A consulting firm is only as good as its people. And as the economy continues to improve, and job opportunities emerge inside and outside the profession, voluntary attrition is becoming a paramount concern. To help firms get a better handle on this challenge, Consulting's One-on-One sat down with Dick Finnegan, president of Finnegan Mackenzie, a leading advisor on staff retention issues to professional service firms. In the last edition, we focused on the common misconceptions firm leaders have regarding voluntary attrition. In this edition we focus on specific action steps firm leaders should take.
Consulting: What's one of the first things firm leaders should do to help improve staff retention?
Finnegan: There are a series of things they should do. Starting from the most broad, I think surveys can serve as a great benchmark. It can provide a valuable snapshot of how employee attitudes are changing from year to year or quarter to quarter. But firms shouldn't stop there because surveys can't offer solutions. Because it's anonymous, benchmark surveys can only give us aggregated data. It can only point toward one-size fits all solutions—firmwide programs instead of adjustments to keep an individual motivated.
To continue reading, become an ALM digital reader
Benefits include:
- Authoritative and broad coverage of the business of consulting
- Industry-leading awards programs like Best Firms to Work For, Global Leades and Rising Stars
- An informative newsletter that goes into the trends shaping the industry
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
