Tackling Partner Accountability
Source: Accounting Today
In this Q&A, industry experts August Aquila, Sandra Wiley, and Jennifer Wilson discuss the challenges of implementing partner accountability and offer ideas for making accountability work. Here are summaries of some of their answers:
Your definition of accountability?
Wilson: Can the rest of the team depend on you to follow through on your identified responsibilities?
Aquila: Following through on a promise – tied closely to trust.
Wiley: Defining partner expectations and connecting the expectations to real-life performance and compensation.
Why is partner accountability difficult to practice?
Wiley: Accountability conversations can be uncomfortable. Large numbers of older partners are about to retire and may not be as receptive to accountability measures that would necessarily apply to both younger and older partners.
Wilson: Expectations aren't clearly defined, and follow-up on performance is inconsistent or essentially non-existent. Also, partners aren't receiving performance feedback and there is often no connection between performance and reward.
Aquila: Leaders are used to a lack of accountability, and firms don't have a system for practicing accountability.
How should firms tackle accountability?
Aquila: Clarify partner expectations. Identify and communicate firm values, such as accountability, which help every team member to know what behaviors are expected.
Wiley: Set goals for each partner that are tied to the firm's objectives and growth plan. Schedule quarterly meetings with the managing partner to ensure follow-through.
Wilson: Put partner responsibilities and goals in writing each year. Report to the managing partner quarterly and implement annual partner performance feedback. Create a work atmosphere that expects and rewards personal development and improvement.
For the complete article, read “Holding Them to Account.”
From Accounting Today, February 1, 2013, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.