Performance Is Everything: The Why, What, and How of Designing Compensation Plans

<p>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.</p> <p>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.</p> <p>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.</p> <p>The authors convey, in the simplest and clearest terms, how firms can improve overall firm performance by engaging in the following activities:</p> <ul> <li>Develop a compelling vision</li> <li>Develop a strategy for what you want to accomplish</li> <li>Have the right systems in place to help achieve the strategy</li> <li>Align individual goals with firm and departmental goals</li> <li>Create an effective performance review system</li> <li>Monitor performance monthly and quarterly for trends</li> <li>Provide higher performers with more rewards than average performers</li> </ul> <p>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.</p>