Survey for Professional practices

Our professional practices survey is now complete.

Extract from report:

The aim of the survey was to determine how, if at all, professional practices maximise the return on their investment in their staff. The survey looked at three distinct areas:

  • Managing Client relationships
  • People
  • Leadership and Culture

The results can be summarised in each area as:

Managing client relationships

  • Practices agreed that they would benefit from review and production of a critical information strategy for their practice and a focus on developing and maintaining client relationships.
  • Professional firms need consistent, regular and relevant communications with current, as well as potential clients and to gather feedback from clients.
  • Partners would be well advised to create a client relationship strategy for their practice which will gain buy-in from partners, increase work and measure results across the business.

 People

  • Professional firms wishing to grow will have significant issues recruiting the “right” staff at trainee and experienced levels, to meet their objectives and it is essential that firms develop a strategic approach that is right for growth.
  • The time and energy required for effective recruitment is difficult to manage and often under-estimated.
  • Despite many comments that there are few issues with staff retention, the survey suggested only 15% of firms were happy with where they were. However similar the issues are, “one size” will not fit all and professional firms should consider a tailor-made approach to solving their retention and recruitment challenges.

 Leadership and culture

  • Professional services firm leaders need to create senior management structures which work for their firm now, reduce individual stress levels and are sustainable as working practices continue to change.
  • Professional firms need to create their own strategies for identifying potential partners from within and without their firms, increasing the scope of their searches.
  • Alongside delivering excellent services, spanning many disciplines and markets, professional firms of all sizes and types need to recognise the vast range of skills needed to maintain and grow their businesses and develop these skills in a strategic, planned manner, across the firm.

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