Could reducing billable hours be a game-changer?
Professional services firms usually bill the hours they work, but this can sometimes be a problem. It’s especially true with younger business people. They need to work a lot to please their bosses and their clients, but they also have to spend some time building their networks and working on business development.
There are only so many hours in the day, and they should be allowed to spend them on what matters for their development, not just for helping the firm. This is an investment in the future, even if no results are evident here and now.
The surprising research results
Millennial professionals are usually shocked at the number of hours they need to spend on things they weren’t aware they would be spending so much time on, according to the latest research.
- The billable hours they are required to meet in their firms are numerous, and the number of hours they get to meet these requirements is usually very low. Thus, most young professionals struggle with time management.
- The learning curve is extensive. Most young professionals are astonished by the fact of how ill-equipped they are once they gain their degrees and finally start working.
- They are negatively surprised by the amount of monotonous work they get to do at the start of their career. There is rarely any variety in what’s set on their plates, and it rarely has anything to do with their improvement.
- It’s not all negative, of course. Many young professionals are surprised at how much their clients trust and value the work they do for them. This mostly has to do with the large amount of autonomy young professionals get at the start of their career, which is another surprise to them as well.
- Many young professionals are also surprised at how emotional their work can be. Working at a professional service firm is not only about providing professional service advice, but also acting as a counsellor from time to time. This is not something many young professionals expect to do, and they are not equipped for it in the beginning.
The bottom line
Take a good look at the surprises young professionals are faced with and strive to change them to enable your new team members to focus more on business development and building up their networks.
They need to do it early on in their careers, as that will enable them to specialize and gain new business now and in the future. All of that will be extremely beneficial for both them and your firm.
If you’re willing to learn more, contact the Thought Leadership Initiative, and we will help you reduce those billable hours to the benefit of your firm.