Developing a Partner Track
Source: RedZone, Play of the Month Following are excerpts from this article, reprinted with permission.
Given the limited opportunities to recruit talent, once a firm identifies
potential partners, it is critical to develop and retain them. Consequently,
firms must create partner tracks.
Promoting senior managers to partner creates advancement opportunities for other
staff, improves morale, and aids retention. However, there are many partners at
retirement age who are earning substantial incomes. That is causing postponement
of retirement, which can discourage staff who see little hope for near-term
advancement. Because of this some firms have mandatory retirement at 65, some
even earlier.
Firms and staff members should agree on the performance standards necessary for
promotion to partner. A detailed competency model facilitates this. Without it
firms risk promoting candidates who lack the desired mix of partner-level
skills. The competency model should spell out the following:
- Technical knowledge.
- Practice development skills.
- Client relationship capabilities.
- Managerial and supervisory abilities.
- The ability to manage engagements profitably.
- The ability to recruit and retain staff.
All candidates for partner can benefit from a formal career development plan
that includes mentoring and training. Mentoring should be viewed as a formal
performance-management program, not just occasional friendly lunches.Training should:
- Include a formal effort to assess progress in developing expected competencies.
- Include regular reviews that tell candidates whether the firm is satisfied with
their progress and what further training is needed.
- Be customized while still addressing larger themes. Core competencies should
include:
- Problem solving.
- Work ethic.
- Integrity.
There is no universal partner-track model, but every firm can benefit from a
formal plan to identify prospective partners, create partnership opportunities,
and take steps to develop and retain them.For the complete article,
click
here.
From RedZone, Play of the Month, Accountants Advisory Group LLC,
www.accountantsadvisory.com, March 2008.
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