Boredom and Restlessness Can Breed Discontent
With deal flow still largely muted, a mood of disquiet is brewing among associates--particularly junior associates. Low billables, sparse training, and a pervasive feeling of vulnerability can erode or impede a sense of loyalty to one's firm. While there is slim risk of immediate consequences in a slow lateral market, the risk will rise when high deal volume returns and hiring needs jump: the exact time when firms will need all of their associates to work on the deals. Firms can help to mitigate disaffection and potential mass departures with their messaging and intentional engagement efforts.
Communicate
Communicating with associates can help ease feelings of fear, doubt, and neglect. Such feelings can cause discontent; and unchecked discontent tends to snowball. Emails and impersonal town hall meetings only go so far. Associates would benefit from more than just reassurances that they will not be laid off. Let them know within slow practice groups that they are integral to the firm and its success, explain the outlook for deal activity and the factors that contribute to it, and drive home why it would be worthwhile for associates to stick with the firm when things get busy again.
Intentional Engagement
Engaging with each associate and addressing their concerns with empathy is terrific. Even better? Being prepared with actionable ideas on how they can use their available time productively and in a way that will be rewarded and recognized by the practice group and the firm. Don't assume that associates can simply figure things out on their own and be fine.
Supplemental Training
Providing supplemental topical training is important when hands-on learning opportunities are sparse. Uneven work distribution is common when deals are sporadic, with more senior associates more likely to get and hold onto the bulk of the responsibilities. This can be a real sore point for junior and even mid-level associates. Finding creative and enriching ways to build skills and foster a sense of firm investment and inclusion will go a long way towards addressing frustrations during a slow period.
Deal activity will return once there's greater comfort with interest rates and inflation. In the meantime, it's important that associates are made to feel secure, informed, and invested in so that they don't harbor negative sentiments that could drive them into the lateral market once hiring picks up. But what's the most important reason to look after associates? Having happier, more dedicated, and engaged associates is a win for the associates, the firm, and its clients.
Have questions? Email me at victoria.shin@halcyonsearchgroup.com.