The competition to attract top legal talent has led to some great discussion about what WA lawyers want, need, and won’t put up with in the course of their career. This local discussion reflects some awesome development worldwide in the field of talent acquisition and management.
In a recent article by Korn Ferry, they have identified ten emerging trends in the field of talent acquisition (and retention). Here, KBE Legal Hub turns its eye to the article and distills the three most relevant trends to the WA legal market. We’ve made no secret of the fact both hiring and retaining the right people is key to success – so read on to find out how your firm can benefit from the latest findings in talent management.
1. Personalised Pay: Go Ahead, We’re Listening
There are now four generations in the workforce – each with different expectations when it comes to pay packages. One size doesn’t fit all. For millennials, the most attractive package might be one with a mix of flex time, international assignments and student loan repayments. The upshot for a law firm is that to stand out (especially to more junior lawyers), a tailored rewards package should be considered. This means 1:1 engagement with your employees to come to grips with what they want.
2. Rethinking the Annual Performance Review
Job tenure is short. WA’s legal market features high turnover and lateral recruiting, putting pressure on law firms to get the most from their employees. This also means that an annual performance review is an ineffective way to develop employees professionally, provide feedback on performance, and keep them engaged, because an employee may well only receive performance feedback once before moving on.
The ideal is real-time feedback and ongoing performance discussions. Though this may be more time-consuming, the result is plain: employees will learn faster and stay engaged with your firm. A biannual performance review is a great middle ground.
3. How Are We Doing?
We’ve posted recently about the importance of a respectful interview process. Our takeaway? Treat the recruitment process like an advertisement, because an impressed applicant (even if unsuccessful) will pass on the positive experience directly to the pool of talent you are recruiting from (and an unimpressed applicant will pass on a negative experience).
It’s great to see this idea picked up by Korn Ferry, who note that leading recruiters are now seeking feedback at all points in the hiring process. The end result is that, armed with specific feedback about the recruitment experience, companies can amend recruiting practices to successfully hire the best people.
The upshot for your law firm is twofold. On the one hand, your recruitment process is a great opportunity to advertise your brand – and if you want to attract the best of the next generation, you’ll display flexibility, culture, and respect. On the other hand, it’s also an opportunity to collect feedback and see how your firm is viewed by prospective employees rather than clients.