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Another myth: I CAN FIX MY COMPANY CULTURE USING MY COMPENSATION PLAN. This is really putting the cart before the horse. Your culture should feed into the Compensation plan. You may need to pay at the 75th percentile of pay (yeah, it's not a "real number" either, but what else are you going to go on). Create a compensation philosophy statement that describes the firm’s core values that are important to its future success.

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