Why doesn't ICAEW have one of these?

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There’s no avoiding the fact that life is tough right now for clients, firms and the wider commerical world. So why doesn’t the ICAEW have a prominent section providing comprehensive advice for practitioners similar to this I’ve found on the AICPA site? Apart from taking the topic by the scruff of the neck and not burying collective heads in the sand, they’re providing solid, well linked advice on many aspects of managing in the downtrun. Examples:

Protect your current assets and concentrate on performance management – Continue to regularly evaluate and give frequent feedback to top performers. Some geographies and markets are flourishing. Be aware that your best people might have other options. The firm wants these people to stay through the thick and the thin and they want to know that you have their best interests at heart. Remember that dropping turnover rates is NOT an excuse to relax retention efforts.

Encourage team members to take unpaid time off or self-funded sabbaticals – Check out Mark Koziel’s March 12, 2009 blog post for a great example. You might be surprised at how many people would be interested in this opportunity.

Cut owner/partner salaries and/or draws – Although quite controversial, this option might buy the firm the most breathing room in terms of cost savings and employee loyalty.

This last one would send shivers down most partners backs but I’m all for leading from the top – and demonstrating that in a transparent manner. What I like above all is that I am increasingly drawn to watching what’s happening in the US. Not because their dose of flu will be replicated in the UK but because I want to find signs of pro-active, forward thinking. Right now, the US is popping with ‘stuff’ I like, especially from the State CPA sites but now also from the mothership. We should draw inspiration where that happens.

In my view there should definitely be an ICAEW community dedicated to this topic. Where are you peeps?

Endnote: Rick Telberg provides colour on the US situation, urging firms to exercise restraint in the RIF department. I agree.

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