Full Sail Partners Blog | Human Capital Management

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06-27-24 Benefits of Knowledge Sharing - Banner

A crucial goal for organizations in 2024, according to an online article by Reworked, is to start spreading the wealth of knowledge that your employees have. Firm growth stagnates and employee retention suffers when information is hoarded and not shared. In today’s constantly evolving economic landscape, leadership at professional services firms should embrace the idea of knowledge sharing, setting clear expectations, and creating a culture of trust. Let’s check out 5 key benefits of knowledge sharing for your professional services firm.

#1 Promotes Innovation

By enabling employees at your professional services firm to access the collective knowledge of their team and other teams, knowledge sharing promotes innovation. When employees can hear the ideas of others and see new perspectives, new solutions can be imagined and new approaches to problems can be taken. Shared knowledge from others removes silos and draws employees together to collaborate creating even more energy.

Then, with this collective knowledge, everyone at your firm can see the bigger picture. This wider view helps challenge existing norms or offers thinking outside of the box and exploring unconventional options. Access to diverse insights encourages the generation of new ideas and promotes a more creative environment which leads to innovation at your professional services firm.

#2 Enhances Employee Engagement

When professional services firms create a culture of collaboration and shared learning, employee engagement is enhanced. Sharing knowledge ensures that everyone at your firm feels like a part of the organization. Specifically, hearing how certain decisions are made empowers employees, and keeping them in the loop lets them know that their voices are heard.

When employees feel valued and involved, they are much more engaged in their tasks. Furthermore, those employees sharing their expertise additionally feel valued for their contributions to your firm. They then are more likely to actively participate in sharing more knowledge. This sense of belonging enhances employee satisfaction and leads to a higher retention rate and a more positive workplace.

For example, at Full Sail Partners, we host quarterly all-company meetings. One section of these meetings is “Top Cool Things to Know” where employees submit the cool things that they discovered the previous quarter. This can include new items they’ve built for clients or a new process to help within their work day. We spend a few minutes during the company meeting sharing these “cool things.”

Having an intentional opportunity to share experiences and proactively planning collaboration time is also critically important with remote working professionals, like our crew.

#3 Supports Learning and Development

Knowledge sharing supports learning and development because employees are allowed to acquire new knowledge and skills from their other teammates at your firm. Enhancing their skills and competencies allows employees to grow and develop. This creates room for more creativity and further development enriching the culture of your professional services firm.

Employees being given access to best practices, lessons learned and expertise at your firm facilitates professional growth and learning. When employees feel encouraged in their quest for knowledge, they are motivated to keep learning. The more learning that occurs the more these employees are even better equipped to contribute to your firm’s overall success.

One way to support learning and development in an on-demand, remote work environment is by recording bite-sized training videos. As you onboard a new employee take a moment to record the different processes they are learning. Keep the videos short and focused on specific processes like how to enter their timesheet, or how to add a new contact to the database. Then store these bite-sized training videos on your intranet or a shared drive. This will allow all employees access to the information when they need it.

#4 Enhances Company Culture

The culture at your professional services firm will be enhanced with knowledge sharing as it promotes transparency and trust. Freely sharing knowledge breaks down barriers between departments, promoting collaboration and working across your teams. When employees can leverage the expertise of others, there is an increase in productivity which creates a harmonious working environment.

Moreover, for newly onboarded employees, knowledge sharing makes them work efficiently from the beginning as they feel valued at the outset. For the more seasoned employees, sharing knowledge helps them move on knowing that they are leaving a legacy. What knowledge they have acquired during their tenure will remain with your professional services firm.

#5 Builds Firm Wide Knowledge

Building firm-wide knowledge through your teams sharing their expertise only brings greater value to your professional services organization. All this vital information shared can be captured and preserved in a reservoir of learning. This is especially useful in the world of remote or hybrid workplaces.

Using technology or in-person methods of knowledge sharing will both yield powerful results. Your professional services firm can leverage digital platforms to store and share this knowledge. Additionally, face-to-face knowledge-sharing sessions can be organized and recorded. Whether your employees are in the office every day, several days a week or only working remotely, knowledge sharing can be accomplished to build this wealth of knowledge available firm-wide.

Positively Impact Employee Retention and Growth with Knowledge Sharing

There are many benefits for leadership at professional services firms to encourage knowledge sharing. It boosts the standard of the workforce. Knowledge sharing encourages employee collaboration, fosters a culture of learning, and creates a safe environment for innovation. Furthermore, when employees at your professional services firm can share their expertise, and other employees can build on their skills, it will help reduce the skills gap, widen the talent pool, and promote retention. Click the image below to go in-depth on upskilling and reskilling your employees.

