Winning the talent game

Asking practices to share their people plan with us often results in blank stares, nervous laughter or a quick subject change. 

Is it because the term "people plan" sounds too corporate for smaller teams? Too warm and fuzzy, without enough action and results? Or maybe it just sounds like another document that’ll get written once and never looked at again.

But here’s the thing – when it comes to running an advice practice, your people are the biggest investment. We’re talking hundreds of thousands (if not millions) of dollars spent every year on your team. Do you have a plan for how you’ll invest that money to get the best return? Or are you just hoping for the best and throwing salaries at the problem?

Given the significant investment in your team, it's crucial to have a strategic approach to managing this resource. This is where a well-designed people plan comes into play. 

Right now, the biggest roadblock to practice growth isn’t finding new clients or streamlining processes – it’s finding and keeping the right talent. A solid people plan doesn’t just help with hiring; it gives you a clear direction for all people-related decisions in the year ahead, helping you maximise value, keep your people happy and retain your best talent. A win-win for everyone.

But what makes a people plan go from average to great? Can you simply dust off a previous year’s plan and run it back? Probably not. The game is changing.

This brings me to Friday movie nights in our house. After a long week, I use the opportunity to spark debate with my pre-teen and help him see the world through a different lens (while I remain comfortably horizontal).

Our 12-year-old is a mad sports fan. Basketball, soccer, AFL, NFL – you name it, he loves it. Like many kids his age, he dreams of being a professional athlete. Right now, he’s set on becoming an NFL running back. This would be great, except for a few minor details: he's average height, has a slight build and lives in regional Victoria, oceans away from any NFL league.

At the risk of crushing his dreams, I’m gently trying to steer him toward the business and leadership side of sports. The kid can hype up his teammates like nothing else, and he’s a born negotiator. So, we watched Jerry Maguire. He wanted to be Cuba Gooding Jr. Then we watched Moneyball, and while the lesson is yet to land for Mr. 12, it got me thinking.

What if we used the Moneyball approach to rethink how advice practices build and manage their teams?