what role do partners play?
by angie grissom
bridging the gap
if new leaders are to come from within, then firms must succeed in retaining their team members over the long term. this isn’t always easy but with the right tactics, current leaders can establish policies that increase engagement to reduce attrition while also building the necessary skills and attitudes for successful leadership in younger team members.
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a recent survey conducted by the aicpa showed one of the biggest concerns accounting firms are facing today is employee retention and engagement. this is no surprise and is endemic throughout the entire profession. as the economy takes a turn for the better, the rate at which team members are leaving their current employment or seeking further opportunities is accelerating. many of the people leaving firms are the emerging leaders.
while turnover is expensive and time consuming, finding new emerging leaders to replace those who move on is seen as dauntingly difficult in many firms. i recently reached out to some accounting firm leaders who are focused on tackling this mounting issue and asked them, “what are you doing to keep team members engaged and energized?” i also asked emerging leaders a question: “what helps you to stay engaged and energized?” from their feedback, three strategies emerged that can assist any firm in improving employee engagement.
strategy 1: provide personal plans for growth and development
“one size fits all” has only marginal success with clothing, and the strategy certainly has no place in the work environment. customized growth and development plans for team members, including emerging leaders, have a big impact on employee productivity.
customized plans show team members they are viewed as individuals. if built correctly, these programs focus not only on building fundamental skills but also allow emphasis on each individual’s needs for growth and success in his or her job. though it’s often tempting to generalize your team members, it is important to remember that no two people work or complete tasks exactly the same way. efforts by firm leaders to establish an open and free-form growth plan can help everyone to be conscientious of the many work styles that exist in a firm and help keep the lines of communication open.
weyrich, cronin & sorra is one firm that does a great job of this. firm leadership establishes goals for partners to spend focused time on developing their team members. “we have identified who we think our emerging leaders are, and as a group we look for opportunities to teach them or help them understand our business,” says frank savarese, managing partner. “i always find time to meet with them or share an article i read that i think may apply to their personal growth.” feeling comfortable with your mentor/coach is vital; consciously pairing team members with partners or supervisors allows for open communication throughout the growth process. this is a critical component to creating a successful development plan.
strategy 2: create opportunities to spend time with firm leaders outside of busy time
team members may surprise you with ideas for what they are able to do for your business when given the opportunity. marc derstein, managing partner at detweiler hershey said it best: “most of the things that make a partner good happen outside of the busy season. if you are technically competent you can be a strong contributor, [but] what really will differentiate younger professionals is what they do when all of the returns are done and financial statements are out.”
creating buy-in from team members happens when the 8-5 job is done; the real growth of your firm happens when you leave the office, head to a meeting or lunch or attend an after-hours event. consider how often you are including your younger team members in opportunities to network, meet new people and attend these events. inviting them to join in allows you the chance to see who expresses interest and who seizes those opportunities. this also allows you to watch them develop as leaders and help to shape their understanding of the business. share the events and opportunities that are enjoyable and those things that motivate you as a firm leader. show younger professionals how work can be both rewarding and fun. they may observe and emulate those efforts, which is good for their growth as well as for the firm!
strategy 3: focus on building personal skill sets with team members
technical ability is assumed in accounting professionals. it is the soft skills that are often the hard ones to find among younger professionals, and they are critical for effective leadership. while improving and maintaining technical skill is important for any accountant, what we hear mentioned time and time again by emerging leaders is the need to absorb the confidence and ability to develop client relationships. often, current leaders think that team members will either possess these skills naturally or they will not have them at all. a little time and focus dedicated to teaching these skills, however, will in many cases provide the tools needed for success.
jessica giresi from withumsmith & brown spoke with me about what skills emerging leaders are most interested in learning, saying, “in my field, building rapport and trust with clients is essential for providing the best service possible. therefore, in addition to maintaining technical knowledge, it is important to continuously build personal skill sets to [help team members] understand how to interact with various personality types.”
most up-and-coming leaders don’t start out in their careers knowing this; current leaders should make sure to discuss the importance of building relationships.
susan miano, an emerging leader at friedman, also understands the importance of learning how to be effective in building relationships and bringing in clients. her simple advice addresses this critical ability: “it’s key to learn how to be fearless in engaging referral sources.” if you haven’t begun to invest in coaching and ensure that you provide opportunities for your team members to develop these soft skill sets, now is a great time to think about doing so. confidence in your emerging leaders will quickly follow.
economic growth brings great things for the accounting industry, but it also provides openings for emerging leaders to look at outside opportunities. leaders who find ways to engage and develop team members can minimize this risk while enhancing their firms’ performance. taking the time to provide personal growth plans, creating opportunities to spend time with team members after the busy season and focusing on soft skill development are three effective strategies to keep the entire team engaged and committed to helping your firm move forward.
discussion questions
- how can your firm further individualize and personalize the professional development opportunities you provide for team members, especially younger ones?
- to what extent do you agree with marc derstein’s claim that “most of the things that make a partner good happen outside of the busy season”? give specific examples.
- what can you do to further the development of soft skills in team members of all ages and at all levels in your firm?