New partners at accounting firms see a gap between compensation expectations and reality, as well as between the frequency of feedback and its sufficiency, according to a new survey.
Intend2Lead, which polled 110 newly promoted partners, found that while a majority (59%) of new partners saw an income increase post-promotion, 43% say it was less than expected. Meanwhile, 42% said the compensation was about expected, 10% said it was more than expected, and 5% were unsure.
The survey recommends that new partners ensure they understand a firm’s compensation structure, begin the conversation around compensation early and plan accordingly.
Almost half (46%) of new partners feel they don’t receive enough feedback. The data found that while more frequent feedback correlates with improved outcomes, “for feedback to truly support new partners, it must be intentional, timely and actionable,” according to the survey.
Roughly two-thirds of partners receive feedback once a year and 42% of those partners say it’s not enough, 13% receive feedback twice a year and 35% say it’s not enough, and 5% receive feedback quarterly and 20% say it’s not enough.
Respondents say new partners should ask for specific feedback, know what is expected of them, keep an open mind and learn from every conversation.
“Design feedback systems that match the complexity and responsibility of the partner role. If feedback is inconsistent, vague or absent, new partners will lack the insight and reinforcement needed to grow into their new responsibilities,” the survey report suggests. “Train senior leaders to deliver feedback that is timely, specific, and focused not only on performance, but also on leadership identity, influence, and growth. Embed feedback into the structure of your culture, including at the highest levels.”
Partners also face challenges creating space for their new responsibilities and self care, letting go of prior responsibilities to focus on strategic priorities, navigating firm politics and influencing change.
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