SPI reports that “leading firms” have lower levels of voluntary attrition, more employees who would recommend the firm to friends and family, and higher levels of employee training investment. So, what makes leading firms better? On average, these firms guaranteed 11.5 annual training days for employees compared to 8.1 days for “average firms.” Some leading firms have even created rotational assignments that allow employees to gain exposure to other services and clients so they can continually develop their careers.
With so much depending on their people, professional services firms have a great incentive to keep and grow the talent they have. Most firms focus on recruiting and onboarding in the early stages of the employee lifecycle, but an effective learning program can keep employees engaged throughout their careers. This is critical when you consider that attrition in the industry has risen to 13.6 percent, the highest in 10 years, according to SPI.
The nature of consulting revolves around providing specialized skills and knowledge. Because of this, it’s critical to your firm’s bottom line to ensure that employees are up to speed on the latest technologies, business processes, and best practices, and a learning program is a powerful way to spread this fast-moving knowledge at scale.