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Part 2: What You Need to Reward
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Part 2: What You Need to Reward
by Coral L. Rice, August J. Aquila
Performance Is Everything
Cover Page
Title Page
Copyright Page
Dedication
Contents
Preface
Acknowledgments
About the Authors
Part 1: Why You Need to Reward People Differently
Chapter 1: Workforce Trends in the Twenty-First Century
Rapid Pace of Technological Change
Shifting Demographic Patterns
Job Sharing
Permanent Part-Time Positions at the Owner and Employee Levels
Globalization of the Workforce
Employers Demanding Higher Skills
Lack of Clearly Defined and Stable Jobs
Flattening of Organizations
Women in Leadership Roles
“Around-the-Clock” Economy (24/7)
Trust
Final Thoughts
Chapter 2: Superior Performance Comes From Alignment
Performance Variables
The 7S Model
Other Models
The Nine Performance Variables
Organization Level
Process Level
Performer Level
Final Thoughts
Chapter 3: Building a Compelling Vision
A Vision Is More Than a Simple Statement
How to Ensure Owners Connect to the Vision
When to Involve Owners in Creating the Vision
What Should a Compelling Vision Contain?
The How To Is as Important as the Vision
Journey, Milestones, and Measuring Progress
What’s in it for Me?
Final Thoughts
Chapter 4: Link People Performance to Strategy
What Is Strategy?
Where to Start?
Case Study
Strategy Execution as a Core Competency
Final Thoughts
Chapter 5: Your Role as the Leader
Even Managing Owners Need Assistance
What Successful Managing Owners Do—The Leadership Model
Setting Direction
Gaining Commitment
Execution
Personal Example
Final Thoughts
Chapter 6: Why You Need to Reward Different People Differently
Financial Reasons
Performance-Compensation Gap
Need to Reward the Performers
Align Monetary and Nonmonetary Rewards With Position Level
Operational Reasons
Evolving Business Models
Rapidly Changing Competitive Landscape
Generational Reasons
Work-Life Balance
Generational Differences
Today’s Compensation Plan
Written Win-Win Agreements
Customized Criteria and Goals
Focus on Current Production and Future Capacity
Reward Performance, Not Entitlement
Include At-Risk Compensation
Ensure Fairness
Create a New Culture
Exercise Courage
Final Thoughts
Part 2: What You Need to Reward
Chapter 7: Make It Happen Through Performance Management
Survey Results
Owners and Performance Management Systems
Job Descriptions
Final Thoughts
Chapter 8: Selecting the Right Performance Measures
Vision, Strategy, and Objectives
The Role of Performance Measures in Driving Behavior
Why Choose Performance Measures That Are Linked to Firm Objectives
How to Choose Performance Measures That Are Linked to Firm Objectives
Potential Dangers When Using Performance Measures
Using Scorecards to Categorize and Clarify Performance Measures
Firm Scorecard
Department Scorecard
Individual Scorecard
Categories of Objectives
Financial Measures
Client Service Measures
Internal Systems and Business Process Measures
Employee Growth and Learning Measures
Business Development Measures
Final Thoughts
Chapter 9: Overcome the Challenges in Creating a Compensation Plan
Best Practices in Designing a Compensation System
Entitlement Performance Continuum
Evaluate Current Plan
Getting Started
Six Major Obstacles and How to Avoid Them
Final Thoughts
Chapter 10: Choosing the Right Elements: Build a Compensation Plan
Base Pay
Compensation for the New Owner
How Do You Determine the Market Value (“Street Value”) of Your Owners?
Developing Pay Ranges
Developing Owner Pay Ranges
Bonus
Bonus Compensation Criteria
Types of Bonus Compensation
Combining Tangible and Intangible Compensation
Administering the Plan
Performance Management
Final Thoughts
Part 3: How to Reward Performance
Chapter 11: How to Manage Performance Effectively
What Is Performance Management?
Ensure Performance Expectations Are Clear From the Beginning
Create a Culture Where Giving and Receiving Feedback Is the Norm
The Role of the Johari Window in Performance Management
Giving Feedback
Performance Evaluations
Final Thoughts
Chapter 12: Owners Need to Be Evaluated Too
Factors Determining the Owner’s Value
Owner Evaluation
Only Performance Is Reality
Align Goals and Rewards to Strategic Initiatives
Building a Culture of Accountability—“Accountability is Good, But Not for Me”
Setting Goals
What Support Will Owners Need?
Start With the Firm’s Strategic Plan
Individual Owner Performance Plan
Areas of Performance Evaluation
Goal Setting
Steps in the Evaluation Process
Changes to the Owner Performance Plan
Final Thoughts
Chapter 13: Even Managing Owners Need Feedback
The View From the Top
Other Criteria
Final Thoughts
Chapter 14: How to Compile and Assimilate a Bonus Performance Plan
The Right Performance Bonus Plan
Sample Performance Bonus Document
Owner Performance Bonus Plans
Case Study—Compensation System in a Midsized Firm
Case Study—Large Firm
Managing Owner and Executive Committee
Line Owners
Managers
Discretionary Pool
Final Thoughts
Part 4: Where Do You Go From Here?
Chapter 15: What Will You Do Tomorrow?
Appendix: 2011–2012 Performance Management and Compensation Survey
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Chapter 6: Why You Need to Reward Different People Differently
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Chapter 7: Make It Happen Through Performance Management
Part 2
What You Need to Reward
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