At Tom’s CPA firm, we did something radical: We started talking openly about salaries.
We established — and shared — a salary range for each level of staff in the firm all the way up to the partner level.
Guess what? It’s been great.
We’ve had an amazing response in our company, and Tom truly believes it was the right thing to do.
This level of transparency has created more trust between our employees and the leadership. Salary conversations are more predictable and calmer than ever before. There are no surprises. And knowing the salary range for partners provides extra motivation for our more junior staff.
We all know how tough it is to attract and retain the right staff — and how critical doing so is for our practice. Embracing transparency is a powerful and effective leadership strategy.
Salaries are just part of a transparent relationship with employees. As you work to build a better practice, try the following:
Share regular company updates with the entire staff.
Establish key performance metrics and track them openly.
Be open about how you and your leaders make decisions.
Create and follow clear processes and procedures throughout the business.
You’ll be amazed at the results.
Want to find out how joining TFW Advisors® can lead to better clients, a better practice, and a better life? Schedule a call with our team today!