All small to medium-sized law firms are experiencing staff shortages in the USA. As a result, talent management has never been more important.
A well-thought-out attraction and retention strategy is necessary to approach talent management effectively. We mention both attraction and retention strategies because each benefits the other. For example, the more employees stay in your organization, the higher the chances are that it'll become the #1 choice for other professionals.
To optimize both attraction and retention in your law firm, we recommend implementing the following strategies:
1. Have a welcoming company culture
Having a good company culture that supports employees' needs is incredibly essential. Doing this will reduce employee turnover rates and appear more welcoming to others outside the organization.
Create a company culture that supports trust, enjoyment, transparency, and collaboration. If you reach these values organically in a workplace environment, you could achieve the following:
An increase in talent applications, as nearly 70% of Americans value benefits and company culture over salary.
Higher retention rates because employees who rate their culture poorly are 24% more likely to leave their employment
Better candidates for the job, since the top 20% of candidates search for excellent company culture
As you can see, company culture plays a considerable role in attraction and retention strategies. By keeping current employees happy, you automatically create a better work environment that gets the attention of top talent.
2. Be flexible and ditch traditional
Work-life balance is essential for employees and law firm owners. Nowadays, the "traditional" 9 to 5 working days, strict lunch breaks, and mandated two-week paid vacations aren't something employees want.
Instead of being traditional, become flexible. Offer a less structured work life, allowing employees to work on their terms. Instead of the traditional examples above, offer working at home, different working hours (when possible), and flexible holiday terms. This is a fantastic approach, as 86% of workers feel less stressed with flexible work.
3. Offer ongoing support and mentorship
Ongoing support, mentorship, and general professional development are also vital factors in making your law firm the #1 choice for top talent. Showing you care by offering guidance is valued by your existing employees and will help their personal and professional growth.
The fact that 94% of employees would stay in their current role longer if they felt the company culture offered professional development supports why you should do it. Although it's a small gesture, it dramatically impacts attracting and retaining top talent.
4. Implement a DEI strategy
A diversity, equity, and inclusion (DEI) plan is a dynamic approach that aims to create a welcoming, fair, and caring environment for all demographic groups. This attitude is based on the idea that despite differences, everybody can achieve success both professionally and personally.
All law firms are different, so there isn't a one-size-fits-all strategy. However, these tips will help you create one:
Think specific and actionable
Make it measurable
Be transparent with communication
Don't only think of DEI as hiring; improve what you already have
Get feedback from employees
Remain culture-centric
Considering the above when developing a DEI strategy can help boost your law firm's DEI and attract more top talent.
Now, start implementing
After reading this blog, it's easy to understand how to make your women-owned law firm the #1 choice for top talent. Despite the hectic employment market we're experiencing, it is possible. Using the tips above will make your organization more exciting for job searchers and the talent you currently have.
At DesCPA Business Advisory, we help SME law firms improve their workflow by building stronger business strategies. Schedule an introductory call if you want more guidance on talent management and business practices.