The Right Way to Plan Accounting Compensation w/Dominic Piscopo

In this episode of the "Growing Your Firm" podcast, host Dave Cristello interviews Dominic Piscopo, founder of Big 4 Transparency, about compensation strategies in the accounting world. Piscopo discusses the evolution of Big 4 Transparency from a community project to a B2B service offering compensation data and analytics to accounting firms. The conversation covers year-over-year compensation changes, the impact of private equity on salaries and bonuses, and the increasing competitiveness of tax roles, particularly at the manager and senior manager levels. They also explore the differences in compensation between internally promoted and externally hired employees, the importance of timely and transparent communication of compensation plans for employee retention, and the nuances of setting salaries for remote positions in different geographic locations. Piscopo also shares common mistakes firms make in their compensation strategies, such as relying on outdated data or using recruitment firms' salary guides as definitive sources.