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Setting Executive Compensation: Does the Industry You're in Really Matter?

Virtually all CEOS want to know how thier pay compares to that of industry peers. As a result, compensation professionals spend much of their time studying their specific industry's data on executive compensatin. They accept the belife that industry practice palays a major role in shaping a company's executive compensation programs. However, this belies one of today's fastest growing trends in executive recruting—identifying and attracting candidates from outside the industry, in order to bring fresh ideas to what are frequently stagnant and ingrown organizatinons. Over the past few years, many companies have hired CEOs from outside their industry who have significantly improved company perfomance. if other comapnies continue this trend. it is likely that their compensation strategies will become less industry-specific. Do the facts support the widely held belife that each industry has a unique set of executive compensation practice? if not, what nonindustry factors underline differences in executive compensation practice and how can comp professionals learn to help better attract, retain and motivate outstanding executive talent?