Book description
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 vision
- Develop a strategy for what you want to accomplish
- Have the right systems in place to help achieve the strategy
- Align individual goals with firm and departmental goals
- Create an effective performance review system
- Monitor performance monthly and quarterly for trends
- Provide higher performers with more rewards than average performers
Ultimately, 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.
Table of contents
- Cover Page
- Title Page
- Copyright Page
- Dedication
- Contents
- Preface
- Acknowledgments
- About the Authors
-
Part 1: Why You Need to Reward People Differently
-
Chapter 1: Workforce Trends in the Twenty-First Century
- Rapid Pace of Technological Change
- Shifting Demographic Patterns
- Job Sharing
- Permanent Part-Time Positions at the Owner and Employee Levels
- Globalization of the Workforce
- Employers Demanding Higher Skills
- Lack of Clearly Defined and Stable Jobs
- Flattening of Organizations
- Women in Leadership Roles
- “Around-the-Clock” Economy (24/7)
- Trust
- Final Thoughts
- Chapter 2: Superior Performance Comes From Alignment
- Chapter 3: Building a Compelling Vision
- Chapter 4: Link People Performance to Strategy
- Chapter 5: Your Role as the Leader
- Chapter 6: Why You Need to Reward Different People Differently
-
Chapter 1: Workforce Trends in the Twenty-First Century
-
Part 2: What You Need to Reward
- Chapter 7: Make It Happen Through Performance Management
-
Chapter 8: Selecting the Right Performance Measures
- Vision, Strategy, and Objectives
- The Role of Performance Measures in Driving Behavior
- Why Choose Performance Measures That Are Linked to Firm Objectives
- How to Choose Performance Measures That Are Linked to Firm Objectives
- Potential Dangers When Using Performance Measures
- Using Scorecards to Categorize and Clarify Performance Measures
- Categories of Objectives
- Final Thoughts
- Chapter 9: Overcome the Challenges in Creating a Compensation Plan
- Chapter 10: Choosing the Right Elements: Build a Compensation Plan
-
Part 3: How to Reward Performance
- Chapter 11: How to Manage Performance Effectively
-
Chapter 12: Owners Need to Be Evaluated Too
- Factors Determining the Owner’s Value
- Owner Evaluation
- Only Performance Is Reality
- Align Goals and Rewards to Strategic Initiatives
- Building a Culture of Accountability—“Accountability is Good, But Not for Me”
- Setting Goals
- What Support Will Owners Need?
- Start With the Firm’s Strategic Plan
- Individual Owner Performance Plan
- Final Thoughts
- Chapter 13: Even Managing Owners Need Feedback
- Chapter 14: How to Compile and Assimilate a Bonus Performance Plan
- Part 4: Where Do You Go From Here?
- Appendix: 2011–2012 Performance Management and Compensation Survey
Product information
- Title: Performance Is Everything
- Author(s):
- Release date: May 2017
- Publisher(s): Wiley
- ISBN: 9781937351274
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