Long on the back burner, executive compensation has become much more of a front-burner issue over the last several years. That's one of the reasons that Jim Wolf and Michael Powers—both previously with Hewitt Associates—opted to launch Meridian Compensation Partners last year, a firm that provides advisory services to corporate boards at large public companies.
"The economic and political environment provided much of the impetus behind Meridian's formation in 2010. In many ways, the ongoing uncertainty continues to create demand for our services," Wolf says.
In just a short time, existing clients and many new companies have embraced the new structure, along with the deep team of talented professionals the two brought to the firm and continue to grow, Powers says. "By initiating a change and responding to our clients, we created both an industry leader and a great place for consulting professionals to thrive."
Not bad for a firm that's barely a year old. "When we started Meridian Compensation Partners, we knew that to be successful our firm had to be a great place to work," Wolf says. "Meridian's high morale is rooted in the three fundamentals of our mission: providing excellent service to our customers, developing talented and engaged professionals and achieving consistent financial success."
As a result, Wolf says Meridian orients itself to the firm more than the individual and avoids the 'star' system that's prevalent at other firms.
Meanwhile, Wolf and Powers say they expect to see continued strong demand in 2012. "We believe the future will bring higher scrutiny on corporate boards, and how they make informed compensation decisions," Powers says. "That will raise the bar for the level of insight and knowledge our consultants need to bring to their clients."
—J.K.
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