There’s no way around it: Staffing is one of a law firm’s largest expenses. However, law firms shouldn’t look at their human resources as a cost. Instead, lawyers need to see support staff – such as marketers, publicists, business development managers and project managers – as assets who help the firm achieve its strategic business objectives. And, just like any other asset, the more wisely you invest, the more return you’ll receive – and the less you’ll lose.
But you don’t have to take our word for it. Here are some eye-opening statistics on the costs and benefits of investing in your talent:
- Estimates from sources such as Bloomberg BNA put the annual cost of employee turnover for U.S. employers at around $11 billion.
- The cost of replacing an entry-level employee is 30 to 50 percent of the annual salary, the cost of replacing a mid-level employee is 150 percent of the salary, and the cost of replacing a high-level or highly specialized employee is 400 percent of the salary, according to HR consultancy Ere Media.
- Companies that increase their number of talented managers and double the rate of engaged employees achieve, on average, 147 percent higher earnings per share than their competition, according to Gallup.
One of the most reliable ways to ensure employee retention and engagement is by providing professional development. When management invests in professional development, staff members not only learn new skill sets and improve their performance, but statistics show they have increased satisfaction with their jobs and are more likely to stay.
How can Jaffe help you invest in your talent?
At Jaffe, our expert consultants have decades of collective experience in guiding law firms to success. We can help you provide the necessary professional development to ensure your support staff is performing at the top of their game. Our services include training and strategy development in the areas of marketing, public relations, content marketing, SEO and social media, as well as business development coaching.
For law firms that might not require full-time talent or have limited budgets to invest in staff, Jaffe serves as a cost-effective solution for one-time projects – such as redesigning a website, developing a blog or releasing an important announcement – as well as ongoing marketing and PR activities. For more information about our services, contact Terry M. Isner at firstname.lastname@example.org.