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Compensation as a Strategic Asset by Coral L. Rice, August J. Aquila

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CHAPTER 14WHAT WILL YOU DO TOMORROW?

“When it comes to the future, there are three kinds of people: those who let it happen, those who make it happen, and those who wonder what happened.”

—Ron M. Richardson, Jr.

Congratulations for finishing the book. By now we trust you have a more in-depth understanding of differing types of compensation plans. And we hope the majority of your questions about these plans are answered. Our goal was to provide you with information that allows you to improve or recreate your compensation system. It is now time for you to choose whether you will do either. As the above quote states, you have only three options, do nothing, do something, or wonder.

If you are thinking about implementing a new plan, you may still be unsure about which owner and staff compensation plan is right for your firm. When it comes to compensation, there are almost as many formulas for splitting the pie as there are firms. Our 2006 Compensation Survey surely demonstrates this. Nevertheless, we want to leave you with some concrete steps to follow and some recommendations. For it is up to you to decide.

FOUR KEYS TO SUCCESS

There is a fairly simple four-step process to follow when improving or recreating your owner and employee compensation systems.

  1. Diagnose before you prescribe. When you visit your doctor with symptoms, he or she must diagnose before prescribing medication or treatment. Be sure you know the underlying problems—not just the symptoms—of your current plan. To assist ...

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