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G2: Building the Next Generation by Philip Palaveev

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CHAPTER 2The Career Track

The most critical factor for the success of an advisory firm is its ability to attract and retain talented people. As business management expert David Maister writes in one of his books: “Given both the scarcity and the power of good coaching, it is entirely possible that a firm's competitive success can be built on a superior ability to get the best out of its people.”1 In other words, a firm's ability to train and develop professionals may very well be one of its most sustainable competitive advantages. Technology, efficiency, and investment process play a role, but at the end of the day, firms that can find the best people are the ones that will be the fastest growing and most profitable.

A career track is a vital tool in the development of people and is key to long‐term success. This applies not only to G2, but also to all present and future generations of employees. Without a career track, professional development becomes an arbitrary combination of experience, informal mentoring, personal relationships, and exposure to opportunities. This unstructured approach will likely waste the talents of many professionals who would have become valuable contributors to the firm in the presence of more structured and training. Many talented people may never develop because they are never taught a vital skill. Deserving professionals may never be promoted if they are not noticed by the right people. Some may quit because without a view of the finish line they ...

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