2020 VISION

The last 12 months has seen another busy, and at times challenging period for professional services firms across Australia. In this article I discuss what to expect in 2020 across the business development, marketing and communications functions at legal, accounting, consulting, engineering and property firms across Australia.

Business Development (BD), Marketing & Communications functions will remain a busy and highly competitive space and we anticipate recruitment to ramp up across both replacement roles and more importantly, newly created positions, indicating just how valued the function is now becoming within the professional services sector in general.

Services Marketing meets Product Marketing

The function will continue to support and advise firms through different challenges in 2020, such as increasing competition in the sector - arising from client demands for cost efficiencies, as well as new entrants offering alternative ways to deliver services; technological disruption and ongoing political and economic uncertainty. In a market where firms are fighting hard to stand out from the crowd, improving the client experience will remain a top priority among professional services firms and with the continued investment in technology, it’s likely that we will start to see a transition away from a traditional services marketing approach to one that is more product orientated.

Different talent, fresh approach

There will remain a need for professionals to demonstrate their client & sector expertise, so hiring managers will continue to think creatively about their talent requirements, exploring candidates outside of the traditional professional services clique, who will bring with them deeper knowledge and new skills and capabilities. We anticipate there being an increased interest in candidates coming from financial services, IT & telecommunications, marketing and brand agencies as well as tertiary education organisations.

The birth of the Sales role

We will start to see BD and Client Relationship Managers leading, and at the more progressive firms even owning client relationships, taking that responsibility away from the fee earners. The Big 4 consulting firms are already leading the way here, but we anticipate the creation of a new class of Sales roles in legal and engineering, possibly even commission based, where well networked executives are able to leverage their contacts to open doors for new revenue generation.

Marketing Automation; an investment in the future

From a marketing and communications perspective, we expect there to be an increase in the requirement for content, campaign and marketing automation roles – with candidates likely to come from industries outside of professional services where these functions are often more sophisticated. In another clear indication of the desire for professional service firms to play catch-up with their counterparts’ in other sectors, there will be some fantastic opportunities created, giving people the opportunity to have a huge impact on the way firms go to market.

From cost centre to revenue generation

One of the biggest changes that we anticipate seeing in 2020, is for business services positions to become chargeable functions. There are some excellent practitioners in the market, with a wealth of knowledge to impart, so we expect firms to start leveraging their internal talent to add value to their client relationships. Secondments for specific projects or simply to provide best practice advice will become more commonplace – particularly at the more senior level.

Reshaping the role

It will start to become mandatory, from the mid-senior level upwards, that professionals integrate their skillset into other business support functions, which have traditionally been quite separate- for example into HR, Digital, Pricing and Innovation teams. We have already seen a couple of examples where accounting and legal firms have appointed pricing specialists into the BD and Pursuits functions, (where they would have ordinarily sat within the finance department) demonstrating how crucial a piece of the jigsaw this is, in the commercial development of the firm. This shift away from having rather silo’d functions, working within narrow remits, to a business support model that works together to meet strategic and growth objectives will continue this year and enable quicker progress in innovation and product development, as well as a deeper understanding of the changing market conditions.

The rise of the gig economy

As the function faces pressures to become leaner but at the same time more strategic, we will continue to see an increase in the number of contracting and consulting assignments. Whether it’s more senior professionals being brought into teams or practice groups to conduct an audit of what’s working (or more importantly what isn’t!) to firms hiring candidates on working holiday visas, who have relevant experience and can provide a safe pair of hands for up to 6 months – without the need to sponsor. Opportunities for tender professionals and brand/content writers remain commonplace and driven by specific firm requirements

Flexing for top talent

Firms will continue to push agile and flexible working practices, where employees are increasingly able to work from home or at least given more flexibly around any extra-curricular commitments. Part time positions will become more commonplace, as will other benefits such as ‘dressing for your day’, the opportunity to purchase additional leave, and bigger investments within the learning & development programmes and innovation. Discretionary bonus payments are also becoming more common as professional services firms look to compete with other industries for talent.

We watch with much interest the functional trends both within Australia and globally. Our role is to map, engage and optimise top executive and emerging leadership talent within the professional services sector. We also offer functional advocacy, structural design and capability assessment, and cross-sectorial leadership advice to our client partners at C-Suite and Director level.

For a confidential career conversation or to discuss your BD, Marketing & Communications needs, please contact Will directly on +61 457 885 505 or [email protected]