TORONTO, ON and CAMBRIDGE, Mass – December 8th 2021
Bedford Group/TRANSEARCH today announced publication of the 2021 Executive Compensation Report in the technology industry. This is the company’s first annual industry-wide survey of compensation awards and practices of publicly traded North American technology companies. This report is a precursor to an upcoming 2022 Bedford report that will analyze the compensation awards and practices of small, privately-held technology companies including tech start ups.
The technology industry has seen unprecedented growth since the pandemic began, leading to a substantial inflow of funding and a highly competitive labour market. According to CB Insights, global funding for new ventures and tech startups is up over 157% in 2021 versus 2020.
“We have seen more $100MM raises this year than any other time” says Steven Pezim, Co-Founder & CEO of Bedford Group TRANSEARCH and Global Practice Leader for the company’s technology, media, and telecommunications sector. “COVID has changed the technology executive compensation landscape entirely. Pre-pandemic it was customary for tech startup executives to take reduced remuneration, outside of equity. Today, technology companies of all sizes have been forced to reevaluate how they approach executive compensation and to get creative” says Steven.
The COVID-fueled accelerated adoption of technology by enterprises has meant a shift in focus toward recruiting and retaining executives with more technology expertise in nearly every industry. “All types of companies are now competing for technology executives, this has put significant upward pressure on overall executive compensation” says Steven, who has been managing executive search assignments for technology companies for over 30 years.
With so much disruption in the technology sector, Bedford published this industry-wide compensation survey as a resource to help technology companies develop compensation strategies to attract and retain top leadership talent.
Compensation data from a total of 210 technology companies across North America were analyzed for this report, including 1090 individual board members who are not executive officers at their companies and 875 Named Executive Officers (NEOs). The 2021 Executive Compensation Report – Technology can be accessed on the Company’s website at Compensation Reports | The Bedford Group TRANSEARCH
About Bedford Group/TRANSEARCH
Bedford Group/TRANSEARCH is one of the Top 10 largest retained executive search firms in the world, with 60 offices in 40 countries. With North American Technology offices based in Cambridge, Massachusetts and Toronto, Canada (and new USA offices being announced in Q1, 2022), Bedford Group provides premium executive search and talent management solutions to a diverse group of technology clients, including start-ups, high growth, multi-nationals, publicly traded and private organizations. In addition to retained executive search, Bedford Group provides services in Succession Planning, Executive & Board Compensation, Culture, Organizational Strategy, Diversity and Inclusion, Leadership Assessment and Virtual Onboarding.
Steven Pezim, Co-Founder & CEO, Global Practice Leader TMT
+ 416 963 9000, ext.222
Frank Galati, Managing Partner & Compensation Practice Leader
+1 416 970 7600