Increasingly, firms are finding that their growth and success are really constrained by their ability to recruit and retain talent. “As firms continue to compete for top talent, it has become even more important to create work environments that truly espouse best workplace practices,” says Sarita Peng, a principal with ZweigWhite. “Firms that are successful in creating an environment that truly values their employees have demonstrated higher success in recruiting and retaining top talent.”
For TFM‘s coverage of this issue, see “The Changing Footprint of the American Workplace” by Kelly Sterk and Heidi Schwartz.
Peng shares a few best workplace tips for principals who want to attract and retain top talent:
* Map out opportunities for growth. Articulate a clear long-term career path to employees so they know what it will take to be successful in the organization and the steps they’ll need to take to become the next leaders.
* Emphasize professional development. Training gives employees the tools to provide clients with the highest quality of work and the best service. Investing in training also demonstrates to employees the value firm leaders place on their long-term development within the firm. See The TFM Show for more educational opportunities.
* Implement a work-life balance. Increasingly, employees are looking to be able to spend more time with family or have time to pursue personal interests. Firms that are able to offer flexible work options will find it easier to attract and retain talent.
* Share the wealth. In addition to having competitive compensation and benefits, the best firms also share the wealth in other ways. More firms are expanding the number of owners in a firm or increasing the percentage of bonus potential distributed so that firm difference-makers can have a larger share of the pie.
