To retain good BV people, give them a purpose, advises Borrowman

BVWireIssue #256-4
January 31, 2024

practice management and growth
business valuation profession, practice management

BVWire has heard from young BV professionals that they are sometimes in the dark about the work they are doing. It’s not that they don’t know their job; it’s that they don’t know how it fits into the bigger picture. They urge managers and supervisors to give them this context about the work they are doing.

Give a purpose: This underscores the good advice given by recruiter John Borrowman (Borrowman Baker LLC), who has been sourcing talent in the business valuation and litigation support areas for over 20 years. “Your team members naturally seek purpose in what they do,” Borrowman writes in in his latest newsletter. “They want to understand how their work contributes to your deliverable. They want to know where and how they fit in. They don’t have the bird’s-eye view that you have. It would help if you shared it with them. Purpose-driven employees are more likely to stay and do their best.”

In addition to giving them purpose, two other elements will help with retention: autonomy (trust their abilities) and mastery (encourage new challenges), which Borrowman explains further in his newsletter. 

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