Читать книгу G2: Building the Next Generation - Palaveev Philip - Страница 14

The most critical factor for the success of an advisory firm is its ability to attract and retain talented people. As business management expert David Maister writes in one of his books: “Given both the scarcity and the power of good coaching, it is entirely possible that a firm's competitive success can be built on a superior ability to get the best out of its people.”7 In other words, a firm's ability to train and develop professionals may very well be one of its most sustainable competitive advantages. Technology, efficiency, and investment process play a role, but at the end of the day, firms that can find the best people are the ones that will be the fastest growing and most profitable.

A career track is a vital tool in the development of people and is key to long‐term success. This applies not only to G2, but also to all present and future generations of employees. Without a career track, professional development becomes an arbitrary combination of experience, informal mentoring, personal relationships, and exposure to opportunities. This unstructured approach will likely waste the talents of many professionals who would have become valuable contributors to the firm in the presence of more structured and training. Many talented people may never develop because they are never taught a vital skill. Deserving professionals may never be promoted if they are not noticed by the right people. Some may quit because without a view of the finish line they become exhausted or demotivated. It may be very difficult to ask professionals for patience as they gain the necessary experience to advance. Establishing a path for advancement and support can help professionals fulfill their potential. A career track gives people reasonable expectations for their success in a firm and lets them know how they will benefit financially, intellectually, and socially at every step.

Career tracks are present in every profession, and they date all the way back to medieval guilds. Young aspiring craftsmen went through regimented training to first become apprentices and then journeymen. Journeymen could demonstrate their skills to earn admission into the guild and become master craftsmen. The system provided a way for the guild to regulate competition, but it also ensured that those who presented themselves as craftsmen actually had the skill to perform. This is how Michelangelo trained and this is how accountants, lawyers, engineers, and consultants continue to be trained.

A career track helps a firm recruit talent, particularly talent that is in the very early stages of development. The presence of a structured process with clear milestones encourages those who are beginning their professional journey and serves the same purpose as mile markers in a marathon. If you think about running 26.2 miles at the start of the race, the distance can be overwhelming. But if you focus on running the next mile, the task becomes practical and achievable. Similarly, when starting in a firm as an entry‐level professional, the goal of reaching the top of the profession, the finish line, may seem daunting or too distant. A career track encourages young professionals to think of the practical next step rather than the faraway destination.

A career track also benefits the firm. It achieves three very important objectives:

1. Creates reasonable expectations: Employees always want to know what will happen next and they will likely ask questions such as: Why should I invest my efforts and talents in your firm? Will I be successful if I do? How do I know I can trust you to lead me to success? Even when such questions are not explicitly asked, they always linger beneath the surface. A career track is not a guarantee for success, but it does help employees feel less anxious about the future.

2. Promotes the idea of progress: Progress helps motivate. Without visible progress it may be difficult to continue putting in effort. A career track enables employees to develop goals that can be structured around the needs of the firm and its values. The achievement of goals can be rewarded with advancement, which can bring desired financial rewards and prestige.

3. Brings a sense of fairness to the firm: In an environment where highly ambitious people are brought together in the pursuit of professional success, many times it will be necessary to explain why one person is advancing while another is not. Without a career track, changes in compensation and other perks become very difficult to explain. In the absence of a system, the firm can be suspected of being run by the “likes me, likes me not” rule.

A career track is vital for the success of a professional services firm. Let's examine what a career track looks like in the advisory industry.