Why is Performance Management so important now for accountants, solicitors and other professional practices?
As the recession comes to an end Professional Practices will be faced with delivering a high level service to clients who have had to cut back in order to survive, as well as operating in a climate of an even tougher regulatory regime. Clients will not be prepared to pay fees for over-priced, poor performing professional services. This means that service providers will need to be seen as running an efficient business with high performing staff in order to justify fees for these services, and compete against other providers. The most important driver in this quest will be the clear communication of the firm’s strategy and values, and the management of the performance of its staff (Performance Management). Whilst many Professional Practices already run Performance Appraisal Systems these are likely to be paper-based and prone to the problems that paper-based systems deliver such as poor take up, unavailability of data and out of date records. It is highly achievable for Professional Prac
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