Some firms receive ten times the number of applications than competing firms for similar roles. So why might this happen?
Similar firms deliver similar services using similar people with similar qualifications to similar looking clients at similar prices.
It is difficult to stand out versus the competition. But in this current war for human talent, you must try.
In exit interviews 48% of people cite unfulfilling work as their reason for leaving a position whilst another 41% quote that often overused, yet misunderstood phrase, culture. So, tell me, why should I choose to work at your firm over another one?
Quality candidates will thoroughly research their options starting online, so what will they learn when they Google your organisation?
You are often told that if you do good work for good clients that will be enough to sustain a career within Professional Services. So, can I learn from your website exactly the type of work I might be doing and what type of clients I will be working for?
Can I learn your industry specialisations, top clients, biographies of my potential team members and feedback from both clients and staff alike as to what the experience may be like? Are there any case studies or testimonials discussing the quality of your work and service?
What about commentary on sites such as www.glassdoor.com.au reviewing past experiences of staff members? Forward thinking organisations will share staff experiences on their own website, discussing things such as how good the work/life balance is at the firm.
Younger Generations are concerned with an organisations purpose, so to become more appealing you might want to share what your firm’s purpose is, beyond making profit. Refer to Simon Sinek and his Golden Circle video. What is your Why? Do not confuse this with your values, that is something completely different. How modern and up to date does your firm look if you have no video at all on your website?
Assuming you get as far as attracting the best candidates to interview, they will be impressed if you can share a bright future with them. What are your firm’s short- and medium-term goals and aspirations? Where are you heading, what strategies do you have in place to be successful? They will expect you to be able to tell them. If you don’t know, you have some work to do!
Can you sell them your first-class induction and training programmes at the outset? Do you discuss their pathway to partnership and what is expected of them to progress and have a career rather than just a job? How will they be measured beyond billables? What Key Performance Indicators will be put in place to assess and review performance?
Most young professionals are never taught how to grow a practice and this brings anxiety when moving to a new firm? How will I hit my targets? How will I attract new client revenues?
If you are the firm that invests in the training and development of marketing & business development skills for your individuals, you will automatically be in the top ten percent of attractive firms as so few do it.
Classic old-time objection: What if we train them and they leave? I say better than if you don’t train them and they stay!
Few firms do client satisfaction reviews well, even fewer do staff satisfaction surveys. Remember, professional services firms are 80% people and 20% everything else. You have to get the people part right. And, if you don’t measure it, you cannot manage it.
There is more to culture than putting bean bags into break out rooms and remote working on certain days of the week. All of these results can be quoted in tender documents when looking to attract new clients.
Also let me remind you that you are in the service industry. The clue is in the title, professional services. Most practices are overly reliant on word of mouth referrals for new instructions. Well disenfranchised staff do NOT deliver client service at a level that is worth referring in the modern world.
We live in a world of instant gratification and clients want it now, preferably for free, and will compare you to how businesses like Amazon and Apple make them feel. You need staff willing to run through walls for you. Like clients, they all have different motivations and you need to find out what they are.
Feeling part of a greater good, a larger team will help. To do this you will need to share some performance data with staff. I go to firms where fee earners know their own numbers but understand very little about the ongoing performance of the whole firm. This needs to change.
I am often asked what makes the difference between winning and losing firms. My answer, the quality of leadership and culture at a firm. Successful firms can become complacent when they need to be taking massive action to remain at the top.
I could go on for much longer as to how better marketing and business development discipline, can lead to improved retention and attraction of staff, but I do not want to overstay my welcome on a blog post.
As ever, happy to have a discussion around this or any other topic. You can contact us here.