There are objective and subjective measures. Bonuses are for the extraordinary.
By August J. Aquila
What Makes a Great Partnership
While times may be good for many CPA firms, we should not forget that firms cannot afford to have partners coast or be unable to pay their own way. Firms are expecting more from their partners. It doesn’t mean that partners have to work longer hours, but it does mean that partners need to contribute more to the economic value of the firm and learn how to work smarter.
MORE: Why Partners Need Written Goals | Seven Keys to Becoming an Equity Partner | How to Achieve Partner Unity | The Seven Building Blocks of a Great Partnership
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Evaluate Partner Performance
In the majority of firms there is no formal written evaluation of partners. While most partners don’t want to be and don’t like to be evaluated, it’s a common fact of life. How else can you fairly evaluate and compensate your partners? There is a definite trend today for firms to identify standards and have written, measureable goals for partners. This permits management to evaluate actual performance against the goals set at the beginning of the year.
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