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“Financial markets are cyclical but what we face is so unprecedented, no one truly knows whether next year is feast or famine,” said Simon Patterson, managing director at Pearl Meyer.
“People generally want to hire compensation consultants who will fit well with their team—the comp committee coupled with HR and senior executives,” said David Swinford, president and CEO of Pearl Meyer.
“There has to be some sense of equity. If there were a lot of furloughs and the organization isn’t hiring people back now, it is awfully tough to offer discretionary awards,” said Steve Sullivan, managing director, Pearl Meyer.
“Generally, executives [in healthcare] seem to be sharing more of the burden via pay cuts than in past recessions,” said Ed Steinhoff, managing director, Pearl Meyer.
“Board members want the people who know the business, know the assets of the company, know the nuances and facets of the business, and can leverage that understanding and knowledge to extract value going forward in a bankruptcy,” said Ian Keas, a principal at Pearl Meyer.
“There is a growing interest in linking pay to diversity goals; whether this will have a material impact on how much compensation they’re making is hard to tell,” said Deb Lifshey, managing director, Pearl Meyer.