how to decide who decides pay
where to draw the line between managing partner and compensation committee.
by bill reeb and dominic cingoranelli
everyone likes the idea that “i” will hold “me” accountable. but few like the idea of “anyone else” holding “them” accountable.
more on performance management: accountability requires clear expectations | base retirement on today’s operations | who decides what? | how retired partners are robbing their own firms | best practices for mandatory retirement | how retirement issues affect succession planning | succession: the questions to care about | how to target what skills to develop now | what having your employees’ backs means | 5 harmful management attitudes (and how to fix them) | do cpa firms need management or leadership? | job 1 for the practice owner: client management
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so, once the decision has been made to implement systemic changes to hold partners accountable to specific performance expectations rather than just relying on everyone to put in a self-proclaimed “good day’s work,” the next battleground is determining who will be holding whom accountable. the discussion always shifts to “let’s have a group of people, like a compensation committee, hold us accountable.”
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will you be forged in fire or flutter away like ash?
