Archive for the ‘Millennials’ Category
Wednesday, March 22nd, 2017
“The elastic heart of youth cannot be compressed into one constrained shape long at a time.” – Mark Twain
Just an observation today about things that are actually happening at growing mid-size CPA firms.
On the “I am not surprised” side of things:
- A firm has had a long time policy of partner retirement age at 65. Recently, the 63 and 64 year-old partners changed that policy to 70 years of age.
On the “I’m so glad to see this” side of things:
- A mid-size, very successful firm has a new managing partner, he is 28 years old.
- Another local firm has a new managing partner who is 36 years old.
Both of these individuals fall into the millennial category.
We are no longer talking about what will happen WHEN the millennials are in control. It is more like, NOW the millennials are in control. Yes, change is happening and the change train is moving very quickly down the track.
Be sure your firm is preparing and ready for change.
To get back my youth I would do anything in the world, except take exercise, get up early, or be respectable.
Tuesday, March 21st, 2017
“If the wind will not serve, take to the oars.” – Latin Proverb
I was browsing through some old digital files and found the following. I remember using these “secrets” many years ago in a presentation I did for a community college’s new graduates.
I think they definitely apply to life inside a busy accounting firm.
Seven Secrets of Career Success
Become a quick change artist
Commit fully to your career
Behave like you’re in business for yourself
Practice lifelong learning
Manage your own morale
Be a fixer – not a finger pointer
Find out what you like doing best, and get someone to pay you for it.
Friday, March 10th, 2017
“Great vision without great people is irrelevant.” – Jim Collins
Recently, Sharlyn Lauby, HR Bartender, posted a story about Kronos (a provider of human capital management cloud solutions) and how they have created an exceptional candidate and employee experience.
“Being a great place to work is quite literally one of a small number of high-priority imperatives that are communicated to all employees each year as part of the company’s overall business strategy. In other words, being a great place to work is every bit as important as our traditional business priorities as a global software provider, such as application development and migrating customers to the cloud.”
Can your CPA firm make a similar statement?
Here are 3 ways to improve the candidate experience. The headlines are from the article, the descriptions are mine directed to public accounting:
Make it easy for job seekers to find and apply for jobs – Visibility on the college campus is imperative. For experienced hires, you have to be where candidates are and that means social media. One experienced tax manager I met recently told me she joined my client firm because she moved to their city and found them online. From her online assessment, they looked like a firm she would enjoy… and she does!
Create a robust internship experience – I strongly recommend that you treat your interns like full-time employees. Subsidize their parking, provide them with business cards, involve them in all team meetings and in some committee meetings or task forces. The MP should take them to lunch, individually and in small groups, etc.
Give candidates a realistic job preview – Be very open and honest when you talk to candidates. I know a very successful CPA firm that has an extensive interview process. People of all levels are involved and they tell the truth! Working in public accounting requires intelligence, hard work and flexibility. There will be extended hours during certain times of the year.
Read the full article to learn about 3 Way to Improve Employee Experience, too. Upward feedback is part of it!
Human resources isn't a thing we do. It's the thing that runs our business.
Thursday, February 9th, 2017
“A baby has brains, but it doesn’t know much. Experience is the only thing that brings knowledge, and the longer you are on earth the more experience you are sure to get.” – L. Frank Baum, The Wonderful Wizard of Oz
I hope you have read Rosenberg’s recent post about accounting interns‘ lack of knowledge about public accounting.
He interviewed a group of accounting interns working for local firms in Chicago. The sad result is that their perception of the CPA profession – hours worked by staff, hours worked by partners, earnings of partners – is sadly off-target.
Read my post from 2009 to learn about my experience with college students. They did not know anything about local firms, they only knew about the Big Four. Why? Because the national firms are visible on campus EVERY week.
There is much smaller firms can do. My firm was recruiting on campus when I joined the firm and we only had nine people! So, big firm or small firm, be visible on the college campus.
No man's knowledge can go beyond his experience.
Monday, February 6th, 2017
“A dream doesn’t become reality through magic; it takes sweat, determination, and hard work.” – Colin Powell
Today, I am thinking of what it really takes to be successful in the CPA profession. From my experience, a lot of it depends on the people you choose to work with and for.
But mostly, it can be summed up in four words: Work ethic and passion.
Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are dong or learning to do.
Tuesday, January 17th, 2017
“Trust yourself. You know more than you think you do.” – Benjamin Spock, M.D.
A few months ago I surveyed a small number of CPA firms across the country. I was curious about the kind of parental leave they offered as an employee benefit.
