How to become and remain competitive in the marketplace.
By Robert J. Lees and August J. Aquila
Creating the Effective Partnership
The challenge in designing the right system for the firm’s context is ensuring it motivates the partners to deliver the initiatives the firm needs to be successful.
If compensation is supposed to motivate and reward productive behavior and outcomes, and discourage non-productive behavior and outcomes, then you must ask yourself, “How well are we doing?”
We don’t claim that our recommended system is perfect since we know that the perfect compensation system does not exist. We do feel, though, that it encompasses the critical elements needed for leaders to better engage and reward partners.
We believe that if a firm wants to maximize its performance and keep its partners motivated and engaged, then it needs to design a compensation plan, which includes the following elements:
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