Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-08

ManpowerGroup (MAN)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$13,268,466
Jonas Prising total, FY2025
99th
CEO pay percentile vs peers
874:1
CEO-to-median pay ratio
95.24%
Say-on-pay support, latest vote
Companies that benchmark against MAN
5 companies name MAN as a compensation peer

Each company listed discloses MAN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MAN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jonas Prising$1,300,000$0$10,893,619$0$967,909$0$106,937$13,268,466
Chair and Chief Executive Officer
John T. McGinnis808,00003,142,3700441,400081,6254,473,395
Executive Vice President
Rebecca Frankiewicz750,00002,094,9530539,200048,0983,432,252
President
Michelle Nettles650,00001,675,9730315,400055,1742,696,547
Executive Vice President

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jonas Prising$13,268,466$12,939,374$12,712,353+329,092
John T. McGinnis4,473,395
Rebecca Frankiewicz3,432,252
Michelle Nettles2,696,5472,304,9812,090,344+391,566

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michelle NettlesPSU2025-02-1417,37934,758$1,035,962
Michelle NettlesRSU2025-02-1411,586640,011
Jonas PrisingPSU2025-02-14112,961225,9226,733,605
Jonas PrisingRSU2025-02-1475,3084,160,014
Rebecca FrankiewiczPSU2025-02-1421,72443,4481,294,968
John T. McGinnisRSU2025-02-1421,7231,199,979
John T. McGinnisPSU2025-02-1432,58565,1701,942,392
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michelle Nettles$640,011$1,035,962$061.8%
Jonas Prising4,160,0146,733,605061.8%
Rebecca Frankiewicz01,294,9680100.0%
John T. McGinnis1,199,9791,942,392061.8%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jonas PrisingRSU52,865$1,571,676
John T. McGinnisRSU26,431785,794
Jonas PrisingPSU112,9613,358,331
Jonas PrisingPSU92,6202,753,593
John T. McGinnisPSU32,585968,752
John T. McGinnisRSU22,477668,241
John T. McGinnisRSU18,430547,924
Michelle NettlesPSU17,379516,678
John T. McGinnisRSU15,250453,383
Jonas PrisingRSU63,8911,899,479
John T. McGinnisRSU22,875680,074
Jonas PrisingRSU77,9232,316,651
Jonas PrisingRSU79,2982,357,530
John T. McGinnisPSU26,717794,296
Michelle NettlesPSU12,468370,674
Rebecca FrankiewiczPSU17,060507,194
Michelle NettlesRSU13,216392,912
Jonas PrisingRSU4,535134,826
Michelle NettlesRSU11,988356,403
Rebecca FrankiewiczRSU11,370338,030
Michelle NettlesRSU9,531283,357
Michelle NettlesRSU8,601255,708
Michelle NettlesRSU6,354188,904
Rebecca FrankiewiczRSU4,535134,826
Rebecca FrankiewiczPSU21,724645,855
Rebecca FrankiewiczRSU14,985445,504
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's executive compensation framework is guided by a series of core philosophies and principles, as determined by the Committee. Core Philosophies and Principles: 1) Aligned to Stakeholders – Compensation programs align executives' interests with those of our stakeholders and appropriately balance risk and rewards. 2) Performance-Focused – The majority of pay for executives is at-risk and performance-based. 3) Market-Competitive – Compensation opportunities are anchored to the competitive market. 4) Transparent and Relevant – Compensation programs are clearly communicated and easy to understand. 5) Aligned to Our Values – Rewards should be fair and equitable among internal peers.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)
Independent consultantMercer
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0833,747,2511,685,16624,59995.24%Passed
20252025-05-0238,749,4151,278,327299,46596.81%Passed
20242024-05-0340,724,7082,707,966159,12593.77%Passed
20232023-05-0538,310,3507,845,110138,83683%Passed
20222022-05-0645,176,2992,866,98727,59994.03%Passed
20212021-05-0746,030,1691,558,19230,01796.73%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0895.24%a
20252025-05-0296.81%b
20242024-05-0393.77%c

