smart ideas for retaining and developing top talent.
who’s going to quit next? and why?
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by steven e. sacks
the new fundamentals: practical guidance for today’s accounting firms
professional services firms always have their eyes on the bottom line with as much, if not more, intensity than on the top line. salaries and benefits take up a considerable chunk of resources, and programs designed for professional and personal development are given short shrift, except when it comes to meeting continuing professional education credits.
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the younger professionals – your future leaders – should be viewed as investments. part of that investment is allocating funds for their participation in associations or networking groups, in addition to conferences and workshops that expand their knowledge.
these younger professionals have less career experience and limited exposure to firm membership associations because of time constraints, workloads, and client demands. their only regular channel of communications is through online networking groups – and often during work hours, which may be frowned upon. unable to have face-to-face interaction with their counterparts, these professionals will be thwarted in their ability to assess whether their firm is providing the best career path.
“without continual growth and progress, such words as improvement, achievement, and success have no meaning.” – benjamin franklin
there is much more mobility than ever before. younger professionals are changing firms at a faster pace, looking for a work culture that recognizes and rewards efforts while creating a mutually beneficial work-life balance. for firms to maintain a strong recruitment and retention level, they need to invest resources that are aimed at understanding younger professionals’ values and desires.
don’t be shocked if your best people leave you because you did not allocate sufficient resources for the proper training. recruitment and retention have been identified as the top concerns by firms. if you cannot sell the idea of personal and professional development through various mechanisms, not only do you lose staff but word will spread through the accounting community.
organizational performance and improvement are always stressed at partner retreats, but this does not happen by magic. some firms use outside consultants to ascertain the training and education needs required of the various staff levels. some of the larger firms hire those who specialize in organizational development. this customizes the needs for each person.
offering continuing professional development – especially when you work with the individual to identify shortcomings, strengths needed to be leveraged and whatever else is needed to fit into the firm’s long-term strategy – will create a more interesting and worthwhile work experience. this will create increased job satisfaction, even when more is being demanded by firms that do not immediately replace lost staff.
training in leadership, work efficiency, negotiation and other “business-minded” topics will build a more confident staff, a reflection of which will be apparent to clients.
it is clear that continually developing and offering managerial and leadership skills will result in the attainment of client goals, the benefits of which accrue to firm leaders. yes, professional development is a line item in the budget that cannot be ignored, but young professionals consider it as important as compensation. as a firm partner, principal or director, or one who has direct reports, you play a key role in developing every professional so they can enhance their knowledge and skills to play an integral role in the firm’s success.
for a reasonable amount of money and limited risks, firm leaders should look at third-party providers or membership associations that offer a value proposition – and eliminate the focus on the cost. instead, consider it an investment in staff’s professional and personal growth. you may think it is expensive to keep your staff competent. but the corollary will be costlier in the long run.
finally, sending staff to training is not the end game. the firm must follow up with coaching the staff and applying what was learned to benefit the firm.
one response to “who’ll quit next?”
r peter fontaine
i could not agree more with steve about creating opportunities for professional and leadership development, professional and social networking, and community and professional involvement as a way to attract and retain younger employees and prospective leaders. as lawyers exclusively serving the accounting industry, we deal a lot with departing employees and partners. we see people leave firms (or are asked to leave) for a lot of different reasons; which can be boiled down to one word – “culture.” an amorphous word that i have translated into “what a firm values.” profit vs. client service. “one firm” vs. silos. autocratic vs. participatory governance. performance/merit vs. “time in grade” based compensation. succession/promotion oriented vs. maintaining status quo. “people place” vs. “cut throat” factory. live to work vs. work to live. flexible/tolerate vs. rigid/uncompromising. the list goes on and on. in a word, people often leave firms simply because it’s not a “cultural fit.”