Request for Proposals (RFP)
CEO Compensation Salary Survey & Market Benchmarking
Issued by: Innovation Works, Inc.
Issuance date: September 21, 2025
Proposals due: October 2, 2025 at 5:00 PM ET
Point of contact / submissions: Kelley Benson, VP of Human Resources
Email: kbenson@innovationworks.org
Innovation Works (IW) is a nonprofit organization that supports regional innovation and entrepreneurship. The IW Board of Directors is conducting a comprehensive review of the CEO’s total compensation to ensure competitiveness, alignment with mission, and compliance with applicable laws and nonprofit best practices.
IW seeks an external compensation consulting firm to conduct an independent CEO salary survey and market benchmarking study.
Objectives:
- Establish a defensible market range for base salary, incentive opportunities, and total compensation.
- Identify relevant peer groups and multiple reputable market data sources.
- Provide pay positioning recommendations aligned to IW’s compensation philosophy.
- Document governance and compliance considerations.
- Provide guidance for future annual updates.
The selected firm will:
1. Kickoff & Discovery: Review IW context, compensation philosophy, etc.
2. Peer Group Development: Recommend 2–3 peer group cuts and inclusion criteria.
3. Market Data & Benchmarks: Use multiple data sources and normalize data.
4. Analysis: Provide market percentiles and address internal pay-equity.
5. Recommendations: Provide recommended pay ranges and implementation options.
6. Deliverables: Written report, appendices, executive presentation, Q&A sessions, and annual refresh template.
- RFP issued: September 21, 2025
- Vendor questions due: September 25, 2025
- IW responses to questions: September 27, 2025
- Proposals due: October 2, 2025
- Finalist interviews: October 7-8, 2025
- Selection & notification: October 10, 2025
- Project kickoff: October 15, 2025
- Draft findings/report: November 21, 2025
- Board presentation & final report: December 5, 2025
- Experience advising nonprofit boards on executive compensation.
- Familiarity with IRS reasonable compensation standards.
- Strong data methodology and citation practices.
- Independence and professional credentials such as CCP, SHRM-SCP.
Submit as a single PDF containing:
1. Cover letter
2. Project understanding and approach
3. Project plan and timeline
4. Team bios and credentials
5. Comparable engagements
6. Sample deliverables
7. References
8. Pricing (fixed fee preferred)
9. Conflict of interest disclosure
10. Contract terms
Proposals will be scored out of 100 points:
- Methodology & data rigor: 25
- Nonprofit/exec comp experience: 20
- Understanding of IW context: 15
- Team qualifications: 15
- Value & pricing: 15
- Quality of deliverables: 10
Propose a fixed fee inclusive of meetings, presentations, and follow-up calls. Identify optional services and separate pricing.
- Confidentiality: Vendor will sign NDA.
- Independence: Written statement required.
- Work product ownership remains with IW.
- Compliance: Must support IRS and Form 990 documentation.
- DEI & Pay Equity considerations included.
- Proof of liability insurance required.
Submit questions to kbenson@innovationworks.org by September 25, 2025, 5:00 PM ET.
- Format: Single PDF.
- Email to: kbenson@innovationworks.org
- Deadline: October 2, 2025 at 5:00 PM ET.
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