Archive for the ‘Millennials’ Category
Friday, January 30th, 2015
I began blogging every business day in 2006.
On January 20th 2006 I mentioned Bruce Tulgan in a blog post. That was 9 years ago…. a lot of blog posts have followed. Since then I have continued to feature Tulgan and his message. My mission is to provide relevant resources to those working in the CPA profession via Tulgan’s books, newsletters and videos.
His findings, based on extensive research and interviews with young workers just beginning their careers, are exactly what CPA firm leaders need to hear to help guide them through the people management minefield.
Yesterday, I finally got to hear him speak LIVE and talk with him afterwards at Winning Is Everything in Las Vegas. I was not disappointed. He was nice enough to sign my well-worn copy of It’s Okay To Be the Boss and pose for a picture.
More importantly, here are some bullet point highlights of his talk.
- 31% of the workforce are millennials
- The second wave of young workers, born 1999 and forward are called Gen Z.
- Too many managers/supervisors are not managing
- The first day on the job is SO important – be ready for them. Don’t fall into the “first day disconnect.”
- Do young people have higher expectations? – – Yes!
- They will do grunt work but not for VAGUE promises of long-term rewards.
- Think short-term and transactional.
- They walk in with more information than any generation before.
- Myth: We have to humor them. No, they want to add value
- Myth of fairness: You do not need to treat everyone alike.
- In accounting firms, they face the multiple boss problem (my advice – sketch out the chain of command for them).
- They are high maintenance, learn to deal with it.
- If you hire low-maintenance talent, they will “hide-out” in your firm for years and just be mediocre.
Here’s the autograph on my copy of It’s Okay To Be The Boss. Thanks, Bruce!
Performance coaching... it is the constant banter of focus, improvement and accountability.
Thursday, January 22nd, 2015
Consider your future. Don’t just let it happen because of various circumstances. Your professors and maybe even your parents are pushing you to take the job that pays the most money. They want you to work for a firm with great name recognition that will eventually look good on your resume down the road.
Is that how you want begin your career? Will that make YOU happy? Think about where and how you want to work. Not everyone is content with being a grinder. Many young people want to work where they have more freedom and a bigger voice in their workplace.
If you are an accounting major and interested in public accounting (I hope you are because there are great rewards in public accounting), be sure to explore all of your options.
If you are a top student and have a decent personality and work ethic – EVERY CPA firm wants you and will court you.
Be sure to consider, research and talk to small to mid-size firms. Contemplate what you want your day to look like. You’ll be spending a lot of hours at work.
You will need a lot of guidance and hand-holding during the first couple of years. Just being a good student with good grades won’t lead to success. You need help. Large national and huge regional firms have “universities” to train you. That’s nice and I am glad but sometimes you just feel like one of the herd. Look those firm over and determine if that fits YOU. Also, seek to find a firm that will help you, give you more personal attention, guide you… but not smother you nor pigeon-hole you.
My observation after many years working in and with CPA firms is that you will more quickly gain knowledge, experience, and expertise in a very wide range of duties/tasks/projects at a firm that is small to mid-size. You will get exposed to a broader view of how to serve SMEs.
If you are wondering about size of firms, here is how the AICPA classifies them for their Top Issues Survey:
- Sole Practitioners
- Firms with 2 to 5 professionals
- Firms with 6 to 10 professionals
- Firms with 11 to 20 professionals
- Firms with 21 or more professionals
I consider 1 thru 4 as small to mid-size. Just a qualifier, it’s not only size, it has a lot to do with the vision of the owners. I know 2 partner firms that are vibrant, exciting, growing and their small team loves it there. I know firms with 12 partners who are stuck in the past.
Do your home work before you accept an offer.
Work to become, not to acquire.
Friday, January 16th, 2015
Have you checked-out Slideshare? If you are in a leadership position in a CPA firm, you need all the resources you can get. I’m always on the prowl for things that will be helpful to you to build a winning culture and a winning firm.
I really like this slide deck (My First 90 Days), on LinkedIn Pulse that is intended to help newbies make the most of their first 90 days on the job.
Starting a new job can be daunting. It’s time to meet your colleagues, impress your boss, get into the rhythm of your new role. So how should a newbie navigate those first 90 days?
There are only 14 slides that provide links to 8 posts on advice aimed a surviving a new job. The eight titles:
- Start working before Day One
- You can’t fix it right away
- Say yes to everything
- Ask your coworkers to lunch
- Listen to everyone you meet
- Make your boss look good (includes quote from Guy Kawasaki: “Either you rise to the top together, or crash and burn together.”)
