Performance Is Everything! The Why, What, and How of Designing Compensation Plans
Book Details
Author(s)August J. Aquila
PublisherAICPA
ISBN / ASIN1937351270
ISBN-139781937351274
Sales Rank3,431,991
MarketplaceUnited States 🇺🇸
Description
Compensation is the largest expense that a firm incurs. And yet, few firms really manage it well. The trick is realizing it is a little more complex than just figuring out how to split the pie.
The crucial issues of compensation and performance are inextricably linked. In this important, new 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 profits, maximize performance, 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 will let you know what other firms are doing, 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.
The crucial issues of compensation and performance are inextricably linked. In this important, new 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 profits, maximize performance, 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 will let you know what other firms are doing, 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.
