We started the series with setting professional goals followed by getting the knowledge edge, skilling oneself and gaining the experience. This entire exercise may take from 1 to 3 years depending on the decision to specialise or go for a basket of services.
One of the main reasons I personally have been able to have a policy of not working late is the focus on staff in different ways. In the starting we would appoint anyone who came around when we needed them. We spent a lot of time to get them to do what we wanted them to do in the way we wanted. However, with time and work pressure this was not found viable.
The average employee who joins a professional firm today is having a lot of information ( thru google); knows his/ her rights; wants accountability; tech savvy and avoids uninteresting repetitive work, may need flexibility and supports higher ethical behaviour. They expect bosses/ partners to be honest, competent, inspiring and credible.
Today we need to keep ourselves open to adding partners (culturally fit, geographical expansion), collaborators ( different locations or competencies), associates ( support in other areas), professional study cum work networks, qualified employees ( backbone of firm ), non qualified ( needed to ensure stickability as well as increase retention), trainees/ interns ( highly motivated and interested in learning more) and administrative staff.
Our firm grew from 2005 onwards as under:
- Total Staff: 2005- 15; 2010 – 50; 2015- 90; 20 20- 250; 2023 ( plan) – 400
- Locations: 2005- 1: 2010- 2; 2015- 4; 2020 – 12; 2023 – 20
- Partners: 2005 – 2; 2010 – 5; 2015 – 8; 2020 – 14; 2023 – 20
The average growth of revenue was 25% per year other than this year where we may end up if lucky with the last years billing. We have broadly looked at each partner adding at least Rs. 75 Lakhs to the service fees. This is to justify the 2-3 qualified + team of 10 others being adequately remunerated.
Some thoughts on how we can build and grow an effective professional team with practical suggestions are discussed under a few heads as under:
Attracting Talent: Every competent, committed staff can contribute significantly. Leave and learning environment for the interns and Salary, learning and experience for the others in operations are the reasons they prefer you. We have no work on Sundays ( balanced growth) and Saturdays mandatory training/ learning. No late working other than in a few months.
Induction: Let them have pride in the profession ( earlier shared) can see on site in professional value pack. Also share the philosophy / work culture/ pay/ leave etc. Policies/ procedures.
Clear Job Description/ Expectations: Clear and simple to dos go along way in avoiding time for being effective. Encouraged to work in teams.
Training/ Coaching / Mentoring: The knowledge and skill levels including communication ( oral & interpersonal), structure to make it work with buddy system or coaching by seniors, mentoring if possible. [ google for any one of them- how to put in place) Very important to have a connect with every person who works in office in a hierarchical manner. Senior article mentors the junior, team leader has one to one with his team, partner has one to one with team leaders. Senior partner mentors the junior partners. Training in the standards applicable, the standard operating procedures if nay in office, checklist usage as well as use of IT in work. Training in effective delegation is a must once one grows. Some addition thoughts in end of this article.
Monitoring: Step wise monitoring as in coaching mentioned above can be implemented to guide and have control on the work. Performance evaluation and variable pay based on good work can be an option. In case of work from home, the time logged in tandem with the time taken ( turn around time) and quality can be a challenges.
Rewarding: The annual bonus based on office, division and personal performance is a good way to motivate. Increments in professional firms are a cause of concern as those who are not as effective or who deliver less/ lower quality also want the same remuneration. Secrecy in that as well as rewards based on incremental work handled could be an option for retaining the efficient and those with higher ownership. Designation upgrade can also be a good plan is more than 20 staff in operations.
There are 1000s of hours of online reading/ viewing available in this space. Universities like Stanford allow access to all. Some aspects touched on in this article. There is a famous saying that you take care of your staff between 9-6 and they take care of your profession for you. My understanding is that wherever the employees have been respected and given responsibility they have risen to the occasion to deliver beyond your expectations.
Note- 1- Coaching - Mentorship
Few important areas in/on which that student can expect guidance/ suggestions from qualified Mentor:
- Understanding and ownership of Vision of firm
- Doubts in Office Policy
- Study plan, tuition, revision plan for exams
- Reference books for preparation for exams
- Self-study mentorship (if applicable)
- Do's and don'ts during articleship.
- How to read the law (linking between sections and rules). Interpretation of the same.
- Time management (between office hours and study time)
- Choice of specialisation
- Duties and responsibilities of being a professional
- Presentation – oral/ written improvement
- Inputs in relation to any other important aspects as applicable to the mentee.
Qualified/ Designates/ Partners
Everyone can use guidance to increase effectiveness or to get competitive edge. For qualified, designates & partners it is thinking strategically which is the key.
Resistance can come due to being involved in delivering services to clients or perception that it would threaten their credibility/ expose their shortcomings.
Main 2 challenges
- Mentees commitment to individual/ frim goals
- Mentors commitment
Steps:
- Valuing of formal mentoring program in firm [ all partners buy in]
- Buy in from mentees
- Getting structure right: support participation; accountability; transparency; resolve misunderstanding; & period 6-12m.
- Agree on outcomes in one to one- prioritise
- Establish communication channel in structured way
- Establish check points for evaluation of how it is going.