Compensating for the Future
Partners wear many hats: business development, client relationship and service management, and day-to-day administration of the firm. Not to mention other responsibilities like serving as a chief financial or operating officer and managing human resources, growth and technology.
That’s why strategic partner compensation can be a make-or-break situation for many firms. Developing effective compensation plans can be overwhelming but having an adaptable plan to meet partner concerns around fairness and to complement and reward compliance with firm goals can help the process.
Make no mistake. There is no one-size-fits-all compensation strategy, as each firm has its own unique needs, goals and personalities. There’s also no system that will satisfy all partners or align with every point of your strategic plan. But there are ways to achieve a mutually agreed-upon compensation structure to keep your firm moving forward and attractive to new partners.
Your compensation structure will always need to be reviewed as your partners’ needs and firm’s goals evolve with the ever-changing accounting and advisory industry and corresponding marketplace. Whether you’re making a minor change to your firm’s compensation structure or performing a complete overhaul, having an independent, third-party help you review and update your strategy is key to future success.
Carl George has decades of experience structuring compensation strategies for accounting and advisory firms of all sizes and can help your firm reward hard work to create happy partners – and even happier clients.
He’ll provide an impartial perspective to help you create a customized partner compensation strategy that ties into your firm’s strategic plan to motivate your leaders while driving future success. That includes creating a structure to reward everything from new revenue generation to mentoring staff to achieving milestones and conquering special projects.
Compensation can be one of the main motivating factors to partner growth, production and happiness. Make sure you’re providing them with the right tools to achieve success.