Fostering Diversity, Equity, Inclusion, and Belonging (DEI&B) is not just a moral imperative but a strategic necessity for project-based firms. DEI&B creates environments that go beyond just diversity and inclusion, aiming to build equitable spaces where individuals feel welcomed, valued, and empowered. Surprisingly, not every company has a DEI&B initiative in place. Let’s review the core aspects of DEI&B, and what implementation strategies firms can use to promote these values.

Diversity

Diversity, the first pillar of DEI&B, acknowledges the variety of human characteristics and identities within a group or organization. It goes beyond just race and gender, encompassing various aspects that we don’t always think about such as age, ability and disability, socio-economic status, religion, nationality, and many more. In the context of project-based firms, where collaboration and innovation are key, recognizing and embracing diversity is especially important. Recognizing this is the foundation for fostering an environment where each team member's strengths and talents can thrive, ultimately contributing to the overall success of the projects and the organization.

Equity

Equity is about ensuring fairness, impartiality, and justice in the treatment of individuals, particularly in environments with historical disadvantages. Project-based firms need to actively address systemic biases, structural inequalities, and discriminatory practices. Achieving equity in a company involves creating policies and procedures that reward based on personal merit, ensuring everyone has an equal chance to succeed no matter what groups they may belong to.

Inclusion

Inclusion is the creation of environments where all individuals feel welcomed, respected, and valued. In project-based firms, inclusive practices involve actively embracing diversity and fostering a sense of belonging. This means creating spaces where people of diverse backgrounds, identities, and perspectives can thrive, express themselves authentically, and engage in meaningful collaboration without fear of discrimination.

Belonging

Belonging is the newest addition to DEI&B. It goes beyond diversity and inclusion, addressing individuals' emotional and psychological need to feel connected and respected within their professional environments. The feeling of belonging involves creating spaces where people can bring their whole selves to work, form genuine connections, and contribute to a collective identity and purpose.

Importance of DEI&B to Project-Based Firms

Beyond being morally imperative, DEI&B is crucial for project-based firms for several reasons: Fosters Positive Employee Engagement: DEI&B creates a positive and inclusive work culture, leading to higher employee engagement and satisfaction. Drives Innovation: Diverse teams bring a variety of perspectives and ideas, driving innovation and problem-solving in project-based settings. Broadens Talent Pool: Embracing diversity expands the talent pool, bringing in individuals with different skills, experiences, and viewpoints. Maintains Competitive Advantage: Companies with diverse teams often outperform their peers, maintaining a competitive advantage in the market.

Methods to Foster DEI&B in the Workplace

We’ve seen why DEI&B is important, but how do we go about putting these systems in place? Here are several ways that project-based firms can implement various initiatives to foster DEI&B:

Diverse Hiring Practices: Actively seek diverse candidates and create inclusive hiring processes. Remember to look deeper into the categories we don’t always recognize, like nationality, socio-economic status, and age.
Training and Education: Provide ongoing training on diversity, equity, and inclusion to enhance awareness and understanding.
Employee Resource Groups (ERGs): Establish ERGs to provide support, networking, and mentorship for underrepresented groups.
Flexible Work Policies: Implement flexible work policies to accommodate diverse needs and promote work-life balance. This can include options for hybrid and fully remote work.
Leadership Development: Invest in leadership development programs that prioritize diversity and inclusion.
Diversity Metrics & Accountability: Establish measurable goals and hold the organization accountable for progress.
Employee Engagement Activities/Events: Organize activities and events that encourage diversity and promote inclusion. These can be as simple as company mixers, sporting events, or other group activities.
Promotion of Diversity in Content and Marketing: Ensure that marketing materials and content reflect the diversity within the organization.

Making Diversity Programs Effective

Initiating diversity programs can be challenging, but it is essential for the success of DEI&B. Companies need to do three things in order to make an effective diversity program.

First, you must recognize the full spectrum of diversity. As we’ve talked about already, not all aspects of diversity are easy to see. Understand that diversity encompasses various categories beyond gender and race, including gender identity, age, ability, religion, political beliefs, and socioeconomic status.
Second, embed DEI&B in the company culture. Company culture is many things: the embodiment of a company’s values, its mission, and even its environment. DEI&B should be ingrained in the philosophy of the company.
Finally, appoint DEI&B Leaders. Designate a group responsible for DEI&B programs and initiatives to ensure focused attention and progress. This group does not necessarily have to be management, instead, a dedicated team or individual can ensure focused attention and steady progress in promoting diversity and inclusion within the organization.

