Compensation season coming to an end
February 17th, 2012 by Jim Cotterman
About now most firms should have finished their compensation deliberations and possibly their communication efforts. Assuming no Spring surprises, there should be a lull before the next round kicks off. But before you set your compensation committee free, we recommend one more request on their time. Take a few moments to reflect on this year’s process. What went well? What challenges did you have? Think over the entire process – economic data review, partner written input, partner interviews, input from administrative leaders, personal study, committee deliberations, feedback to/from partners and the like.
It is all fresh in your minds, so capture that knowledge now. This does not need to be laborious. Just a quick memo to the committee chair with bullet points and short narratives. Capture both positive and negative aspects of this year’s efforts. The Chair can organize this and determine how best to proceed. The conclusion might be to continue as is, but I suggest there is always room to improve and ongoing incremental improvement should be integral to your operations.
This entry was posted on Friday, February 17th, 2012 at 10:43 am and is filed under Economics, Partner compensation, Associate compensation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.