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.

Measuring CPA Leadership Effectiveness

Full Service Real Estate Investment and Mortgage Finance.