5 leadership skills to hone and 4 questions to ask about your firm.
by carrie steffen
bridging the gap
bemoaning a lack of future leaders within the firm is not a solution to the perceived problem. instead, it behooves current leaders to identify and nurture potential leaders, helping them develop the relevant skills and clearly communicate a defined path to leadership as well as expectations for applying targeted competencies. young professionals with aspirations of leadership, in turn, must embrace opportunities and demonstrate willingness to meet current leaders partway.
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firms are at a crossroad when it comes to transitioning to the next generation of leaders. according to the cpaca study on succession readiness, 48.3 percent of firms of all sizes cite “lack of future leadership talent” as a primary obstacle in their succession.
while some partners believe there is a lack of leadership talent within their firms, it’s likely that the talent is there; it just needs to be nurtured. it’s up to current firm leaders to create an environment that focuses on developing the skills most important to future leaders’ success. but it’s also important for young professionals to take ownership of their own career development.
growing future leaders within the firm means identifying those individuals early. it means engaging them in developing the skills that are not only critical to leadership, but that are also stimulating enough to encourage rising stars to stay with the profession, and the firm, when other opportunities arise.
critical leadership skills both current and future leaders need to hone include:
- delegation – an important skill not only for creating capacity to focus on leadership, but also as a critical component of developing those next up-and-comers.
- communication – communicating the “why” of what you’re doing vs. just the “what” and “how.” this is a key ability when delegating to staff, and also when working with engagement teams to help them better communicate value to clients.
- relationship development – both internally and externally, creating mutually beneficial relationships and deepening each relationship by building trust and giving more than you receive.
- cultivating followers – the concept of “followership” is as important as leadership and leaders must learn how to recognize and encourage good followers.
- strategic thinking – the ability to think critically and balance long-term strategic objectives with short-term goals. this includes the ability to help chart a clear direction for the firm, letting go of the idea that the firm can/should be all things to all people.
ds+b, a minneapolis-based firm, has worked hard to develop a culture that fosters early identification and nurturing of future leaders. managing partner sean boland understands the importance of developing the whole professional, but also emphasizes the professional’s responsibility in the process.
“we are big on providing our staff education – not only cpe but also on client service skills, communication and personal development,” he said. “we provide some tools as part of their in-house training, but also allow them to go out and get the outside development and training that suits them – like public speaking training and participation in young professionals’ groups.” he spoke to the importance of leadership skills development, noting, “the critical skill for a future leader is the ability to handle and delegate work to other team members so the clients are serviced well. to do that, they have to be good communicators and manage their time effectively.”
future leaders must go beyond simply taking part in the learning. “the key is to service the client’s needs effectively, and show an interest in applying the education they receive,” said boland. “they have to show they can handle more responsibility. they also should demonstrate an interest in their own, independent, growth. so if we see them doing things outside the 9-5 workday like attending industry events, networking, learning a new productivity tool and bringing that back into the firm, that’s a good sign they just get it.”
jon cassens, a manager at ds&b, offered his take on what young professionals with partnership aspirations should do. “i learned to simply ask the question, ‘what does it take to become a partner?’ i learned that you have to accept more responsibility on the administrative side of things, such as billing, client service, communication, resolution, managing a team and developing a whole new mindset.”
cassens also recognized that a clear path – and training that aligns with that path – should be the firm’s focus in bringing its professionals to the next level. “i would value added training and a clear definition of what it takes to advance professionally.”
firms can benefit from taking a hard look at what message their current approach to training and staff engagement sends to the firm’s young professionals. young professionals must do their part by committing to applying what they have learned and actively incorporating it into their daily interactions within the firm and with clients. aligning expectations with training and application of the skills not only makes for a more rewarding career for young staff, but also improves the health and longevity of the firm for existing partners and those contemplating retirement. everyone wins.
discussion questions
- what kinds of internal and external learning opportunities does your firm invest in for young professionals and potential future leaders?
- how well do their learning opportunities align with expectations for how they should contribute to the firm’s growth?
- how clear is communication to team members about what we expect of them at each level if they are going to work their way to partnership? (it may be interesting to compare responses from current leaders and younger professionals.)
- how can your firm actively support the application of what future leaders have learned (particularly soft skills training), encourage them to take on more responsibility and let them know that it’s okay to practice what they learned (and that mistakes are part of the learning process)?
carrie steffen is a founding shareholder and president of the whetstone group. she helps cpa firms throughout north america hone their competitive edge by setting the right goals, fostering business development skills, developing future leaders and measuring results for better accountability. learn more at www.thewhetstonegroup.com.