op yo Name Your Price: Compensation Negotiation at
Whole Health Management (A)
Monroe Davies’ heart skipped a beat when he saw the email from Jim Hummer, founder and CEO of Whole Health Management, entitled “Job Role and Offer.” In the winter semester of his second year at Harvard Business School (HBS), Monroe was deeply entrenched in the recruiting process and was focused on Whole Health Management as his first choice.
Having met Jim on a number of occasions, Monroe knew that he valued both openness and innovation, but Monroe was still surprised when he read the email:
I want you to help me craft your job and your compensation package . . .…show more content… If I accept it, do not think that you left money on the table. I want you to perform so well that I feel bad about what you are earning . . . then I will want to take care of you. The one thing I learned over the years is that if people are highly paid, the expectations are that they will perform at that level. The higher the pay, the less room for forgiveness. Having said this, I expect you to run hard and make errors . . . that is how you will learn and learn quickly. No one has made more errors than me, so you will have to work real hard to catch up to me before I lose patience. In other words, run hard and learn
. . . always learn.
I will help you learn how to build and run a business . . . skills that will benefit you for the rest of your life. I think you will have an opportunity at Whole Health Management that does not exist in many organizations out there. You will be working directly with me and I will teach you all that I have learned over the years . . . and you will be in on decisions that shape our future.
Putting the email aside, Monroe considered all he knew about Jim. Over the past 20 years, Jim had built Whole Health Management into a leader in on-site health service delivery. After graduating from HBS in 1980, he co-founded The Ivy Medical Group (MED Center) and grew it in to one of Ohio 's largest multi-specialty primary care group practices before leaving to start several predecessor organizations that evolved into Whole