In this article we look at three particular areas where these firms demonstrate what we believe to be best practice. Professional service firms have long understood the critical importance of attracting and retaining top talent. Long before McKinsey coined the term the leading professional service firms were in a war for talent. Witness campus recruiting. These firms invest aggressively to identify and recruit the very best graduates. They compete with other professional service firms, with investment banks and the leading corporates.
Importantly, the senior professionals of these firms allocate a significant amount of their time to this process, sacrificing important fee earning hours. Often they are explicitly assessed for their contribution in this respect. But these firms not only invest in the recruitment process. They invest in their people.
Mentor programs professional apprenticeships are real and important.
- Managing High Achievers.
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The best professional service firms have explicit development milestones and provide regular feedback. Individuals who do not meet performance hurdles, or are deemed not to be a good values fit, are managed out as early as possible.
This creates an upward flow of talent that becomes a virtuous circle: rapid career progression, high quality colleagues and exciting opportunities — a compelling value proposition for the best graduates and lateral hires. Although many companies acknowledge the importance of attracting and developing talent most fall well short of the benchmarks set by the leading professional service firms.
It is just not seen as a priority. The annual appraisal process is a chore to be endured and regular feedback and coaching by line managers is patchy at best. Team building is often seen as a tactical measure, not strategic. We do see striking exceptions to this. Companies such as Lion Nathan and ANZ have prioritized the development of talent as a key strategic initiative.
The CEOs and Boards of these companies allocate a significant amount of their time to the consideration of talent. They have proactive program in place to ensure that individuals with potential, at all levels in their businesses, are identified and given the opportunity to grow and develop. Importantly these companies develop deep and creative relationships with their search firm partners to ensure the best talent is recruited. Moreover, our firm is increasingly being called on to not only assist with recruitment but also to identify and develop talent already within these companies.
We work with line managers to assess talent and build the management bench mindful of the broader succession planning agenda. In many respects these talent management initiatives mirror those long adopted by the leading professional service firms.
For the leading professional service firms, recruiting and developing talent is only part of the equation. These firms also understand the critical importance of leveraging talent. For too long, professional services firms have relied on the "producer-manager" model, which works well in uncomplicated business environments. However, today's managing directors must balance often conflicting roles, more demanding clients, tougher competitors, and associates with higher expectations of partners at all levels.
High Performance People Skills for Leaders
When Professionals Have to Lead presents an overarching framework better suited to such complexity. It identifies the four critical activities for effective PSF leadership: setting strategic direction, securing commitment to this direction, facilitating execution, and setting a personal example. Through examples from consulting practices, accounting firms, investment banks, and other professional service organizations, industry veterans DeLong, Gabarro, and Lees show how this model works to: - Align your firm's culture and key organizational components.
A valuable new resource, this book redefines the role of leadership in professional services firms. Customer Reviews. Write a review. See any care plans, options and policies that may be associated with this product.
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Customer Service. In The Spotlight. Get to know your team members as unique individuals early on in your new leadership role. To be effective in your new role, you must establish credibility with not only your team members, but also with your boss, your peers and senior leaders. It will be important to do all you can to ensure the success of these important people. Look for opportunities to genuinely recognize the successes of not only your own team, but people beyond your team.
Make sure your team gets all the information they need to succeed in their roles. Information should be timely, complete, and accurate. Be crystal clear in your expectations for each team member, and the entire team collectively. Maintain a welcoming, open-door policy so that when team members have questions about expectations, they can immediately get clarification from you.
You can get where you want to be in a conversation by asking, rather than telling.
10 Common Leadership Styles (With Examples) | losilithoca.tk
Listen with an open mind. Asking questions and listening to the response tells team members that you respect their expertise and value their input. During the transition into your new leadership role, move forward with caution when it comes to waging battles. Reserve your energy for fighting the important issues that impact the well-being of the team, or individuals on the team.
Be yourself. Establish your own vision and work daily towards accomplishing your own goals.
Leading a New Team – How to Ensure a Successful Transition
Be a role model for integrity on a daily basis. Your credibility will not be established by what you say, but rather by what you do.
Sometimes, the team you inherit in your new leadership role is riddled with challenges, and sometimes, due to good fortune, you will supervise a high performing team. In either case, look for the low hanging fruit — problems that you can quickly resolve, systems or processes that you can make more efficient, or any other change that produces positive results. Establish your credibility as a problem solver early on in your role. Most people like to help, and they will want to see you succeed in your new leadership role. Throughout the day, look for opportunities to genuinely thank people and praise them for their contributions.
People are wise when it comes to deciphering your intent for using recognition.