Professional services employees have witnessed significant change since the start of the pandemic—which has no doubt impacted their engagement and performance. From significant layoffs and furloughs due to COVID-19, to digitizing in-person processes and procedures, turnover is straining professional services firms and their ability to provide the services their customers need.
Our latest research explores drivers of engagement, areas of growth, and advice for building a magnetic culture that attracts, engages, and retains your best professional services employees.
Voluntary turnover in professional services has increased slightly compared to previous years. We predict that voluntary turnover rates will reach nearly 40% by the end of 2021.
Source: Bureau of Labor Statistics
79% of professional services employees are considered highly engaged, which can be attributed to:
Yet, 22% of professional services employees are considered a retention risk due to perceptions of:
These items were the least favorable among professional services employees.
The best way to prevent unwanted turnover is to focus on making incremental improvements in pursuit of a better workplace. Attract, engage, and retain your professional services employees in a new world of work with these tips:
Performance management systems often have metrics that are misaligned with organizational strategic goals and feel unfair to employees. Ensure associates are creating flexible goals that link individual contributions to the firm's strategic objectives. Then, make a point to discuss, examine, and adjust goals, at least quarterly, to keep employees motivated and on track.
How and when partners communicate to their teams about important changes in the organization are critical to employee engagement and retention. Keep lines of communication open and ensure partners are continually sharing important updates and changes.
Professional services firms have seen increases in voluntary turnover this year. Much of this unwanted turnover could be prevented by monitoring and understanding retention risk. Collect and analyze 360 feedback from a variety of sources to get a full picture of retention risk and turnover trends in your organization—then act on those insights.
Getting a clear picture of turnover in your organization can be difficult. Prevent unwanted turnover and retain your lawyers, advisors, and associates with Engagement, Performance, and Intelligence tools from Quantum Workplace.
Understand the impact of turnover in professional services—including drivers of engagement, areas for growth, and 4 ways to retain top talent.
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