The Professional Services sector has grown at more than 10 percent during the last five years. The success of such firms depends on acquiring, developing, and retaining professional talent, and configuring their talent pool to most effectively meet rapidly changing market needs.
As the sector has grown, so has competition. The historic model of long-term client relationships has changed as firms have shifted from local to national and national to global platforms. Firm assignments, which before might have been obtained through personal relationships, are now often won through sophisticated marketing campaigns and dedicated sales resources. It has also been observed that client relationships have been shifting toward project-based assignments from retainer relationships. Also, larger firms are assembling teams of specialized subcontractors to deliver complex projects. The implication for smaller firms is to market to the larger firms as well as to clients directly.
The average size of professional service firms has been growing due to consolidation. Local firms are expanding to national and even global platforms to serve major clients, and “mega firms” with tens of thousands of professionals are emerging. Clients are increasingly looking for multi-service firms to deliver complex projects. As client expectations rise, firms that can deliver integrated solutions are leading many engagements. Professional services organizations are shifting from the partnership model to complex corporate structures. This not only has legal and financial implications, but also affects organizational culture.
What we do
Organizations based on human capital must have a human resource strategy at the core of their business strategy to navigate the changes the sector is facing. They must have a clear vision of the role they will play in the market — technical resource, client relationship leader, project leader of subcontractors, market leader — and plan their talent acquisition, development, and retention accordingly.
The ability to articulate the role the company will play in the evolving market and to identify the professionals who best align with that strategy is critical. At August Leadership, we help our clients identify and recruit professionals who not only have requisite technical skills, but who also match the firm’s strategy and cultural goals.
• Strategy Consulting
• Technology Services