a. Approved under the standard stated in the filing — “The following table summarizes the votes required for passage of each proposal and the effect of abstentions and non-broker votes: Proposal Votes Required for Approval Abstentions Broker Non-Votes To elect ten individuals nominated by the Board of Directors of ManpowerGroup to serve until 2027 as directors Majority of votes cast No effect No effect To ratify the appointment of Deloitte & Touche LLP as our independent auditors for 2026 Majority of votes cast No effect No effect To hold an advisory vote on approval of the compensation of our named executive officers Majority of votes cast No effect No effect To approve the proposed amendment to the Company's Amended and Restated Articles of Incorporation to permit removal of directors with or without cause Two-thirds of the outstanding total shares of stock entitled to vote at the annual meeting The effect of a vote against proposal The effect of a vote against proposal To approve the amendment and restatement of the Equity Incentive Plan of ManpowerGroup Inc.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast and, therefore, will have no impact on the approval of the proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast and, therefore, will have no impact on the approval of the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)874 : 1
CEO total compensation$13,268,466
Median employee compensation$15,178
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Julie M. HowardIndependent · Lead Independent Director · People, Culture and Compensation (Chair)$391,874$0$0$391,874
John F. FerraroIndependent · Audit (Chair)150,000203,06300353,063
Michael J. Van HandelIndependent · Governance and Sustainability145,000191,15800336,158
William P. GipsonIndependent · People, Culture and Compensation323,10400323,104
Ulice Payne, JrIndependent · Audit120,000193,440000313,440
Ulice Payne JrIndependent · Audit120,000193,44000313,440
Muriel PénicaudIndependent · People, Culture and Compensation120,000191,15800311,158
Jean-Philippe CourtoisIndependent · Audit120,000191,15800311,158
Paul ReadIndependent · Audit120,000182,28100302,281
Elizabeth P. SartainIndependent · People, Culture and Compensation120,000180,00000300,000
Patricia Hemingway HallIndependent · Audit · Governance and Sustainability · Departed during FY40,54960,89500101,444
Jonas PrisingEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$120,000
Annual equity retainer$180,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 25,000 / 25,000
Stock ownership guideline5x annual cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,055,549
Equity awards (grant-date value)$2,301,571
All other compensation$0
Total cost of the board$3,357,120

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

RHI Robert Half Inc. SThree plcTBI TrueBlue, Inc.KELYA Kelly Services, IncEFOR ASGN IncorporatedKFRC Kforce IncRWA Robert Walters plc
10a

Peer reciprocity

Of the companies ManpowerGroup names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Robert Half Inc. (RHI) TrueBlue, Inc. (TBI)36 Kelly Services, Inc (KELYA) ASGN Incorporated (EFOR)37 Kforce Inc (KFRC)38 Robert Walters plc (RWA)

