Everyone wants to work at a successful firm where the rewards are both financial and professional. What makes the top firms successful is not merely superior execution, though that's a good place to start, what makes them stand out is excellence at hiring and keeping the best, and having a smart succession plan in place. Partner compensation can be an effective tool in achieving these goals. Authors Aquila and Rice show how to use recruiting, retention, goal-setting, evaluation, and pay for performance practices recommended by the top CPA firm management consultants. This is the one guide you need, tailored specifically for professional practices, to implement the leading methods to align compensation with performance and strategic initiatives. You get: <ul>
<li>Analysis of leading views on performance management, hiring, and retention</li> <li>Specific, step-by-step guidance on how to implement compensation systems that align to goal-setting and performance measurement</li> <li>Methods for growing the compensation pie to pay for excellent results</li> </ul>
Compensation as a Strategic Asset shows how to align mission, vision, values, strategy, leadership, goal-setting, performance management and compensation to achieve long-term success at your firm.

Compensation as a Strategic Asset: The New Paradigm

Business & Money

Aquila, August J.

Rice, Coral L.

Industries

wiley

Compensation is the largest expense that a firm incurs. And yet, few firms really manage it well. The trick is realizing it is more complex than just splitting the pie.The crucial issues of compensation and performance are inextricably linked. In this important resource, experts August Aquila and Coral Rice offer a unique perspective on how you can align your compensation and performance management plans in order to boost performance, maximize profits, and keep both your staff and clients happy.This companion to Aquila and Rice’s successful AICPA publication, Compensation as a Strategic Asset, will pick up where that guide left off, offering readers the “Why, What, and How” for compensation plans filtered through the lens of performance management.The authors convey, in the simplest and clearest terms, how firms can improve overall firm performance by engaging in the following activities:Develop a compelling visionDevelop a strategy for what you want to accomplishHave the right systems in place to help achieve the strategyAlign individual goals with firm and departmental goalsCreate an effective performance review systemMonitor performance monthly and quarterly for trendsProvide higher performers with more rewards than average performersUltimately, this guide is based on what other firms are doing, and let's you know why it’s working or why it’s not. By guiding you through a process and providing you with the tools to design a partner and staff compensation plan, Performance Is Everything will help you develop the plan that works for your firm.

Performance Is Everything

Accounting

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