The Talent War Has a Side Nobody Is Talking About

woman speaking and giving direction to subordinate

BONUS: A career ladder below partner.

By Hitendra Patil

Around the 150th conversation I had with firm owners about staffing – I counted for a while before I stopped – and a pattern became obvious. The firms struggling most with retention were almost always struggling with the same two things: no visible career path for anyone below the partner track, and no honest answer to the question of where the firm was going.

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The solutions below are written for firms with at least two professionals. If you are currently solo, the career path and compensation sections apply differently; your constraints are capacity and positioning, not ladder construction. The talent pipeline opportunity described here is real at any size, because professionals leaving private equity-backed firms are not looking exclusively for large practices. Some of them want to join a focused specialist, or eventually build one.