Is Your Compensation Peer Group Useful or Just Safe?
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1 TRENDS & ISSUES Is Your Compensation Peer Group Useful or Just Safe? AUTHOR Jim Heim Managing Director Here s a fun experiment for your next compensation committee meeting. Ask your CEO to review a list of your current executive pay benchmarking peers and place a check next to each company that they believe is a strong potential source of talent for your next executive hire. Be clear that strong potential source of talent means that your CEO can envision hiring one of the peer s top five executives to fill a top five role at their own company. After all, this is the way the peer group is most likely used: to benchmark your top five executives against peer group top five executives. Anecdotal experience suggests that less than 50% of your peers will be checked. If you re a software or biotech company, the number is likely lower. These companies were probably selected using size comparability as the primary screen for peer group membership, while other considerations such as talent competitors, business model, and life cycle stage of the company received relatively short shrift. Is this a problem? Well, I m a consultant, and will lose my official consulting license if I fail to answer any direct question with it depends. Fortunately, official consulting licenses are not a real thing. while it s a focus of outsiders looking in, company size alone is a poor filter. Yes, it s a problem. A core responsibility of the compensation committee is or at least, should be to use compensation as a tool to help and build and maintain strong management teams to create long term value for stakeholders. When peer groups provide market intelligence that is not germane to building and maintaining strong management teams and this is the case when your peers are not relevant for talent acquisition or understanding how companies with similar business models are implementing incentive program design then benchmarking protocols are hurting, not helping. June 2016
2 How Did We Get Here? Compensation committees are under tremendous pressure to develop peer groups that are palatable to proxy advisors and institutional shareholders. Publicly traded companies must disclose their executive pay benchmarking practices, and shareholders and proxy advisors are skeptical of using larger companies for this purpose, believing that use of larger companies for benchmarking can lead to escalating executive pay. They re not wrong. Within an industry, the correlation between executive pay opportunities and size which may be best measured by revenue, assets, employee population, or even R&D spend, depending on sector is strong. If you target pay opportunities at the 50 th percentile of your peers, and your peers are approximately twice your size, then you will overpay relative to the current size of your company. However, while it s a focus of outsiders looking in, company size alone is a poor filter. It gives no consideration to the relative impact that a strong executive may have given your company s specific structure and strategy vis-à-vis size-relevant peers. Furthermore, you are not constrained by company size when identifying sources of talent any more than a competitor would be constrained from poaching your executive team simply because they re less than half or more than double your revenue. The truth is, a variety of factors determine what makes for a solid executive candidate, and many of them have nothing to do with the size of the candidate s current company. Company size tells you nothing of an executive s creativity, ambition, leadership acumen, or ability to scale. Unfortunately, while these traits are important, they are not quantifiable. Size is. And proxy advisors and shareholders prefer to apply quantitative analytics when assessing benchmarking protocols. Knowing that size and industry are the primary lenses through which their benchmarking decisions will be judged, compensation committees are compelled to construct peer groups that are defensible from a size and industry perspective. Over time, peer group construction protocols have migrated away from identification of talent competitors and towards identification of companies that are safe from a size perspective. A 2015 Equilar study found that the most prevalent peer group selection criteria among S&P 1500 companies were Industry and Revenue. Competition for Talent was down in the fourth slot mentioned by just 593 companies, as compared to 952 who indicated Revenue was a criteria. Is Your Compensation Peer Group Useful or Just Safe? 2
3 Especially Troubling for Software and Biotech Companies The prominence of size as the primary peer group selection criteria is particularly problematic for companies that have an accelerated pace of growth. Both revenue and market cap can grow exponentially for small cap and mid cap biotech firms based on FDA approval and successful commercialization of treatments. It is not uncommon for these companies to find that they need to look outside the organization for executive talent to optimize their likelihood of success as they approach these milestones, and that talent is usually found at larger, more mature organizations. A similar dynamic is at play for many software companies. In this sector, there is often rapid progress from (a) idea and business plan development to (b) initial proof of concept, (c) product development, and finally (d) revenue stream development. First mover status into new markets provides tremendous advantages, and the right external hire can have outsized impact on value creation relative to other industries. Both the software and biotech industries are also geographically concentrated. In hot spots such as Silicon