How to Capture the Hearts of Your Employees
Despite ever increasing associate salaries, law firms still grapple with the problem of associate retention. Maybe that's because just as you can't buy love, you can't buy loyalty either. For firms grappling with low associate morale, Arnie Herz has some suggestions in a blog post, Winning the Hearts of Lawyers. Herz cites a study by Deloitte titled: "It's 2008: Do You Know Where Your Talent Is?" The study looks at the "emerging talent crisis" and related "contest for human capital" in the new marketplace -- an increasingly competitive global market characterized by "creative and technological advancements" and imminent vacancies created by a wave of Baby Boomer retirements. But what Herz found particularly significant for the legal profession was the report's coverage of the disengaged employee:
"Against a backdrop of some eye-opening statistics, the report addresses steps managers can take to 'reduce the losses caused by an exhausted and demoralized work force.' Notably, the report identifies 'workplace relationships' -- specifically, the employee-boss relationship -- as "a crucial and often overlooked source of disengagement." To remedy this problem, it suggests that organizations make leadership development a priority when revamping their "talent strategies."
Herz cites other materials that law firms can use to keep employees engaged and retain talent. What remains to be seen is whether these reports will sufficiently engage law firms to remedy the problem.
What are your suggestions for addressing lawyer morale at big firms? Send me a comment and let me know.
Posted by Carolyn Elefant on May 24, 2006 at 03:21 PM | Permalink
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