Friday, September 21st, 2012

Time To Refresh Your CPA Firm Talent Management Activities

Did you get your issue of the AICPA Career Insider this week? It comes via email. Be sure to share it with your firm administrator and HR professional.

Neil Amato, a senior editor with CGMA Magazine, has a very informative article titled, Poor Talent Management Hinders Companies’ Growth and Innovation. 

During the last few years, human capital development has been pushed aside in many businesses and firms. Now, talent management is once again emerging as a more prominent issue for may businesses worldwide.

I am beginning to see it in many CPA firms and it sometimes becomes a vicious circle. It goes like this: We want to grow. To grow we need to bring in new business. We don’t have enough top quality staff to do the work. So, we are not comfortable bringing in new business. Thus, we can’t grow.

As I work with partner groups, this kind of scenario seems to freeze them and they end up facing the same challenges year after year. They say they want to pass the firm along to people already working at the firm yet they don’t believe those people are capable of replacing them. They simply have not focused on succession or true career development of their employees.

From the article:

“It takes more than a succession plan,” said Dow Scott, a professor of human resources at Loyola University Chicago’s Quinlan School of Business. “You have to provide development opportunities, not just training programs, but meaningful assignments. You have to create an internal culture that values development, and you have to have people willing to take on assignments, further their capabilities, so you get the best person from within.”

Arleen Thomas, CPA, CGMA, senior vice president for management accounting at the AICPA makes a great point in the article, “Ideas are the currency of the knowledge economy, so human capital must be managed as rigorously as financial capital. It is clear from our research that many companies are falling short of their potential because they lack thorough, relevant information about their people to support effective strategy, hiring and training decisions.”

Read more from CPA Insider here.  There is another good article this month titled, Proceed With Caution, Tips For Critiquing Your Boss.

 

  • "Hide not your talents, they for use were made. What's a sundial in the shade?"
  • Benjamin Franklin

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