Valley, San Diego, and Cambridge, executive talent poachers may literally be next door. A $100M revenue software-as-a-service (SaaS) company developing subscription-based enterprise applications is more likely to compete for talent with the $400M security software play next door than the $120M revenue product competitor on the opposite coast. Is There a Solution? Compensation committees may want to reconsider the purpose of the executive compensation peer group and tailor the roster accordingly. Three distinct categories of diagnostics are particularly relevant: 1. Monitoring executive pay spend relative to current company profile. For this limited category of diagnostics, size- and industry-relevant companies remain useful. The ideal roster of peers will likely have strong overlap with rosters used by proxy advisors in their quantitative pay-for-performance tests. The primary purpose of this roster of size-relevant peers is to benchmark pay opportunities from a dollar perspective. This roster may be termed the Benchmarking Peer Group. 2. Taking the market pulse of talent competitors. Committees may find it useful to review profiles of the executive pay programs for five or six local talent competitors with strong industry reputations alongside more traditional compensation benchmarking information that is specific to size-relevant peers. The talent competitor data is not used as a benchmark to set pay, but instead provides market intelligence relating to whether and to what degree compensation at the most likely talent competitors differs from the size-relevant peers. Profiles should include executive-by-executive pay opportunity detail, as well as descriptions of incentive plan mechanics. This roster represents the Talent Peer Group. Is Your Compensation Peer Group Useful or Just Safe? 3
4 3. Profiling industry incentive design. When reviewing the design of incentive programs, it is particularly useful to know how the most relevant competitors from a business model perspective are structuring their own plans. Performance measure selection and levels of performance necessary to trigger certain payout levels are particularly relevant. This roster may include companies that are both smaller and larger than the size-relevant peers, and may be termed the Business Model Peer Group. Examples High Growth Company: A Benchmarking Peer Group representing companies of similar revenue size is inadequate for compensation decision-making, given that the company is on track to double revenue over the next 18 months. The Talent Peer Group is useful to identify the pay gap to larger competitors. Distribution Business Model Company: Revenue is a poor indicator of the complexity of leadership roles in a distribution company, so the Benchmarking Peer Group may overstate competitive pay opportunities. The Business Model Peer Group provides a useful lens to evaluate pay relative to other distributors. High Cost of Labor Location Company: The Benchmarking Peer Group alone, comprised of comparably sized companies located in other geographies, may not give sufficient consideration to the local labor market dynamic. The Talent Peer Group provides additional context on the most relevant local competitors. Start-Up Company: Benchmarking Peers and Talent Peers may represent pay models more appropriate for companies at a very different life cycle stage. The Business Model pay group will likely be more relevant for consideration of elements such as pay mix and equity instrument choice. A Note of Caution Proxy advisors will continue to scrutinize benchmarking protocols that may be termed aspirational. In other words, simply benchmarking pay opportunities relative to larger companies will be suspect, even if those companies happen to offer reasonable talent comparisons. But the ultimate goal of benchmarking is not simple alignment of compensation with company size. A more nuanced analysis will better enable committees to fulfill their responsibility to shareholders. Is Your Compensation Peer Group Useful or Just Safe? 4
5 About the Author Jim Heim, managing director in the Boston office, joined the firm in Mr. Heim works extensively with clients in the technology, life sciences, manufacturing, and aerospace & defense industries. Much of his work focuses on the customization of incentive programs to shifting strategic priorities and business stage. About Pearl Meyer Pearl Meyer is the leading advisor to boards and senior management on the alignment of executive compensation with business and leadership strategy, making pay programs a powerful catalyst for value creation and competitive advantage. Pearl Meyer s global clients stand at the forefront of their industries and range from emerging high-growth, not-for-profit, and private companies to the Fortune 500 and FTSE 350. The firm has offices in New York, Atlanta, Boston, Charlotte, Chicago, Houston, London, Los Angeles, and San Francisco. Is Your Compensation Peer Group Useful or Just Safe? 5
6 NEW YORK 570 Lexington Avenue, 7th Floor New York, NY (212) ATLANTA One Alliance Center 3500 Lenox Road, NE, Suite 1708 Atlanta, GA (770) BOSTON 93 Worcester Street, Suite 100 Wellesley, MA (508) CHARLOTTE 3326 Siskey Parkway, Suite 330 Matthews, NC (704) CHICAGO 123 N. Wacker Drive, Suite 860 Chicago, IL (312) HOUSTON Three Riverway, Suite 1575 Houston, TX (713) LONDON 3 rd Floor 58 Grosvenor Street London W1K 3JB +44 (0) london@pearlmeyer.com LOS ANGELES 550 S. Hope Street, Suite 1600 Los Angeles, CA (213) losangeles@pearlmeyer.com SAN FRANCISCO 595 Market Street, Suite 1340 San Francisco, CA (415) sanfrancisco@pearlmeyer.com For more information on Pearl Meyer, visit us at or contact us at (212) Pearl Meyer & Partners, LLC. All Rights Reserved.
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