This is the goal of almost every firm in the country. So understand you have much more competition for younger talent than you have for new clients. Nearly every firm, regardless of size, struggles with this question. And, often when a firm is fortunate enough to land that star talent, they eventually lose them. This scenario does not have to happen in your firm.

If you want to pursue that star talent, you will need a strong, progressive culture to generate interest in your firm. The following points are very important to the acquisition and retention of younger, competent talent:

Many firms face the dilemma of how to reward staff who have been productive, loyal and dedicated, yet may not be the rainmaker. If you do not have competent and motivated technicians, client attrition will always be a concern. We are not necessarily suggesting you reward your solid technicians with the same opportunity as a rainmaker. That needs to be determined on an individual basis. A successful and highly profitable firm needs to acquire and retain talent at all levels. Financial reward is often a component of a reward plan but so should be other offers such as participation in the firm at an “income partner” or “non-equity partner” level.

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