Performance Management: The Way of the Future

Performance management is quickly becoming the new method to appraise employees— and it’s no surprise. Businesses that utilize performance management forego performance appraisals and employee reviews and evaluations.

And it’s not just management who benefits when a performance management system is in place at a company. With this plan, employees will start to see every interaction with management as a learning opportunity rather than an evaluation.

So, what are the components of a successful performance management system? It starts at the beginning, the moment a potential employee walks through the door on their first day at your company. Assign the new person a mentor and fully integrate the employee into the office culture. There are other factors that play into performance management, but ongoing employee coaching and feedback is crucial (not just once a quarter or once a year). Another aspect to consider is a compensation and recognition system to reward employees who are contributing to your company. Finally, keep your employees active by offering job shadowing opportunities, lateral moves and transfers (as appropriate).

Companies that are embracing this model are racking up the accolades— not only from employees, but from others in the business world. Google, with approximately 88,100 full-time employees, is known for its innovative workspace and human resource policies. With Google managers placing strong emphasis on employee coaching, clear strategies for their team and expressing interest in their team’s success, it’s no wonder that the tech juggernaut has been named Fortune Magazine’s “Best Company to Work For” seven times.

Google utilizes a system of “Objectives and Key Results” (OKRs) to set attainable goals and track employee progress. Even their CEO, Larry Page, is held accountable in this system and for his company. Once the objectives are selected, key results are then defined to trace the path of a project’s success.

Above all, as with most things in the business world, transparency is key. During manager-employee feedback and coaching sessions, sugarcoating facts or opinions does no good for any party. In fact, honesty is the only way in which your employees will fully flourish, grow, and perhaps want to stay with your business for the long run.

If you’re interested in learning more about performance management tactics and how to implement them within your company, the advisors at RS&F are prepared to assist. For questions, please email info@rsandf.com or contact your client advisor.

RS&F is Pleased to Announce the Promotion of Robert Kase, CPA.CITP, CGMA, to Partner
Kase has more than 20 years of experience in accounting, tax, information technology, internal controls, process analysis, forecasts, budgets and due diligence for middle-market and family-owned businesses as well as high net worth families.

In his new role as partner, Kase will work closely with the tax department to continue improving efficiency while handling client engagements for many of the firm’s high net-worth and complex corporate clients. He will also be developing new practice areas to expand RS&F’s information technology and cybersecurity service offerings.

“Rob has continuously proven that he is an asset to his clients and RS&F. We are fortunate to have such a talented and engaged individual on our team,” said Howard J. Rosen, CPA, CGMA, managing partner of RS&F. “Rob’s passion and insights have helped position us as an industry leader and there is no doubt that he will continue to help RS&F grow.”

Kase graduated from Loyola University of Maryland where he received a Bachelor of Business Administration with a concentration in accounting. He is a Certified Public Accountant (CPA), Certified Information Technology Professional (CITP) and Chartered Global Management Accountant (CGMA).

RS&F Joins Accelerent Baltimore as Official Accounting Partner
RS&F is pleased to announce that it has been selected to join Accelerent Baltimore, a business development platform, as the official exclusive accounting firm partner.

“Accelerent works to bring a variety of partner companies together to fuel business development and what better way to do that than by adding one of the region’s premier accounting firms, RS&F, to the fold,” said Micah Damareck, Regional President of Accelerent Baltimore. “RS&F is known for industry-leading strategy development that helps businesses grow— a complement to the work we do. We look forward to working with the entire RS&F team.”

“A partnership with Accelerent offers significant growth potential for RS&F as well as for our clients,” said Jeff Rosen, Partner at RS&F. “We are excited to join the ranks of this organization and meet all of the Accelerent partners across the region. We are honored to have been chosen as the exclusive accounting partner of Accelerent.”

Accelerent’s Baltimore partners include Howard Bank, the Baltimore Orioles, Merritt Properties and Kaiser Permanente, among numerous others across a variety of industries.

Sarah Clarke, MBA, and Christine Perkey, RN, CMPE, Selected to Speak at the 2018 Maryland Medical Group Management Association State Conference

Utilization of Your Practice Management System (PMS) for Financial Management
Christine Perkey, RN, CMPE – Senior Consultant, RS&F
Sarah Clarke, MBA – Senior Consultant, RS&F
You don’t have to be a Fortune 500 company to implement better practice tools for financial management or to track Key Performance Indicators (KPIs). Surveys have shown that companies that set and monitor KPIs are more likely to hit financial targets than those that do not. In this session you will learn best practice strategies for maximizing the revenue cycle utilizing your PM System and utilizing KPIs to identify, monitor and enhance your revenue cycle.
How to Transition to a “Patient-Centered” Healthcare Model

Sarah Clarke, MBA – Senior Consultant, RS&F

This session will review the evolution of the healthcare environment from a fee for service to value-based model for health care compensation. Participants will learn how to transition to a “patient-centered” healthcare model, including the following: internal readiness assessment— gap analysis; obtaining buy-in from all team members, providers, staff, administrators; creating care coordination processes and policies; determining quality measures/initiatives & measurement tools; making data actionable; cost of care (Provider incentive payments); non-traditional deliveries of medical treatments; and data analytics for CRM, QI and compliance.

What should you expect in the future? Discussion will include increased integration among health care sectors (medical practices, hospitals, public health, etc.) through IT and care coordination and compliance programs.

To view the full conference program, click here.

Here are a few articles we thought might interest you:

Big Stock Windfall? New Rule Defers Taxes with Real Estate Investment

Your Guide to Social Security Taxes

Tax Benefits of the Opportunity Zone Program for High-Net-Worth Individuals

The House GOP’s ‘Other’ Tax Cut: Yet Another Savings Subsidy

Rettig Sworn in as IRS Commissioner

IRS Offers Guidance on Meals and Entertainment Deduction After Tax Reform