{"id":73952,"date":"2020-05-02t12:00:11","date_gmt":"2020-05-02t16:00:11","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=73952"},"modified":"2020-05-04t09:22:56","modified_gmt":"2020-05-04t13:22:56","slug":"are-executive-performance-reviews-dangerous","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/05\/02\/are-executive-performance-reviews-dangerous\/","title":{"rendered":"are executive performance reviews dangerous?"},"content":{"rendered":"<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-56590 size-medium\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/11\/slc-compliance-boardroom-1-424x220.jpg\" alt=\"people seated in board room in near silhouette\" width=\"424\" height=\"220\" srcset=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/11\/slc-compliance-boardroom-1-424x220.jpg 424w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/11\/slc-compliance-boardroom-1.jpg 300w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/11\/slc-compliance-boardroom-1-600x312.jpg 600w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/11\/slc-compliance-boardroom-1-768x399.jpg 768w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/11\/slc-compliance-boardroom-1.jpg 770w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/>&#8230; <\/strong><strong>or would you rather maintain the status quo?<\/strong><\/p>\n<p><i>by steven e. sacks<\/i><\/p>\n<p>just like the uncertainties surrounding a client loyalty assessment, so, too, do questions surround the performance of a managing partner. one of a firm\u2019s board responsibilities concerns the development and implementation of an executive review process.<\/p>\n<blockquote><p><b>more: <\/b><a href=\"\/\/www.g005e.com\/2020\/04\/26\/trust-is-a-key-organizational-ingredient\/\">trust is a key organizational ingredient<\/a> | <a href=\"\/\/www.g005e.com\/2020\/04\/20\/opportunities-for-cpas-when-a-new-normal-arrives\/\">new opportunities for a \u2018new normal\u2019<\/a> | <a href=\"\/\/www.g005e.com\/2020\/04\/05\/is-trust-elusive\/\">is trust elusive?<\/a> | <a href=\"\/\/www.g005e.com\/2020\/03\/17\/4-practical-approaches-to-virtual-leadership\/\">working remotely shouldn\u2019t mean feeling isolated<\/a> | <a href=\"\/\/www.g005e.com\/2020\/02\/29\/how-engaged-are-your-employees\/\">how engaged are your employees?<\/a> | <a href=\"\/\/www.g005e.com\/2020\/02\/08\/managing-difficult-personalities-in-the-workplace\/\">managing difficult personalities in the workplace<\/a> | <a href=\"\/\/www.g005e.com\/2020\/01\/19\/set-your-staff-on-the-right-course\/\">set your staff on the right course<\/a> | <a href=\"\/\/www.g005e.com\/2019\/12\/21\/the-lost-art-of-the-interview\/\">the lost art of the interview<\/a><br \/>\n<strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-49700\" src=\"http:\/\/4f2bur4nuye2cgakm2rm61qk.wpengine.netdna-cdn.com\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1470686574894.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/><span style=\"color: #b79c00;\">exclusively for pro members. <\/span><\/strong><span style=\"color: #b79c00;\"><a style=\"color: #b79c00;\" href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2020\/05\/02\/are-executive-performance-reviews-dangerous\/\">log in here<\/a> or <a class=\"external\" style=\"color: #b79c00;\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n<p>if one is lacking, this indicates that there is no mechanism to collect timely and relevant performance metrics, which leads to the lack of hard and accurate data. this prevents honest\u00a0feedback between the managing partner and the board.<br \/>\n<!--more--><br \/>\na performance assessment tool enables the board to identify and convey to managing partner or senior partners the expectations that embrace the qualitative and the quantitative. without this, the status quo is maintained and the yearly results show no appreciable improvement. the firm\u2019s board or executive committee, if it is doing its job, should establish a performance evaluation form and process. it should include<\/p>\n<ul>\n<li>when the assessment will be conducted,<\/li>\n<li>the identified individuals on the board and<\/li>\n<li>what topics will be covered.<\/li>\n<\/ul>\n<blockquote><p>\u201cit is no use saying &#8216;we are doing our best.&#8217; you have to succeed in doing what is necessary.\u201d \u2013 winston churchill<\/p><\/blockquote>\n<p><strong>how and what to measure<\/strong><\/p>\n<p>when there is an election and a new managing partner is selected, in the transition process the expectations should be made clear and memorialized in the initial contract. a period of three to six months should be the first milestones to establish clear objectives coupled with measurements against which performance should be measured. if the board is doing its job, the metrics will be consistent with management objectives that have been created as an outgrowth of a strategic plan (assuming one has been developed).<\/p>\n<p>when the performance data is measured, the managing partner should not be based solely on the quantitative aspects. if growth targets are created, these are fairly simple to assess. but this is insufficient on its own. the board should observe the managing partner\u2019s demeanor and interaction with the other partners and staff.<\/p>\n<p>the measurement part is tricky. is it a one-way approach, from the board to the managing partner? is it a 360-degree process? is there a questionnaire that the board issues to the staff? the form should contain some sort of numerical score that then translates into a grade. in fact, the questionnaire will be broken down into personality, demeanor, composure, consensus building. anyone can do the math. the qualitative questions should be given greater weight. they will explain why there was a mixture of accomplishments and failures.<\/p>\n<p><strong>so, you got the data. now what?<\/strong><\/p>\n<p>once the quantitative and qualitative data have been analyzed and summarized, hopefully reflecting a full board consensus, the feedback should be accompanied by new objectives for the coming year. this can be done by the board chair, who should be able to confidently speak for the rest of the members.<\/p>\n<p>a crucial conversation where there are critical issues at stake, differing opinions with a lot of emotion should be conducted between the managing partner and the board\u2019s chair. it should be give-and-take discussion to allow for an open airing of views. this does not mean a knock down-drag out meeting, but an authentic sharing of ideas. some know how to do this effectively; others cannot keep their emotions in check.<\/p>\n<p>it is possible that not all the voting partners are familiar with the managing partner\u2019s performance, particularly if there are office locations geographically dispersed or if the internal communications apparatus is lacking. perhaps not all of them were involved in the selection of the managing partner. moreover, if the conversation turns toward strategic initiatives, some of the partners would not have a clue.<\/p>\n<p>if you want to have a successful cpa firm, the strategies and goals need to be articulated throughout the firm. otherwise, the status quo will creep into the operations and other firms will surpass yours, leaving you to wonder \u201cwhere did we go wrong?\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>&#8230; or would you rather maintain the status quo?<\/strong><br \/>\n<em>by steven e. sacks<\/em><\/p>\n","protected":false},"author":1892,"featured_media":50100,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1363,3120,3002,2266],"tags":[],"class_list":["post-73952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-pro-member-exclusive","category-special","category-partner"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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