To my dismay, paid maternity leave is almost non-existent. CPA firms seem to approach it with a combination of actions. The employee (the mother) is encouraged to save and/or carry over PTO to be used and they combine it with short term disability options.
As far as any type of paid leave for new Dads, it seems truly non-existent.
Here is a good article from FAST Company – How Paid Parental Leave Changed in 2016.
Some progress has been made, in general, but 2016 was not an impressive year for paid parental leave. A quarter of new mothers go back to work just 10 days after giving birth.
Just so you know, in 2016, EY announced a new policy to expand its parental benefits to over 35,000 U.S. employees. Both new mothers and fathers are eligible for up to 16 weeks of fully paid parental leave for birth, adoption, surrogacy, foster care, or legal guardianship.
If you want to attract and retain young, top talent. An impressive paid parental leave policy might just be the answer.
Tuesday, January 10th, 2017
“Perseverance is the hard work you do after you get tired of doing the hard work you already did.” – Newt Gingrich
As you already know, nearly every CPA firm is looking for new talent. It’s truly turned into a war for talent in the public accounting profession.
It’s not just public accounting, of course. According to Glassdoor’s newest report on job trends, there is a record number of unfilled jobs – 5.85 million as of April 2016 – which represent the most since BLS started tracking job openings in 2000.
Andrew Chamberlain, Glassdoor’s chief economist, shares some 2017 job trends:
#1 HR will transform itself into “people science.”
#2 Many things get automated but we don’t lose our jobs.
#3 Nontraditional benefits will become less popular.
#4 We’ll make progress narrowing the wage gap.
#5 The Gig economy will slow down.
Read more about each trend here. I know you will be interested in #3!
No one can make you feel inferior without your consent.
Monday, January 9th, 2017
“The only way to do great work is to love what you do.” – Steve Jobs
It is definitely not the same old workplace where many of us “grew up” in the business world.
At my first job, in the accounting department of a major manufacturing company, we were not allowed to leave our desks except at our specified “break” time. They ran the office much like they did the manufacturing floor.
60Minutes and Vanity Fair conducted a poll in 2016 to explore the modern workplace. It has changed dramatically and is still evolving as we deal with more tech-savvy young workers who have joined our knowledge-based economy. They are demanding more.
Here are the polling questions:
What’s the most important thing to look for in a new job?
What’s the best way to keep an employee motivated?
Which business practice would you most like to bring back?
How much more than their workers should CEOs earn?
Which job perk would be the hardest to explain to your grandfather?
Which industry is the most unethical?
What is the worst thing about your job?
Check out the results here. Maybe you should ask some of these questions to your own accounting firm team. As a firm leader, you need to know all you can about your young workforce.
Diamonds are nothing more than chunks of coal that stuck to their job.
Tuesday, December 27th, 2016
“The measure of intelligence is the ability to change.” – Albert Einstein
Recently, I posted about The Growing Area of Flexible Work Arrangements. Today, there is more news that supports the fact that YOU (CPAs in public practice) need to be prepared to compete in this area of significant growth.
FlexJobs announced 5 career categories for remote job seekers to watch for in 2017. Guess what is on the list – Accounting & Finance. It is among the five categories where remote job listings have grown more than 20 percent since January 2016.
When it comes to how people prefer to work, 65 percent of workers say they would be more productive telecommuting than working in a traditional workplace. As many as 80 to 90 percent of the workforce say they would like to telecommute at least part-time. Telecommuters are almost twice as likely to love their jobs than employees who work in traditional offices and report higher levels of productivity.
Managing partners and firm administrators, are you preparing your firm to take advantage of this growing workforce? It could be the answer to the big challenge of finding top talent to serve your clients.
CPAs are (and think) traditional. It’s time to think non-traditional relating to so many areas of firm management.
2017 is going to be an exciting year!
Change is not merely necessary to life - it is life.
Wednesday, December 21st, 2016
Someone at your firm:
- Is doing an extraordinary job.
- Never hesitates to go above and beyond to better serve the client (and make you look good).
- Never misses a day of work.
- Is the first to volunteer to guide and improve the skills of less experienced team members.
There is a very meaningful way to recognize them and thank them. Personally, handwrite a note to them.
This is a great time of year to write a note inside a Christmas card and put it on their desk. Or, buy a pack of Christmas thank-you notes and write a personal message inside and give them to people you want to recognize.
A few written words can speak volumes.
When I worked at a growing firm, I liked to use little notecards called WOW cards. If someone deserved an extra bit of recognition, I would write a brief message on the small card and place it on their keyboard or desk.
The message is appreciated but so is the fact that you actually took some time to think of them and write some personal words of encouragement.
Silent gratitude isn't much use to anyone.
G. B. Stern