Clearing up confusion over partner compensation in the one-firm concept. BONUS: The four phases of goal-setting.
By Bill Reeb
We are picking up this column with the goal-setting process. After we have this discussion we can move to the next phase, which is reviewing how we would evaluate the actual performance outlined below, and how that performance assessment would impact pay, assuming the firm was on budget, over budget, or under budget.
MORE: 3 Ways to Emphasize the One-Firm Concept | 8 Steps for a Successful Change Process | Building Competency on Every Level | Change Happens: How to Master It.
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Accountability for Partners
For partners, accountability is best described as having a system in place that rewards partners for following processes and procedures, living up to their roles and responsibilities, and implementing the firm’s strategy. And on the other side, it provides sanctions when partners don’t do the above.
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