This CCH article at the bottom of this page throws up some powerful questions about your firm’s future.
If you’re serious about growing your firm’s fees and profits here’s the jugular issues you must consider.
According to the research presented in the article…
“Accountancy bosses could be at risk of losing vital talent within their organisation as more than a third of accountants (34%) admitted they are actively looking for a new job and this figure rises to nearly two thirds (63%) within the next six months to a year.”
If you’re good at marketing your firm, and good at winning new fees from new clients and existing clients, then this could be a big big issue. Growing fees without having the people to deliver the fees threatens your hard-won reputation.
What are these ‘leavers’ looking for, what do they want from their next job? Or, if you prefer, what does your firm have to do to keep them?
The research suggests they want…
“…to achieve better work life balance (28%) followed by better career progression (26%). Others weary of the humdrum admitted they simply needed a change (16%).”
“…nearly a fifth of accountants on the move are doing so because they don’t like the company culture.”
Fail to address these pressing people issues and your run the risk of derailing any chance of growth in your firm.
One firm we consult with nearly wrecked their firm because growth out-stripped their recruitment and retention of key people. In several other firms their ‘not being able to recruit people’ has limited their growth.
So do you have these questions sorted in your firm?
1. Do you have work-life balance options for your people in your firm?
2. Do you provide a clear career progression for your key people?
3. Does your firm’s ‘culture’ mean good people want to stay rather than leave?
There’s a big upside...
If the research is accurate it means you have a bright opportunity to recruit from the 34% of people in other firms who are looking to leave them.
If you get your firm’s people-marketing right you could appeal to these leavers and fuel your firm’s growth.
Word of warning though…
Rarely do we see a firm with the recruitment section of their website doing a great job. It simply looks like a job board.
Action to consider…
If the hiring decisions you make, determine the level of success you achieve (I’m convinced they do), then shouldn’t the recruitment pages on your website be the best reflection of your firm? Shouldn’t your website do justice to the opportunity for career progression, work-life options and your firm’s appealing culture?
Of course they should, but I bet they don’t.
If I’m wrong and you believe your website recruitment pages are ‘remarkable’ I’d love to see them – please get in touch or please post a comment below.
If you want some in-depth insight from our years of recruiting you can get your hands on a 4-page report on ‘hiring superstars’ here.
What do you do brilliantly to keep brilliant people at your firm?
What do you do brilliantly to recruit brilliant people to your firm?