- Take care of yourself first
- Don’t try to be the golden child
This is not just for newbies. CPA partners and managers need to read these posts, too. I frequently remind partners in accounting firms, “Don’t forget what it was like to be the new kid!” Most experienced partners admit they were lost, confused and clueless.
Make yourself available, work hard, and over time you will make yourself indispensable.
Tuesday, January 6th, 2015
According to a recent article on Fast Company, 70% of today’s workforce is actively looking for another job or is open to hearing about a new job opportunity.
Another study tells us that a recent college graduate will hold between 15 to 20 jobs in their career. That means they are going to change jobs every three to four years. They will always be looking.
This certainly does not paint a rosy picture for CPA firm leaders. Growing firms hire extensively from the college campus and invest significant dollars in the first three years of their career in training and development. For them to leave at the end of three years is an expensive scenario. At three years, they are just at the point where they can be really productive.
Here are some trends:
Job boards are no longer the primary source used by job seekers. Job seekers, along with employers, are looking via social networking sites. Even the recruiters (the ones your firm has relied on) are finding their candidates via LinkedIn. According to a recent survey, 79% of recruiters said they found candidates via LinkedIn. 26% through Facebook and 14% via Twitter. Firm leaders are telling me that the recruiters are presenting to them the same people that they can find on LinkedIn themselves.
Here’s an important trend to follow for CPA firms. Employers will target marketing to job seekers. Accounting firms must invest in building an employer brand, just like they invest in building a brand to attract new tax and accounting clients. CPA firms can develop action steps for retention by surveying their people and talking to their people to determine what they need to do to become the CPA firm employer of choice in their market. What kind of impression does your website make on a potential new hire? It seems that the investment in, and focus on, building a unique career page on accounting firm websites no longer has the attention it had several years ago.
In-person networking is back. Since the social media space is so crowded, it’s now unique to network in person. Young people intent on building their careers and finding career opportunities are focused on building a base of “people they know.”
Do they know you and your firm? Are your people “out there” networking to identify future new hires as well as potential new clients?
In the world of public accounting it is all about the number of people you know. Using social media is key but so is face-to-face networking.
We are what we repeatedly do. Excellence then, is not an act, but a habit.
Wednesday, December 10th, 2014
Glassdoor has revealed the winners of its 7th annual Employees’ Choice Awards. The awards honor the 50 Best Places to Work in 2015. While these awards are for employers with 1,000 employees or more, there are lessons to be learned by even the smallest accounting firm.
The results are entirely based on employee feedback. Here’s a sampling (click here for the entire list):
#1 – Google “Great people, great value.”
The benefits and care of employees is obviously world class, and compensation is almost unmatchable. But the company attracts some of the best talent and best people to work with in the world, which is the most important bit.
#2 – Bain & Company “Hands down awesome”
Incredible culture – people work really hard, but they enjoy doing it; Incredible people – mix of intelligence but also humility that you don’t find at the other top consulting firms; Amazing exit opportunities – the Bain network is not only big, it’s incredibly strong. Ex-Bainies will almost always help out another Bainie without fail. This is truly a remarkable place.
#3 – Nestle – “Best place I have ever worked”
The corporate culture is second to none. Strong midwestern roots, stability and friendly environment; coupled with the vast opportunities that come with an international giant parent company. There is a tremendous amount of mutual trust and respect for others within Nestle. A drawback is that no one leaves so it limits upward mobility somewhat.
#9 – McKinsey & Co. – “Rigorous focus on professional development”
No other organization places as much emphasis on professional development. It is a really amazing set of people – caring, challenging and whip smart
#22 – Apple – “Paradise of jobs”
Apple offers crazy benefits, and competitive salary. By competitive I don’t mean a couple grand more in a year, I’m talking about a 2X / 2.5X salary. This place is a sea of knowledge. Never seen a more dedicated group.
#23 – LinkedIn – “Genuinely thrilled to work here”
I work with some of the smartest, most collaborative, and humble people in the world. I relish every day I get to enjoy coming to work at LinkedIn. Great perks, but more importantly great people!
The only Big Four firm to make it was EY at #49 (out of 50).
My questions for accounting firms (and some things for you to consider):
Do you have a rigorous focus on professional development? Maybe this is why there is so much worry about succession. Why not be more generous with education dollars for your younger staff.
Have you attracted and retained the smartest (best) people? Many of the comments were appreciative of working with smart, successful, creative, hard-working people. Do the majority of your people fit this description? Do you keep too many mediocre performers?
Do your young all-stars have vast opportunities? Or, do they have to wait 10 years to become a manager?
