More than often, I have wondered, how the IT Corporate management can ensure nurturing talents instead of emphasizing on individual initiative, individual performance metrics and individual performance-based rewards. And the answer to this is through a strong Practice Management. The concept of Practice Management is floundering in many IT Corporates and the challenges faced are it’s thoughtful, consistent, patient and practical application. Executive leadership use this concept to create distinct units called Practices that have their own unique processes, structures and cultures that are specifically intended to explore and develop breakthrough innovations.
We all understand the importance of having a strong practice group in the organization. An effective practice management allows the organization to develop a brand name identity that would resonate with prospective clients. It allows enhanced opportunity for intellectual exchange and a means for attracting and retaining good talent. It provides an easier way to train the juniors. Practice groups can help create the organizational assets such as common methodologies, check lists, templates, and documents that could do away with redundancy and iterated efforts.
Well! I agree that the benefits of practice management are longer than the above list. But the question is do we really practice to achieve these benefits? Seldom is it focused on risk management, ethics and strategic planning. Often, the aim of practice management - to help members evaluate themselves and their roles and responsibilities in the enhancement of both the quality and efficiency of services they provide - is forgotten. Why is it so? What do we need for this?
The first and foremost is to create a strategic plan by evaluating the current practice methods. Most of the time, practices exist just for the sake of it with no effective planning and just working as resource pools. Strategic Planning is the essence of success and it should be concentrated on building and growing a practice, a long-term imperative. The growth requirements needs to be assessed and a growth strategy should be developed along with technology, services and marketing strategies for the practice.
At the same time, People strategy also needs to be developed which will address the composition (staff mix), the practice culture, communication, hiring, inducting, retaining and developing the existing staff, risk management, quality control issues, self-regulating discipline, ethical issues, quality processes and professional standards for specific areas. People strategy should focus on developing a critical mass for better perceived quality and shared expertise through designer training programs for the group.
A set of Key Performance Indicators (KPI) or Key Result Areas (KRA) should be defined and monitored. Most of the time, the practice managers are unclear what KPI / KRA needs to be set for the individuals and for the group. This only worsens the practice management.
Once the strategic plan is in place, a business plan needs to created, fitting the strategies and structuring the practice by building a risk management approach into it. Business plan should identify the target client, which will help build the brand image.
Do not forget to have a finance plan with respect to the strategic plan. The buy-in of the management is most important with respect to the financial feasibility after considering the financial issues, general considerations, benchmarks and the risks. Once done, put the plans into operation.
Communication too plays a pivotal role in the operational success of the practice groups. To and fro communication between the management and the members is very important. Practices should have regular follow-up meetings to review the progress. We, as individuals, a disciplined member of the Practice Group, have to devote our attention and time to make practice management work as well.
We all understand the importance of having a strong practice group in the organization. An effective practice management allows the organization to develop a brand name identity that would resonate with prospective clients. It allows enhanced opportunity for intellectual exchange and a means for attracting and retaining good talent. It provides an easier way to train the juniors. Practice groups can help create the organizational assets such as common methodologies, check lists, templates, and documents that could do away with redundancy and iterated efforts.
Well! I agree that the benefits of practice management are longer than the above list. But the question is do we really practice to achieve these benefits? Seldom is it focused on risk management, ethics and strategic planning. Often, the aim of practice management - to help members evaluate themselves and their roles and responsibilities in the enhancement of both the quality and efficiency of services they provide - is forgotten. Why is it so? What do we need for this?
The first and foremost is to create a strategic plan by evaluating the current practice methods. Most of the time, practices exist just for the sake of it with no effective planning and just working as resource pools. Strategic Planning is the essence of success and it should be concentrated on building and growing a practice, a long-term imperative. The growth requirements needs to be assessed and a growth strategy should be developed along with technology, services and marketing strategies for the practice.
At the same time, People strategy also needs to be developed which will address the composition (staff mix), the practice culture, communication, hiring, inducting, retaining and developing the existing staff, risk management, quality control issues, self-regulating discipline, ethical issues, quality processes and professional standards for specific areas. People strategy should focus on developing a critical mass for better perceived quality and shared expertise through designer training programs for the group.
A set of Key Performance Indicators (KPI) or Key Result Areas (KRA) should be defined and monitored. Most of the time, the practice managers are unclear what KPI / KRA needs to be set for the individuals and for the group. This only worsens the practice management.
Once the strategic plan is in place, a business plan needs to created, fitting the strategies and structuring the practice by building a risk management approach into it. Business plan should identify the target client, which will help build the brand image.
Do not forget to have a finance plan with respect to the strategic plan. The buy-in of the management is most important with respect to the financial feasibility after considering the financial issues, general considerations, benchmarks and the risks. Once done, put the plans into operation.
Communication too plays a pivotal role in the operational success of the practice groups. To and fro communication between the management and the members is very important. Practices should have regular follow-up meetings to review the progress. We, as individuals, a disciplined member of the Practice Group, have to devote our attention and time to make practice management work as well.
If we focus, commit, and practice properly, Practice Management is an effective means for high profitable growth.
Another excellent topic and an equally interesting view on it :)
ReplyDeleteI just have a few questions. When you say 'building and growing a practice' do you mean in terms of increasing the resource count, knowledge base, infrastructure and technology, profits coming into the practice or all of these? Can you elaborate a little on this?
Also, when you mention KPI/KRA, do you think contribution to one's practice (in any possible way) should be a mandatory KRA for every employee? I have observed that resources think of contributing to the practice (that too not always) only when they are on bench/pool. Shouldn't it be made imperative, irrespective of whether an employee is on a project or not? Will it in turn help the practice in any way?
Appreciate your comments.
ReplyDeleteIt includes all. I have already indicated that in the post. The practice has to grow with respect to the numbers, the shared expertise, technological innovations and so on.
This is why I stressed on the point of Strategic Planning in the area of People, Technology, Services, Marketing and Financial strategies. Each of these is a topic for discussion. I promise, you can expect my posts on these lines very soon.
By KPI / KRA, I meant the practice group KRA which is inclusive of individual KPI/KRA. It is mandatory and should be aligned with respect to the defined strategies.
Building resource pool is one of the features of the Practice Management and not the only event as seen in most cases. People often have mistaken the identity and existence of Practice Management. The visibitlity of its existence and the contributions should be from the day they join to the day they exit or even after that.
Hope I have addresses your concerns.
Thank you for your prompt response and for clearing the doubts :) and I will be waiting for the subsequent posts!
ReplyDelete