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Hello Guys, How is DXC (HP) account in Mphasis?
Rising Star
Bowl Leader
What do you love about working in this industry?
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Mentor
Why provide significant partner benefits? We make so much money.
Mentor
Pensions aren’t a perk. They’re fundamentally an element of core compensation design - do you take payment now or later for today’s profits, and how much do you want to depend on the future success of the organization?
My firm doesn’t have a pension plan and I’m happy with that. Easier to just distribute the earnings each year and maximize organizational flexibility.
Comp is up perks are down
The whole idea of partner perks is a bit odd, since it’s all their money anyway. Seems like mostly a tax thing?
That is pretty much the rationale for what is considered eliminating partner perks. If the money is just distributed, partners can choose their own “perks”. As the partnership (and client base) becomes more diverse, perhaps there are more partners uninterested in golf or country clubs. As more partners have domestic partners with health insurance, perhaps there are more partners who don’t want to subsidize other partners’ health insurance.
As a total noob. What are partner benefits?
Perks like country club memberships, etc
I liked some of the perks as it was a way of creating common spend that you might not otherwise do. For example the partner meetings that included families, country club memberships, etc. Yes these are perks but they are also designed to foster a sense of community, networking, and ultimately support the business. They also took away partner parking. It seems like a silly thing but it actually got me to come down to the office more often.
What perks remain, generally? What changes were made to the pension?
Ok. Old school retired partner that started in the big 8 a long time ago. Back then…
Partners had grandiose offices with couches and conference table
Partners had named parking space in their home office
They had their own secretary
They enjoyed a daily Wall Street journal
They had at least one membership. Namely a nice country club near home and many had a private lunch club near the office. And of course the airline club paid for of their choice
The partner meetings included the spouse
The pension of course
All this is gone with the exception of the pension. And that will change over the next few years
Reduction
I find it hard to believe that KPMG would offer Partners CC memberships
Yes, my initiation fees were paid for my second year as a partner. You pay yearly dues though. When I was a ey, all expenses were paid.