‘Think Boldly and Have Audacious Goals’
Charities also are at a real disadvantage because they’re expected to allot less money to salaries than for-profit companies.
“There is a double standard,” Pallotta says. “The private sector is allowed to pay the best people the salary they deserve. That does not happen at charities. You need to convince board members that you need this executive leadership to eradicate problems. You need to enroll people with dreams. A higher-priced CEO brings more talent to the table.
“Charities have to start to get back to their dreams and forget about operating at certain efficiency ratios,” he says. “Start to think boldly and have audacious goals.”
Melissa Busch is associate senior editor for the Promotional Marketing Publishing Group at NAPCO.