12 LISTENING TO OUR DIRECTORS AND PRINCIPALS | BDO LLP
WHAT DOES SUCCESS LOOK LIKE?
Our Transfer Pricing colleagues shared an initiative where they are looking at 1) Financial Objectives (e.g. number of chargeable hours) and 2) Quality Objectives (e.g. number of pre- allocated hours attached to BD, training, knowledge-sharing, people development) We also wondered how we can get comfortable that some of the important attributes can’t be easily measured. Measuring the micro, such as the number of meetings you set up for someone else, can take your focus away from the macro, for example building trust and collaboration. Don’t think that Directors or Principals are just about a financial game: we don’t want to do a good deed just to get recognition or a pay rise. “ Look after your good people and the good profits will follow. “
They recognised that Performance Development – and particularly Objective Setting and Performance Reviews – need to be anchored around what the firm, client, team and individual value the most This means that we need to make it very clear to people what we value the most in advance One of our Directors had left BDO for a period and then returned. During her time away, our AMP framework was introduced, which she saw as having had a marked difference on the quality of career conversations and production of good SMART objectives One group highlighted that our Values must help us here: can these behaviours have equal recognition to financial and quality contributions? The groups discussed at length how to balance qualitative and quantitative contributions – and how that might change in our new way to work.
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