The Cost of Talent: How Executives and Professionals Are Paid and How It Affects America

In this exploration of compensation practices in the workplace, Bok ( Labor Law ) ponders formidable philosophical queries. Do compensation systems help meet society's needs and prompt individuals to pursue the right goals? Bok, who spoke on this subject in a 1988 commencement address given when he was president of Harvard College, rigorously analyzes compensation theories, systems and the growth of professionalism. He is appalled by his findings: ``The compensation of top executives is virtually independent of performance.'' This assessment is engaging, and comprises the intellectual axis of Bok's work; yet he offers no solution in the corporate sector. Fortunately, his examination of other professionals (doctors, lawyers, college professors, teachers and government officials) is more focused and includes suggestions to correct the imbalances affecting society and these groups. (Oct.)