Through a tight working relationship between marketing and HR, Brentwood, Tenn.-based LBMC (FY23 net revenue of $192.7 million), an IPA 100 firm, has taken a concerted approach to ensuring a lineup of the “talent brand,” or what staff say it’s like to work there (the firm’s reputation among employees), and the “corporate brand,” or what the firm promises to recruits and staff (the firm’s reputation in the marketplace).
Chief marketing officer Suzanne Reed shared her insights on the four-year-long project to understand how employees view the firm, how it fits with the mission of the organization and how that alignment can culminate in recruitment and retention success at a time of acute staffing shortage. Recruits, who can be selective, are keen to learn what makes a firm stand out. “If you’re going to say something you need to back it up with action,” Reed says.
Describe How Staff Move the Strategic Plan Forward
Think of the process like an audit, Reed advises. It’s a form of checks and balances and a smart business move.
Job No. 1 is to survey employees on how they feel about the firm, analyze the data and follow up. The board of directors also reviews data on competitors to learn more about their differentiators. Another early move is to explain how staff are personifying the culture, defined by the staff themselves, while working as a team to achieve firm goals.
“You’ve got to paint the picture,” Reed says, noting that the firm educates staff on the strategic plan by dividing goals into five pillars and describing how firm services contribute to achieving each one. “Then you’ve got to repeat it over and over and over again.”
CEO Jim Meade says, “Young professionals today want to feel like they not only belong, but that they are key to the success of the organization. They want relationships with decision-makers and to have big-picture insights as to how they fit in the enterprise.”
At the same time, Endres says firm recruiters must not only understand the vision, mission and values, as reflected in the strategic plan, but also the basics about what firm professionals are doing on a day-to-day basis, such as the types of tax work the firm offers or the components of the advisory practice. “Can they do a tax return, or be that strategic adviser? No, but they can pass the first sniff test.”
Marketing and HR at LBMC weren’t always so closely aligned. A more hand-in-hand working arrangement started in earnest when Endres joined the firm about four years ago. Discussions around business challenges brought up a solution to attack those challenges: collaboration to define the talent brand and showcase firm culture, values, work environment, growth opportunities and employee experiences. “I think we were a little ahead of many firms in doing it,” Reed says.
Results in Recruitment and Retention
One result of promoting the true values and culture of the organization is firm growth, such as LBMC’s recent acquisition of Louisville, Ky.-based Strothman & Co. About 60% of the firm practice is dedicated to advisory service, and LBMC is “aggressively opportunistic” about adding talent and skills and creating a deeper bench of in-demand advisory experts. Growth not only allows LBMC to solidify its corporate brand, but to expand the talent recruiting pool as well.
Additionally, the talent brand/corporate brand alignment shows up in an 85% retention rate and the addition of 188 team members last year (on the heels of 180 the year before), says Endres. Investments in professional development and giving back to the community resonate with employees and recruits. A recent survey also shows 93% of employees say LBMC is a great place to work, compared to 57% of employees at a typical U.S.-based company, according to Great Place to Work, which rates company culture.
“We are very proud of the investment that we continue to place in the professional and personal growth of our LBMC people,” Meade says. “They are the cornerstone of our business and the foundation of exceptional client experience.”
Content provided by Chris Camara. Originally printed Nov. 2023 by Inside Public Accounting (Volume 37, Issue 11)
