When the economy is unstable, many professional services firms default to across-the-board cuts. However, downturns can also create opportunities to outperform, especially for firms who treat talent as a growth lever rather than an expense.
Frequently, firms look at talent as a tradeoff between “build vs. buy,” or a decision between upskilling current employees vs. hiring external talent. However, the data shows that growth-focused companies are both building and buying – they’re investing in attracting and hiring top talent as well as training, upskilling, and leadership development.
New research from CBIZ and The Ohio State University’s National Center for the Middle Market (NCMM) found that high-growth companies (those that grew 10%+ in revenue) were more likely than other companies to invest in training and upskilling, attracting and hiring qualified talent, and leadership development. In other words, growth-focused firms are treating talent development and recruiting as strategic objectives. This article will explore how professional services firms can position talent strategy as a growth opportunity amid economic volatility by leveraging both internal and external talent.
Upskilling, Training, and Leadership Development
The survey from CBIZ and NCMM found that high-growth companies were more likely to invest in training and upskilling current employees compared to other companies (52% vs. 43%). When making such an investment, focus on investing in skills that will create value for your firm. In a downturn, the skills that matter most are those that compress time-to-value and improve adaptability, such as:
- Digital literacy and AI fluency: Practical use of data analytics, generative AI, and automation, focusing on skills like prompt design, model selection and guardrails, and translating AI outputs into client-ready work.
- Cybersecurity and risk management: Governance, compliance, and incident response training to protect revenue and reputation as threats evolve.
- Leadership and change management: Communication, decision-making under ambiguity, and cross-functional collaboration to align teams and sustain performance. High-growth companies were more likely to invest in leadership development than other companies (36% vs. 26%), according to the study from CBIZ and NCMM.
Attracting and Hiring Top Talent
The same survey found that 49% of high-growth companies were likely to invest in attracting and hiring qualified employees, compared to 39% of all other companies. When focusing on recruiting and hiring, growth-focused firms should:
- Target high-impact roles: Prioritize roles that directly influence revenue, client experience, and risk – like practice leaders in priority sectors, heads of data/AI, client success leaders, delivery managers, and solution architects.
- Invest in modern technology: Integrate your applicant tracking system (ATS) with a candidate relationship management (CRM) tool, your HCM/HRIS, and your ERP so you can move faster with better data.
- Focus on key skills like AI fluency: Look for candidates who have skills that will compound value when the cycle turns (e.g., safely and effectively applying AI to core workflows).
Strategies to Accelerate Growth
- AI-based training programs: Professional services firms are rapidly beginning to utilize AI-powered platforms to upskill employees because they offer advantages like personalization and real-time coaching.
- AI-powered hiring processes: Firms are integrating AI to automate routine tasks, identify high-potential candidates based on past hires, answer candidate questions using chatbots, and standardize processes to reduce biases.
- Executive search firms: Partnering with an executive search firm can help identify and attract candidates who will be a good fit for your firm’s goals and culture.
Looking Ahead
For professional services firms, treating talent as a growth lever through targeted hiring and training can convert economic uncertainty into market share and margin gains. Growth-focused companies are succeeding by finding a balance between the traditional “build” and “buy” strategies. CBIZ is here to help you find the right balance so your firm can move fast, measure impact, and emerge stronger when the cycle turns.
Connect with a CBIZ professional to learn more about how our executive search, training, and culture solutions can power growth for your firm.
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