc.

      By: Kenneth A. Merchant, Krishna G. Palepu and Joseph P. Mulloy
      Describes a dispute between the owners of the major league baseball teams and the players' union about the profitability of the baseball teams. The issue is important because of the ongoing collective bargaining negotiations. A consultant is brought in to decide...  View Details
      Keywords: State Ownership; Compensation and Benefits; Entrepreneurship; For-Profit Firms; Accounting; Activity Based Costing and Management; Resource Allocation; Cost Accounting; Cost Management; Labor and Management Relations; Financial Management; Sports; Sports Industry; Kansas
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      Merchant, Kenneth A., Krishna G. Palepu, and Joseph P. Mulloy. "Kansas City Zephyrs Baseball Club, Inc." Harvard Business School Case 187-088, March 1987. (Revised July 1996.)
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