HR Professional - April/May 2008 - (Page 34)

S T R AT E GY BY DOUG MOORE SHIFTING TO A FIRM-FIRST APPROACH ccording to Statistics Canada, the knowledge-based professional services industry—firms specializing in law, engineering, architecture, accounting and design, among others—represents $49 billion of the Canadian gross domestic product and directly employs 1.2 million Canadians. The importance of this industry isn’t just limited to its immediate employees and managers, professional service firms influence the key decisions that shape our economy by providing business, technical and management advice to every other industry in Canada. According to Professional Services Insights 2007, a Grant Thornton LLP report based on the results of a survey of mid-sized Canadian legal, engineering and architectural firms, Canada’s professional services firms need to adapt to the realities of changing workforce dynamics. A professionals, who aren’t necessarily interested in chasing after a partnership as long as they’re well paid and are stimulated by their work. The move to a firm-first or team-based model will involve establishing incentives among senior staff for mentoring and leadership development of mid- and entry-level associates, ensuring employees have sufficient depth, breadth and variety of work, providing exposure to clients, providing more personal attention from seniorlevel professionals and partners, and offering greater work/life flexibility. Recognition for strategic, non-billable activities is also recommended. Some firms have even developed a holistic approach with an income-sharing process that focuses on leverage and teamwork as opposed to a me-first model. Instead of one person trying to serve all the client’s needs, work is shared There is a cultural shift underway among younger professionals, who aren’t necessarily interested in chasing after a partnership as long as they’re well paid and are stimulated by their work. Adapting new business models The traditional business model focuses on growth by increasing hourly rate billings among individual practitioners, commonly referred to as a “me-ﬁrst” model with the ultimate goal of the associate becoming a partner in the ﬁrm. The problem with this model is that it results in competition for these highly skilled, high-performing professionals, which exposes the ﬁrm to greater risk when these individuals are poached by rivals. The shifting business environment—including the talent crunch and the reduction of clients through business consolidation—means an inevitable change to a broader, team-based model driven by strong leadership, challenging work and employee engagement and recognition. The survey results indicate that there is a cultural shift underway among younger 34 A p r i l / M a y 2 0 0 8 among the people best suited to the task. Half of those surveyed in the Professional Services Insights 2007 report felt that the traditional partnership model is outmoded and an impediment to attracting the next generation of professionals. What does this mean for the present generation? The iconic corner office for senior partners in the high-powered world of professional services will be vacated as a new generation of talent ushers in a firmfirst approach. Canada’s professional services firms must face up to this reality and make the changes that will be necessary for their organizations to not only survive, but thrive. Doug Moore is a Vancouver-based partner and national leader for professional services with Grant Thornton LLP. HR P R OF E S S I ON A L ‘‘ ’’

Table of Contents Feed for the Digital Edition of HR Professional - April/May 2008

HR Professional - April/May 2008 Contents Editor's Letter Contributors Leadership Matters By the Numbers On the Web Careers World Watch Accounting Health & Safety Foreign Professionals Management Office Life Legal Compensation Web 2.0 @ Work Talent Management Systems On Message Strategy HR 101 Interview With Colin Mackay Off the Shelf The Last Word

HR Professional - April/May 2008

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