The most significant challenges in professional service firms right now are recruiting and retention. How do you find great candidates and how do you keep great staff? It’s all about the people!
Most “solutions” circle the wagons and throw more money at exactly the same things you’ve done in the past and using exactly the same approach as everyone else. Usually with the same, unimpressive, or non-existent results. But, at least you’re doing something, right? Yikes.
You know what the majority of firms don’t do that would give you a definitive advantage?
A strategic plan. Yes, a strategic plan… defining your company’s direction and making solid decisions on how to pursue your own definition of success (more money, more resources, more time, more happiness).
Now you’re wondering… how does a strategic plan positively impact recruiting and retention? Simple.
Data shows that potential employees are more likely to join a company with defined vision, values, and goals. And the same goes for staff you already have. When people know what drives their company’s success and growth, they feel a connection, they feel invested, they feel their work matters, and they want to stay where they belong to something bigger than just a job.
Whatever amount of money you are spending on reactive staffing efforts would be better directed to creating a proactive strategic plan. This, coupled with your vision, values, and goals will result in an inspired message that resonates with the people – internally and externally - you want in your organization.
How much does it cost you to replace an employee at your company? Now multiply that by your annual turnover rate. Before you waste another dollar, invest in a strategic plan. It’s proven to positively impact your recruiting and retention efforts.
Be obsessed with STRATEGY and go BIG on small details.