Advancement is always possible! All employees should be growing their skillsets and extending the boundaries of their technical knowledge. However, not everyone has the ability or desire to manage others, or take traditional leadership positions within a firm. And, due to size, scope, location and other factors, not all tax and accounting firms can promise its staff a higher rank or position. Still, any of these factors should not stop employees from advancing. On the contrary, savvy firms that wish to retain and engage their staff should seek to find a technical\/specialty \u201cladder\u201d or path for their employees.<\/p>\n
This concept, known as the \u201cdual career ladder,\u201d is not necessarily new to human resources, but may be new to tax and accounting professionals. Either way, it is a powerful way to retain employees who may otherwise leave to seek an opportunity elsewhere.<\/p>\n
In the struggle to differentiate themselves, accounting firms created the ideal environment for establishing a technical\/specialty career path that can be just as rewarding and valuable as the traditional path that takes an employee \u201cup the ladder.\u201d Niche markets, technical service delivery and consulting offerings create the perfect opportunity for staff to become thought leaders and technical experts. In order to establish a dual path, firms need to identify the knowledge, skills and abilities required for the path, the range of skill\/knowledge needed to move from an entry level to an expert level, develop job descriptions and salary ranges for each position along the path, and communicate the path clearly to employees.<\/p>\n
Identifying the Skills and Charting the Path.<\/strong> When creating a path based on technical\/specialty metrics, firms must consider the skills needed for a professional to be considered a thought leader or expert in the desired area, as well as how professionals on this path will bring value to the firm and its clients. If you are building a path based on a niche market, it\u2019s not enough to be an expert in the technical accounting skills; professionals must also develop a deep, comprehensive knowledge of the industry or market segment. In order for this path to bring value, individuals on this type of track must also have the ability to market their knowledge to prospective clients and strategic partners, as well as effectively serve as a resource to others within the firm.<\/p>\n In order to create the path, a firm must define where the path leads and what steps it takes to get there:<\/p>\n