Sandra Wiley, COO of the Boomer Consulting Group, believes investing and fostering human capital is the little-known key to firm growth. Few talk about human capital and most owners find it a nuisance. After today, you won't. In fact, you'll want more of it. In this episode of the Growing Your Firm Podcast, David Cristello and Sandra Wiley discuss:
- How to define "Human Capital", and the critical HC framework for your firm growth
- The #1 mistake when managing, and how to retain your best employees
- How to manage millennial's without getting burned out
- When to schedule team reviews, and much more
- Sandra.wiley (at) boomer.com
- Kolbe test
- Apply Lean Sigma to your workplace with Sandra's colleague, Dustin Hostetler
The Power of Human Capital:Sandra Wiley, COO of Boomer Consulting, specializes in human capital and human resources. Human resources isn't the same as human capital, it's just one part of it. Human Capital also deals with team building, team motivation, team growth, and more. The main problem in firms is they look at employees as expenses rather than as assets. After all, the #1 expense in a firm is the employees. What firm owners and partners forget is that without quality employees, there is no firm. They make your business run. That sounds obvious, but it's easy to forget. Now, in today's market, there's a massive problem.
- There are more people going from public to private accounting
- There is less talent available
- Recruiters are more ferocious than ever, and
- Accountants are bouncing around firms like ping pong balls
How to Retain Employees Especially Millennials:The first step is an interesting step. See, when owners think about a strategic plan for the firm... firm growth, I mean...owners actually need to let the team be in charge of that. We all think the partners should direct the firm and employees blindly follow. It should be the exact opposite. Because employees, especially millennials, want to know "where is this firm going? what can I do to grow the firm? where do I fit in?" Owners forget that employees are wondering these things every time they open a tax return. That's why performance management is one of the key secrets to retaining employees. People don't want to work in a firm where their performance isn't measured. Employees need three important things if they're going to dial into your vision:
DAVID'S TIP:Set up huddles, one-on-ones and reviews with your team. This keeps them locked in. I talked with a firm owner recently who says in the last 10 years they haven't made nearly as much progress as they hoped in firm growth. Turns out, they didn't have any weekly meetings...ever.Sandra recommends - at a minimum - seasonal meetings with each one of your employees. That's: before tax season, after tax season and in the fall. These meetings should be solid, sit down, face-to-face meetings. A secret to engaging with your employees is to know what they are working on all the time. If you don't know, make it a point to ask regularly so they feel you care about their work and they feel their work is important. Weekly meetings would be ideal. Now, many firm owners would say they don't have time for weekly meetings. These meetings could literally be stopping in their cubicle for a quick chat and check-up. The key --- be genuine and consistent.