During November/December for the past twenty-five years, I receive calls from tax professionals and tax services firm leadership. The topic is always the same…it is about salary and what a tax professional should be compensating for tax expertise. This is the time of year firm leadership is working on their budgets, and they want to keep their people motivated and engaged. This year we have developed a solution for leadership teams to give team members a raise. We figured out how to make a tax services firms a destination firm with little to no turnover.
A goal of tax, accounting and legal services leadership should be to become a “destination firm” which is the ultimate destination for an employee – a firm people want to work with and stay with for a very long time. Your key to success is building a destination firm for your tax, accounting, or legal professional services firm. Destination firms are supported by highly motivated, engaged, productive professionals. They are staffed by happy contributors to firm success; they are new client acquisition magnets; and they generate increased revenue for the firm all year.
TaxConnections is building a Marketplace that is two-sided. This means you have buyers and sellers! Amazon changed the way books are sold; eBay changed the way things are sold; Wayfair changed the way things are sold; and TaxConnections Marketplace is changing the way tax services are sold. Tax, Financial and Legal Professionals upload content into the Marketplace that is for sale. We pay the content creator 55% of revenue earned on each sale of their content uploaded. (We wanted to pay 75% but with 10,814 sales tax jurisdictions in the United States, you can understand where the money goes in building and maintaining the platform.)
The easy part for tax services firm leadership is you can use the platform to upload content that many people will be happy to pay for. You make money by setting the price for the content you upload to TaxConnections Marketplace and we pay you for it. For those firm leaders who are bonafide Explorers, and want to be out in front of the market, you will want to be on the front lines when we go live.
Professional growth and increased income are the primary drivers of retention. We suggest firm leadership set up an Agreement With Employees that states any content they create and revenue they generate from the TaxConnections Marketplace, they will receive 50% of earnings over and above their base salary. This will motivate employees to produce more as they make your firm more money in the process. You split the profits 50/50 after they have generated enough to cover their base salary. They have unlimited income potential now and they will stay because you give them job security.
If you have high performing employees and nothing to put in their bonus stocking this year, contact email@example.com and I will walk you through how to make them much happier in the coming year. Just getting started will get them excited this year. Let them know you care about their financial success.
If you do not have a plan to give anyone a raise this year, it is a great time to let them know you have started one.
Let’s Get Started, Take Action – To Give Your Team A Raise
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