 Next UpLacey Hagen Vice President, HVS Executive Search Lacey Hagen, Vice President, HVS Executive Search, will provide insight into her experiences as ... |
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Pay Me What I Deserve?
I am pleased to continue blogging with Lodging from the perspective of a “young professional” as I have graduated from the “student perspective” status and have begun my career with HVS Executive Search. At such an early stage in my career, I am fortunate to be in a position that provides me with exposure to many hospitality executives and an impressive group of C-level industry leaders. I will be blogging about my experiences and opinions on the industry from the young, and sometimes naive, perspective of a millennial.
(New HVS Young Professionals: Chu Xu, Consulting and Valuation; Erin Kim, Consulting and Valuation; Christian Buckhout, Consulting and Valuation; Lacey Hagen, Executive Search)
My first official work event was the 2012 HVS Hospitality Leadership Awards Reception held during the NYU International Hospitality Industry Investment Conference where HVS Executive Search presented the “Top-Performing CEO of the Year” award to Monty Bennett, the founder, director, and CEO of Ashford Hospitality Trust and the “Top-Performing Board of the Year” award to Sunstone Hotel Investors.
The Top Performing CEO award winner is chosen based on a Pay-for-Performance model, which compares CEO compensation to performance indicators such as stock appreciation, market capitalization, and increases in EBITDA (earnings before interest, taxes, depreciation, and amortization) or FFO (funds from operations). The Top-Performing Board award winner is chosen based on a corporate governance model that compares board makeup, independence, committee structure, board self-evaluation and communication, conflicts of interest and a commitment to pay-for-performance. Both performance models were designed by Keith Kefgen, the CEO of HVS Executive Search.
(Steve Rushmore, President and Founder of HVS; Monty J. Bennett, CEO of Ashford Hospitality Trust; Keith Kefgen, CEO of HVS Executive Search)
As a recent graduate, I am often surrounded by conversations of classmates and peers discussing their concerns while job searching—the main one being that they will not be paid what they “deserve." My question is: how do you know what you deserve if you haven’t even had a chance to perform?
I found the HVS award reception to be very refreshing, because each recipient was recognized not only for leading their respective companies to financial success, but also for their balancing of corporate governance practices. Both recipients gave humble speechs that thanked the work of their compensation teams, and Mr. Bennett even mentioned that his compensation was drastically reduced during the recession “as it should be."
(David Mansbach, President of the Americas for HVS Executive Search, Keith Locker, Non-Executive Independent Chairman of the Board of Sunstone Hotel Investors; Juliette Boone, Managing Director HVS Executive Search)
There is a valuable lesson that my generation can learn from Mr. Bennett and the Sunstone Hotel Investors Board. I believe that the earlier we (the millennials) can adopt the mindset of “pay-for-performance” instead of “pay-me-what-I-deserve” or “pay-me-what-I-want-then-I’ll-perform," the more reasonable our expectations will be and the more motivated and satisfied we will be in the long run.
A humble attitude can also lead to some pretty interesting, non-monetary, rewards as well—like the CEO of your company driving a group of employees to Brooklyn at 10:00pm to have dinner at one of his favorite restaurants after a conference—but that is a story for another blog.
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