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Becoming Succession Ready: Staff Development

Updated: Mar 7, 2023

When preparing for your practice succession, an area that will be particularly important is your staff. For most succession transactions, your successor will be interested in the quality of your team. It will be helpful to demonstrate your investment in your people and how you have supported their professional development growth to help your successor understand your staff.

A valuable initiative to put in place for all staff is to have each team member complete a Professional Development Plan (PDP). A PDP will outline a team member's professional goals and objectives, specific actions plan, assessment, and evaluation. Assisting your staff to achieve their professional objectives will go a long way to helping you develop a quality team and retain your best people.

Becoming Succession Ready - Professional Development Plan Template Template
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The recommended annual investment in team development and training for accounting firms varies depending on various factors such as size, industry, and budget. As a general guideline, it is recommended that firms invest 2-5% of their total payroll costs in employee training and development programs each year. This can include various activities, such as on-the-job training, online courses, conferences, and professional development workshops. The amount invested in training and development will vary based on each firm and the employees' specific needs. It is important to regularly invest in training and development programs to ensure that employees have the skills and knowledge needed to succeed in their roles and contribute to your firm's success.

Investing in staff training and development can bring numerous benefits to your firm, including:

  • Improved job performance: Well-trained employees are better equipped to perform their duties effectively and efficiently, leading to improved productivity and increased revenue for the firm.

  • Enhanced technical skills: Regular training and development opportunities can help employees stay up to date with the latest technologies and techniques, improving the quality of their work.

  • Increased job satisfaction: Employees supported in their professional development are more likely to be satisfied with their jobs, reducing turnover and increasing loyalty to the firm.

  • Better client relationships: Improved technical skills and job performance can lead to better client relationships and increased client satisfaction.

  • Enhanced firm reputation: A reputation for providing quality professional development can help attract higher-quality talent and improve your firm's standing in the industry.

  • Improved team collaboration: Team-building and interpersonal skills training can improve employee communication and collaboration, leading to a more positive work environment and increased efficiency.

  • Practice succession: Investing in the ongoing Professional Development and growth of your people will pay dividends during the operation of your business. It will also be highly beneficial as you move through your practice succession. High-quality professional development in your practice will only enhance your succession outcomes.

Investing in your team's professional training and development journey will bring a wide range of benefits to your practice, positively impacting your firm's bottom line and overall succession success.



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