Truly Becoming One Firm: Exploring Performance-Based Compensation
While leaders tout the mantra “We’re one firm,” established measures for performance and accountability continue to display an “eat what you kill” value system as firms focus on individual and often past-based performance. A properly designed and well-conceived compensation system can drive desired behaviors and inspire your team to achieve high performance. Likewise, a poorly designed system will drive unwanted behaviors and discourage a one firm culture. In this session, we’ll explore an approach to compensation that rewards those who contribute to a unified strategy, including:
- Recalling the role of trust in any compensation plan and balancing self-interest with the greater good and common vision of the firm
- Identifying the potential cause-effect relationship between compensation and your firm’s other constructs including KPIs and deferred compensation
- Examining best practices for transitioning to a more unity-enhancing performance-based compensation system over time
Apply these concepts to transform your firm’s reward system for both individual and overall firm success!