This blog is the second in a series of six to help you manage your talent.
Evaluate your hiring process to determine if it leads to great hiring and allows for building your pipeline for promotions from the staff level up to partner levels. Analyze the effectiveness of your recruiting team members, recruiting efforts, cost per employee, time investment per new hire, retention percentages, and overall success of filling positions. Analyze trends in your firm’s turnover. Compare your company with industry leaders on the above items to determine if your firm is making the most of your efforts. Create a hiring plan that prioritizes diversity and fosters your firm’s values and vision.
Do not rely on software keyword searches and AI to choose your best candidates; instead, consider having a recruiter review resumes for a holistic view of a candidate. Virtual or face-to-face interviews are the best way to get a true sense of a candidate vs. a phone interview. Remember that while skill sets are essential, hiring a person who is a culture fit and has a great attitude is vital to your company’s success. As Peter Schutz said, “Hire character. Train skill.”
Be aware of conscious and unconscious biases when hiring. Diversity, equity, and inclusion initiatives are critical in professional firms. The benefits of a more diverse staff are higher innovation, increased profitability, a broader pool of talent, and a more desired culture.
According to a study by the University of North Dakota in 2019, only 27% of partners and principals at accounting firms are women, yet 49% of all new hires are women. Regarding race and ethnicity, accounting professionals in the U.S. are predominantly white - 79.7% of the workforce. Even though women have made up at least 40% of US law students for decades, a Glass Ceiling Report by Law360 reports that only about 23% of equity partners in US law firms are women.
Work allocation tools can help DEI initiatives by adding automation to job assignment decisions. Remember that a candidate for an open position may already work for your organization. Post job openings internally, too.
Read Part 3: Develop Your Talent.
Posted in Firm Intelligence,Micron Systems