The importance of human capital to the success of a business is indisputable. Reviewing strategies and developing best practices for managing talent related throughout the talent management cycle is critical.
Here are six strategies to consider when reviewing your firm’s talent management systems.
The war on talent is a reality for professional law and accounting services firms. So how do we effectively manage talent? Human capital is the most important part of any business. After all, it is the human working with your clients, building professional relationships, leading by example, and contributing to the overall success of your firm. Recruiting, hiring, developing, retaining, and promoting the right employees are critical in building a successful organization.
We’ve outlined a few ideas to consider when reviewing your firm’s current practices and better managing talent going forward.
Recruit the Best Talent
- Focus recruiting efforts on specific schools and build on-campus relationships
- Allow interns opportunities to work on real-world projects
- Look to recruiting firms for experienced talent
Hire the Best Talent
- Evaluate your firm’s hiring process and analyze your turnover rates
- Establish critical DEI initiatives to avoid biases in your hiring process
- Post job openings internally
Develop Your Talent
- Offer training
- Track utilization and provide equal engagement opportunities
- Provide consistent feedback - formal and informal
Foster the Desired Culture
- Cultivate a culture where people can have fun and connect
- Consider competitive benefit packages and a hybrid work model to attract new talent and retain top employees
Retain Your Talent
- Continually analyze HR processes and adjust them to meet your firm’s goals
- Consider an alum program to remain connected with employees who leave
Increase Client Satisfaction
- Recognize talent and keep an eye on areas where people excel to find ways for them to perform those actions more frequently
- Happy, engaged, productive staff leads to better business, happier clients, and more opportunities to hire additional talent
Posted in Firm Intelligence,Micron Systems
