May 2019

TEAM PERFORMANCE REVIEW IN PROFESSIONAL SERVICE FIRMS

Vaibhav Manek
Chartered Accountant

People in professional service firms are their greatest asset. In that context, we need to ask:

 

(1) Are we doing everything we can to provide our teams the best of career and personal growth opportunities that they deserve? (2) Do we spend the necessary time on reviewing our teamís performance, giving feedback and offering it the mind space and focus that is necessary?

 

This article is a take on how professional service firms should review performance, encourage team members to perform better and reward them for the performance that they deliver for the firm.

 

The Context

Professionals at every stage of their career are normally inquisitive about their next phase of growth. Sometimes, even without spending sufficient time on thinking through the roadmap for their practice area development. It is important for partners to take the onus of providing leadership, mentorship, guidance and a roadmap to the professionals in their team so that they are not left scampering without a direction. It is the obligation of partners and firm leaders to provide a high-quality environment in which merit and performance are rewarded, apart from offering experience and seniority. It is binding on the partners to ensure that they work with the millennials in understanding how they think and work and, through that understanding, to develop a framework that enables individual development and provides a career roadmap to the persons involved.

 

GOAL - SETTING


The first step in the process of a performance review is to ask the question: What do we measure the performance against?

 

The objective of performance assessment is served only when team members have clarity of thought and vision. Hence, each individual in the firm should be provided with written, clear and specific goals for the upcoming year, clearly highlighting where and

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