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including ManpowerGroup.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1ManpowerGroup2025Jonas Prising$1,300,000$10,893,619$0$967,909$13,268,466
2ASGN Incorporated2025Theodore Hanson1,100,0007,787,11801,566,06610,475,672
3Robert Half Inc.2025M. Keith Waddell500,0004,532,9480839,3306,073,178
4Kforce Inc2025Joseph Liberatore925,0003,217,50401,029,0635,415,821
5TrueBlue, Inc.2025Taryn Owen950,0002,545,47901,118,6254,614,104
Kelly Services, Incnot in coverage universe
Robert Walters plcnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
ManpowerGroup46.5%PSU 60 · RSU 40Yes — relative Total Shareholder Return (rTSR)Mercer
ASGN Incorporatednot disclosedPSU 60 · RSU 40NoSemler Brossy
Kelly Services, Incnot disclosednot disclosednot disclosednot disclosed
Kforce Inc89%RSU 100Yes — Three-year TSR performance relative to Performance Peer GroupPay Governance LLC
Robert Half Inc.59.1%PSU 100NoFrederic W. Cook & Co., Inc.
Robert Walters plcnot disclosednot disclosednot disclosednot disclosed
TrueBlue, Inc.79%RSU 50 · PSU 50NoMercer (US) LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jonas PrisingDEF 14A2026-03-230001193125-26-119922Section “Summary Compensation Table” · page 55. As printed: 13,268,466. Filing ↗machine: t214 · r4 · c28 · span 2695592–2695602
2Section 01, John T. McGinnisDEF 14A2026-03-230001193125-26-119922Section “Summary Compensation Table” · page 55. As printed: 4,473,395. Filing ↗machine: t214 · r9 · c28 · span 2751642–2751651
3Section 01, Rebecca FrankiewiczDEF 14A2026-03-230001193125-26-119922Section “Summary Compensation Table” · page 55. As printed: 3,432,252. Filing ↗machine: t214 · r7 · c28 · span 2731055–2731064
4Section 01, Michelle NettlesDEF 14A2026-03-230001193125-26-119922Section “Summary Compensation Table” · page 55. As printed: 2,696,547. Filing ↗machine: t214 · r12 · c28 · span 2787095–2787104
5Section 03, Michelle Nettles PSUDEF 14A2026-03-230001193125-26-119922Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t314 · r11 · c8 · span 5801347–5801356
6Section 03, Michelle Nettles RSUDEF 14A2026-03-230001193125-26-119922Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t314 · r11 · c4 · span 5799685–5799692
7Section 03, Jonas Prising PSUDEF 14A2026-03-230001193125-26-119922Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t219 · r6 · c8 · span 2908251–2908258
8Section 03, Jonas Prising RSUDEF 14A2026-03-230001193125-26-119922Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t219 · r7 · c10 · span 2915179–2915185
9Section 03, Rebecca Frankiewicz PSUDEF 14A2026-03-230001193125-26-119922Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t219 · r9 · c8 · span 2926275–2926281
10Section 03, John T. McGinnis RSUDEF 14A2026-03-230001193125-26-119922Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t219 · r13 · c10 · span 2951284–2951290
11Section 03, John T. McGinnis PSUDEF 14A2026-03-230001193125-26-119922Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t219 · r12 · c8 · span 2944358–2944364
12Section 07, pay ratioDEF 14A2026-03-230001193125-26-119922Section “CEO Pay Ratio”. As printed: 874 : 1. Filing ↗machine: span 4656452–4656457
13Section 08, Julie M. HowardDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 391,874. Filing ↗machine: t95 · r8 · c6 · span 1328801–1328808
14Section 08, John F. FerraroDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 353,063. Filing ↗machine: t95 · r5 · c11 · span 1314279–1314286
15Section 08, Michael J. Van HandelDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 336,158. Filing ↗machine: t95 · r13 · c11 · span 1358288–1358295
16Section 08, William P. GipsonDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 323,104. Filing ↗machine: t95 · r6 · c6 · span 1317829–1317836
17Section 08, Ulice Payne, JrDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 313,440. Filing ↗machine: t95 · r9 · c11 · span 1336022–1336029
18Section 08, Ulice Payne JrDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 313,440. Filing ↗machine: t95 · r9 · c11 · span 1336022–1336029
19Section 08, Muriel PénicaudDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 311,158. Filing ↗machine: t95 · r10 · c11 · span 1341591–1341598
20Section 08, Jean-Philippe CourtoisDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 311,158. Filing ↗machine: t95 · r4 · c11 · span 1308715–1308722
21Section 08, Paul ReadDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 302,281. Filing ↗machine: t95 · r11 · c11 · span 1347149–1347156
22Section 08, Elizabeth P. SartainDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 300,000. Filing ↗machine: t95 · r12 · c11 · span 1352718–1352725
23Section 08, Patricia Hemingway HallDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 101,444. Filing ↗machine: t95 · r7 · c11 · span 1325253–1325260
24Section 08, Jonas PrisingDEF 14A2026-03-230001193125-26-119922Section “Director Compensation”. As printed: 0. Filing ↗
25Section 06, 2026 voteForm 8-K2026-05-080001193125-26-214945Item 5.07 · say-on-pay result. As reported: 95.24% (votes for as printed: 33,747,251). Filing ↗
26Section 06, 2025 voteForm 8-K2025-05-020000950170-25-062812Item 5.07 · say-on-pay result. As reported: 96.81% (votes for as printed: 38,749,415). Filing ↗
27Section 06, 2024 voteForm 8-K2024-05-030000950170-24-052940Item 5.07 · say-on-pay result. As reported: 93.77% (votes for as printed: 40,724,708). Filing ↗
28Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
29Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
30Section 09b board cost (computed)ComputedcomputedCash 1,055,549 + equity 2,301,571 + all other 0 = 3,357,120, summed across the director compensation table rows.machine: formula: Σ = 3,357,120
31ManpowerGroup (subject), Section 10b CEO totalDEF 14A2026-03-230001193125-26-119922CEO total compensation as printed in ManpowerGroup's own proxy. As printed: 13,268,466. Filing ↗machine: t214 · r4 · c28 · span 2695592–2695602
32ASGN Incorporated, Section 10b CEO totalDEF 14A2026-04-270000890564-26-000031CEO total compensation as printed in ASGN Incorporated's own proxy. As printed: 10,475,672. Filing ↗machine: t64 · r2 · c7 · span 641233–641243
33Robert Half Inc., Section 10b CEO totalDEF 14A2026-04-100000315213-26-000010CEO total compensation as printed in Robert Half Inc.'s own proxy. As printed: 6,073,178. Filing ↗machine: r4 · c21 · span 645431–645440
34Kforce Inc, Section 10b CEO totalDEF 14A2026-03-130000930420-26-000013CEO total compensation as printed in Kforce Inc's own proxy. As printed: 5,415,821. Filing ↗machine: t67 · r2 · c17 · span 598740–598749
35TrueBlue, Inc., Section 10b CEO totalDEF 14A2026-04-140001999371-26-008266CEO total compensation as printed in TrueBlue, Inc.'s own proxy. As printed: 4,614,104. Filing ↗machine: t383 · r2 · c24 · span 1124603–1124612
36Section 10a, TrueBlue, Inc. reciprocityDEF 14A0001999371-26-008266TrueBlue, Inc.'s most recent proxy was read; its disclosed peer group does not include ManpowerGroup. Filing ↗
37Section 10a, ASGN Incorporated reciprocityDEF 14A0000890564-26-000031ASGN Incorporated names ManpowerGroup in its own disclosed peer group (read from its most recent proxy). Filing ↗
38Section 10a, Kforce Inc reciprocityDEF 14A0000930420-26-000013Kforce Inc names ManpowerGroup in its own disclosed peer group (read from its most recent proxy). Filing ↗