Excessive talent turnover can be detrimental to firm morale and costly to the bottom line. According to the Saratoga Institute, a leading human resource research firm, each employee extracts a cost equivalent to between six months to a full year’s pay. Losing top-level talent, such as an associate with partner potential, costs as much as 2.4 times that person’s salary, including severance pay, search firm fees, signing bonuses, and related expenses.
Given the high cost of employee turnover, it’s easy to see how a human-centric HR philosophy is actually good for business. Savvy companies have recognized this fact, with trends indicating a shift in HR departments to serve employees better. This shift is also occurring in law firms, where they realize that their teams want the following as part of performance management:
- professional development opportunities
- regular and consistent feedback
- a focus on engagement
- transparent goal setting
Along with this shift comes recognizing the value to be found in strength-based approaches to performance management. Focusing on engagement, reward, and recognition enhances an investment in the firm’s overall health while improving an individual’s performance at all levels. Those who feel appreciated and valued, along with being fairly compensated, are not only less likely to leave but are more productive.
Objective Manager’s Performance Manager platform addresses all of these needs.
- Personal development
Personal development plans help everyone realize their potential by uncovering where improvement is needed and offering feedback and support. Data can be utilized to simplify partner selection, development, and retention decisions, ensuring they align with the firm’s goals.
- Continuous feedback
We all improve with regular feedback and suggestions for improvements. Frequent check-ins make it easy for employees to engage, collaborate, and learn together. This regular feedback leads to meaningful gains in performance.
- People engagement
Engage your entire firm in working towards common goals. Our collaborative software builds a culture of transparency by helping individuals understand their value and creating opportunities to connect and collaborate with coworkers.
- Goal setting
Align your individual’s objectives and behaviors to the strategic goals of the firm. Track progress in real-time against quantitative measures that help drive collaboration towards common objectives.
The result of human-centric HR is higher individual morale and a more collaborative atmosphere overall. The bottom line also benefits through improved client relations and increased referrals to friends and family members from satisfied clients.
In short, investing in your people is also an investment in your firm. Objective Manager makes it easier to drive your firm’s success by aligning everyone’s objectives and behaviors to the strategic objectives of the firm. To learn more about Objective Manager, check out our website – or contact us directly to set up an individual appointment.
Posted in Legal
