Book description
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:
- Analysis of leading views on performance management, hiring, and retention
- Specific, step-by-step guidance on how to implement compensation systems that align to goal-setting and performance measurement
- Methods for growing the compensation pie to pay for excellent results
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.
Table of contents
- Cover Page
- Title Page
- Copyright Page
- Contents
- Foreword
- Preface
- Acknowledgments
- Chapter 1: Why We Need a New Compensation Paradigm
- Chapter 2: How to Grow the Compensation Pie: The Leadership Factor
- Chapter 3: Growing the Compensation Pie: The Big Picture Factor
- Chapter 4: How to Grow the Compensation Pie: The Mission/Vision/Values Factor
- Chapter 5: How to Grow the Compensation Pie: The Balanced Scorecard Factor
- Chapter 6: Compensation Terminology and Criteria
- Chapter 7: Current Compensation Methods
- Chapter 8: Designing a New Compensation System: It’s About People
- Chapter 9: Designing a New Compensation System: Attract, Reward, and Retain Top Performers
-
Chapter 10: Setting Goals and Managing Performance
- “Line of Sight” or Cascading Performance Goals
- Set Cascading Performance Goals
- Prepare to Write Cascading Performance Goals
- Write Cascading Performance Goals
- Define Measures of Success for Cascading Performance Goals
- Categories of Cascading Goal Measures
- Set Tasks and Action Steps
- Determine Personal Readiness Level
- Prepare Final Cascading Performance Goals
- Manage Performance
- Final Thoughts
-
Chapter 11: Is a Pay for Performance System Right for You?
- Pay for Performance Challenges
- Performance-Based Compensation Is Not a Silver Bullet
- Getting Started—Diagnose Before You Design
- Goals and Attributes of an Effective Compensation System
- Building a Pay for Performance Plan
- Structuring a Pay for Performance Compensation System
- Providing Feedback in a Pay for Performance Compensation System
- Translating Performance Into Compensation
- Effects of a Pay for Performance Compensation System
- Final Thoughts
-
Chapter 12: Pay for Performance: Align Compensation to Firm Initiatives
- Only Performance Is Reality
- Align Compensation to Strategic Goals
- Real-Life Example One—A Firm in Transition
- Real-Life Example Two—One Managing Owner’s Wake-Up Call
- Real-Life Example Three—Needed: Firm Growth; Challenge: How to Get There
- Real-Life Example Four—Tiered Reward System
- Real-Life Example Five—Compensation System in a Mid-Sized Firm
- Real-Life Example Six—Using the Balanced Scorecard
- Final Thoughts
- Chapter 13: Compensating the Managing Owner
- Chapter 14: What Will You Do Tomorrow?
- Appendix 2006 Owner Compensation Survey
- Bibliography
Product information
- Title: Compensation as a Strategic Asset
- Author(s):
- Release date: May 2017
- Publisher(s): Wiley
- ISBN: 9780870516597
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