Conclusion

Embracing and valuing the concepts of DEI&B in project-based firms not only aligns with social responsibility, but also drives positive organizational outcomes. By actively fostering diversity, equity, inclusion, and belonging, project-based firms can create environments where individuals thrive personally and professionally, ultimately contributing to the success and innovation of the organization. To learn even more about DEI&B and how Full Sail Partners is helping firms with this initiative, check out the replay of our LinkedIn Live by clicking the image below.

08-31-23 HCM Trends Clarity 44 Report Banner

Human Capital Management is a critical aspect of the architecture and engineering (A&E) industry, as it plays a pivotal role in attracting, retaining, and developing skilled talent to drive business growth. The 44th Annual Deltek Clarity Architecture & Engineering Industry Study highlights key challenges and initiatives related to HCM in the A&E sector. In this blog, we will touch on some findings regarding HCM trends to understand how A&E firms can enhance their HCM strategies to stay competitive and succeed in today's dynamic market.

Focus on Developing and Cross-Training Existing Staff

With staffing challenges persisting and the cost of new hires on the rise, A&E firms must shift their focus towards developing and cross-training their existing staff. The Clarity study indicates that the number of firms reporting more open positions in 2022 fell compared to the previous year. To encourage this trend, these professional services firms are increasingly turning their attention to internal talent development to meet project demands effectively.

To address this challenge, these professional services firms should invest in robust training and development programs that empower employees to acquire new skills and take on more responsibilities. By cross-training staff, A&E firms can create a more versatile workforce capable of delivering projects across different disciplines and specialties. Additionally, these efforts boost employee satisfaction and reduce turnover, leading to a more stable and productive work environment.

Finding the Right Solutions and Tools for Talent Acquisition

Acquiring the right talent is an ongoing challenge for A&E firms. This year’s Clarity study highlights difficulties in finding time and budget to select the best technology solutions that can identify and accelerate candidate selection. To address this issue, professional services firms like architects and engineers should explore innovative talent acquisition tools and techniques to widen the candidate pool and streamline the hiring process.

Furthermore, implementing an efficient applicant tracking system (ATS) can help manage job postings, track candidate applications, and streamline the recruitment workflow. Also, leveraging artificial intelligence (AI) and data analytics in talent acquisition can provide valuable insights for identifying qualified candidates and predicting their potential fit within the organization.

Offering Competitive Compensation

In a competitive talent market, A&E firms are facing increasing pressure to offer attractive compensation packages to attract and retain top talent according to the 44th Clarity report. The cost of new hires is rising, and employees are seeking competitive pay and benefits to align with their skills and experience.

To remain competitive, these professional services firms should regularly review their compensation structures, benchmark against industry standards, and consider geographical variances in salary offerings. Moreover, investing in compensation management tools can facilitate data-driven decision-making and ensure that salary offers are competitive and fair, reducing the risk of losing potential candidates to competitors.

The Availability of Good Candidates

Based on this year’s Clarity study, while the turnover rate has stabilized, the availability of qualified candidates remains a challenge. A&E firms should focus on nurturing and developing existing talent while seeking external candidates to fill open positions. Upskilling, cross-training, and offering career development opportunities are essential to position firms for growth.

Furthermore, creating a strong employer brand through targeted employer branding initiatives and robust employee value proposition (EVP) can help attract diverse and skilled candidates. These professional services firms can additionally leverage their existing employees as brand ambassadors to promote the company culture and highlight growth opportunities within the organization.

Building Diversity, Equity, and Inclusion (DE&I) Programs

The 44th Deltek Clarity study emphasizes the growing importance of DE&I initiatives in these professional services firms. Many A&E firms acknowledge the need for DE&I programs but are unsure about how to measure and implement them effectively.

A&E firms should start by conducting a DE&I assessment to identify areas for improvement and set specific goals for enhancing diversity and fostering a more inclusive workplace. Creating an inclusive work environment requires ongoing efforts, including diverse hiring practices, inclusive leadership training, and regular monitoring of DE&I metrics to measure progress.

Learn More about HCM Trends from the 44th Deltek Annual A&E Clarity Study

As seen from the findings of this year’s Clarity report, Human Capital Management is a critical factor in the success of architecture and engineering firms. By focusing on developing existing staff, implementing effective talent acquisition tools, offering competitive compensation, nurturing good candidates, and building robust DE&I programs, these professional services firms can position themselves for growth and stay ahead in a competitive market. Additionally, leveraging technology and data-driven strategies can further optimize HCM efforts, leading to improved employee satisfaction, reduced turnover, and overall business success. As the A&E industry evolves, firms that prioritize and invest in their human capital will be better equipped to tackle challenges and seize opportunities for future growth.

For more details on HCM Trends from the 44th Clarity Study, read the entire report.