tackling under performance peter scott peter scott consulting
TRANSCRIPT
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Tackling under performance
Peter Scott
Peter Scott Consulting
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How many of you do NOT have an under performing partner?
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PETER SCOTT CONSULTING
Do you know how much under performance is costing you?
Direct financial loss?
Lost clients?
Lost opportunities?
Partner recruitment / retention?
Poor staff morale / high staff turnover?
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PETER SCOTT CONSULTING
What is under performance?
How have you decided that a partner is under performing?
What criteria and standards have you applied?
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PETER SCOTT CONSULTING
Need to distinguish from…
Contribution / reward mismatch
(which may be the result of under performance)
Reward mechanisms aim to fairly match reward to contribution
NOT the way to deal with under performance
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PETER SCOTT CONSULTING
Need to differentiate between…
Failure to perform to certain agreed standards – often a skills problem
Bad behaviour – an attitude problem
Each will require a different solution
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PETER SCOTT CONSULTING
How many of you have partners who…
Are under performing but could improve?
Have attitude / behavioural problems and are unlikely to improve?
If you identify the problem, the solution may identify itself
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PETER SCOTT CONSULTING
To build higher performance…
What standards do you apply?
Who decides?
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PETER SCOTT CONSULTING
Driving up performance standards
Managing change
Client / market driven
Firms have a choice…
- raise their game – to be competitive
or
- stay as they are – a downward spiral
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PETER SCOTT CONSULTING
What do your clients want?
Undertake an external client / referrer survey
Use a third party
This will set your performance standards
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PETER SCOTT CONSULTING
The choice is yours
Recognise the kind of firm you are now
Decide what kind of firm you want to be
Work out what it will take to get there
But – do your partners want that?
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PETER SCOTT CONSULTING
Know your partners
What do they want?
To be the best?
To earn the most?
To destroy the competition?
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PETER SCOTT CONSULTING
OR…
Are they content with what they earn?
Are they too comfortable?
Are they prepared to be managed?
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PETER SCOTT CONSULTING
Is under performance making you uncompetitive?
Clients may think so-
‘I don’t believe they have the resources’
‘Sometimes they lack polish and quality in depth’
‘Their quality is patchy’
‘City firms have greater depth of expertise’
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PETER SCOTT CONSULTING
Where to start?
Developing a strategy for driving up performance should not be a piecemeal exercise
Every aspect of a firm should be looked at
Needs to take priority because it is a barrier to your becoming competitive
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PETER SCOTT CONSULTING
Driving up performance is a continuous journey…
focus on BIG ISSUES make decisions
implement decisionsbank progressmove on
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PETER SCOTT CONSULTING
However something needs to be present first…
leadership
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PETER SCOTT CONSULTING
Leadership…
Thinking and visionary
Challenging
Inspirational
Ability to take partners with him/her
A determination to implement change
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PETER SCOTT CONSULTING
Leadership that…
Focuses on the BIG ISSUES
Is prepared to face up to a firm’s ‘SACRED COWS’
USE AN ISSUE TO DRIVE YOUR PERFORMANCE INITIATIVE
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PETER SCOTT CONSULTING
How to use an issue as a performance catalyst?
A partner’s financial management will indicate:
Willingness to be managed / to be accountable
Ability to manage client relationships
Business acumen
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PETER SCOTT CONSULTING
To do this leaders will need…
Partner buy-in
- a clear brief / authority to deliver
- support of most partners – 80/20 rule
- governance procedures
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PETER SCOTT CONSULTING
How to obtain partner buy-in?
Know your partners
Present them with well thought out plans
Use a third party to persuade if necessary
Make decisions
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PETER SCOTT CONSULTING
What do you do about the partner who is under performing?
To do nothing should not be an option
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PETER SCOTT CONSULTING
To cull or to coach?
Coach – if a partner has a positive attitude to improving and there is a realistic chance of it happening
Consider exit if a partner is unwilling or unable to improve
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PETER SCOTT CONSULTING
How to exit partners
Do it for the right reasons
Know your partnership agreement
Obtain a mandate
Pluck up courage
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PETER SCOTT CONSULTING
How to exit partners
Taking the decision will require you to be ‘hard-nosed’
Implementing the decision requires some humanity
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PETER SCOTT CONSULTING
When dealing with a partner exit
Make clear there is no alternative
Maintain the momentum
Choose a ‘best friend’ for the partner
Seek outside help if necessary
Consider outplacement
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PETER SCOTT CONSULTING
Under performing partners are a barrier to your becoming competitive
So:
Face up to your BIG ISSUES
Make decisions
Make it happen
Move on
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PETER SCOTT CONSULTING
What are you going to take away with
you from today and do something about
to make your firm more competitive?
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PETER SCOTT CONSULTING
Any questions?