Feargal McCormack, Managing Partner of FPM Accountants LLP, discusses the FPM approach to training and development, and highlights why it is so important to the firm.
Learning and development are embedded in the FPM Business Planning process, with a particularly strong link to business expansion. The practice has developed an extremely effective approach to business planning based on the combination of external and internal new mechanism. Training and development needs are identified via external and internal reviews. External reviews include client feedback, sectoral bench planning and EFQM external assessment. Internal reviews include staff appraisals, staff attitude surveys and monthly functional sub group meetings and internal mapping focus groups.
FPM recognises that an accounting and consultancy practice is about people, that is it's a people business, people are employed to provide personal services to other people. If those people don't believe in the practice they won't buy into it and the practice will have a limited future. In this context Continuing Professional Development (CPD) is central to everything FPM does. Training and staff development time skills are integrated within FPM staff resource planning, an annual business plan and annual financial budgets. Each member of staff is allocated chargeable and non chargeable hours, targets and outputs and these are reviewed quarterly by Line Manager and FPM Training Director.
FPM has enacted a comprehensive integrated approach to human resource policies, strategies and plans that encompass both personal development and training for specific jobs and enhance the intellectual capital of TEAM FPM to improve the skill capabilities and competences of FPM to meet the existing needs and future needs of the organisation. The approach includes:
- Identification of the current and future skill competency needs of FPM.
- Formal Staff Induction Process.
- Career and personal development plans for all employees.
- Individual coaching / mentoring.
- On-site group dissemination of learning.
- Off-site secondment.
- Continuous professional development.
- Identification of appropriate external training courses and training manual.
- Provision of appropriate internal training courses.
- Annual practice Training Plan and budget linked into the objectives and targets of the organisation.
- Incorporation of annual training plan into annual business plan.
- Staff training cost /benefit analysis.
- Training achieved and training identified to be undertaken, at monthly senior management and staff meetings.
- Development activity report.
- Outline of management and staff responsibilities at Staff Day and subsequent ongoing review of this on a quarterly basis and on a monthly basis where appropriate.
- Measurement of the effectiveness of FPM training and staff development programmes on staff, the organisation and clients.
When possible the practice benchmarks its performance against best practice in industry. In addition the practice regularly reviews its learning and development approach through various award schemes and competition. For example in 2008 the practice won five awards, the Lexis Nexis Best General UK Tax Practice Award, the Managing Talent Award and the Work Life Balance award at the Irish News Workplace and Employment Awards 2008 along with the People Development Award and the Innovation in Industry Award at the Greater Newry area Business Awards.
FPM was the first Chartered Accountants to secure the Investor in People (IIP) status Recognition back in 1995 and it continues to enjoy IIP recognition.