Do you reward your best performers with salaries beyond being competitive? Or, do you try to get by with the minimum of just keeping pace with average firms?
Transparency. Trust. Compassion. Food
Comment about working for Facebook
Wednesday, December 3rd, 2014
If you haven’t read yesterday’s post (December 2, 2014) read it first.
I provided my thoughts along with some from Gary Boomer on the importance of identifying future leaders of the firm, and involving them, early in their careers.
In an article in a recent issue of Accounting Today, Boomer provided 10 characteristics to look for in identifying future leaders. Here’s the list:
- Look for people who have a tolerance for and can manage risk.
- Avoid those who spend too much time in consensus-building. (While consensus is important in a professional service organization, it is time-consuming and doesn’t always lead to good decisions.)
- Look for those who can manage a diverse group of people. An appreciation of others’ unique abilities is the sign of a good leader.
- Avoid weighing a person’s ability to be a good implementer and problem-solver too heavily. These abilities don’t necessarily make great leaders. Their tendency is to over-analyze and delay making decisions.
- Look closely at personal integrity and the ability to trust others; this is of utmost importance.
- Look for the ability to turn dangers into opportunities.
- Avoid those who are overly competitive and lack humility.
- Look for those with the ability to engage, inspire and convince others.
- Identify those who have an instinct to know which problems to solve – not just how to solve problems.
- Look for those who have excellent one-on-one social skills, as they are just as important as public speaking.
A great person attracts great people and knows how to hold them together.
Johann Wolfgang Von Goethe
Tuesday, December 2nd, 2014
Gary Boomer’s recent article in Accounting Today “hits the nail on the head,” so to speak. As usual, Boomer and I are on the same wave-length. His insight into what accounting firms should be doing and not doing is always right on-target. The theme of his recent article is “leaders should be identified early in their careers….”
Current firm leaders often tend to wait way too long to identify future leaders. They may be thinking to themselves, “Young Ted is really sharp. He grasps things so quickly and he can talk to clients in an enlightened and mature manner.”
The trouble is, firm leaders don’t communicate to young Ted that he has what it takes to be a major player in the game of public accounting, along with an earnings potential to match.
Meanwhile, young Ted is restless. He wants more responsibility, he wants to mentor the new hires and interns, he wants to be assigned to the firm’s premier clients, he wants to learn directly from the best performing partners and he would like the chance to accompany a partner to a client meeting or lunch.
If Ted’s expectations are not met, he will move on to find career fulfillment elsewhere. Your competitors will hire him in a heart beat!
My theory is that most experienced accountants can almost immediately assess the future potential of a young person entering the accounting profession. Yet, they wait and often suffer through failures with struggling employees for way too long and hesitate to invest very quickly in education and development of all-stars.
Read Boomer’s article and see what you think. Check back tomorrow and I’ll list Boomer’s 10 characteristics to look for in identifying future leaders.
None of us is as smart as all of us.
Monday, December 1st, 2014
Back in the day (referring to the 1990s and earlier), a CPA working in public accounting would NEVER leave a public accounting firm during busy season. Nor, would they leave late in the prior year, mid-November through December. It would put the firm in a serious bind to replace them. It would be unprofessional.
Those days are gone. Get over it.
People now move on when the opportunity presents itself or when they are simply fed up with their current firm’s leadership. Many of my clients have been very successful in hiring this fall. Why? Because people are leaving other firms, firms they have stayed with during the economic downturn, they are looking for greener pastures.
Just to drive this point home – so that you are truly aware of the talent wars going on in public accounting, here’s a news tidbit from a recent issue of Accounting Today:
Big Four firm Ernst & Young announced that it plans to recruit approximately 6,500 experienced professionals in the U.S. in its 2015 fiscal year, which started on July 1, 2014, along with early 9,000 students, for a total of 15,500 anticipated recruits in the U.S. The firm noted that the 6,500 positions it plans to hire this fiscal year represent an increase of nearly 50 percent from two years ago.
How will you retain your top talent? Do they actually know that you care about them and their career? Do you actually care about their career? Is retaining top talent on the goal sheet of every partner?
There’s a quote attributed to Peter Drucker that is meaningful for CPA firm leaders right now: “Culture eats strategy for breakfast.”
Take responsibility for decisions.
Monday, November 17th, 2014
Studies tell us that the ability to choose what you work on, as well as how, when and where you perform your work is a growing priority for talented professionals across sectors and industries, and one of the core elements of a fulfilling career – via Harvard Business Review
What if, when scheduling your upcoming busy season work, you gave your people a voice in their assignments? You will probably need to experiment with it the first year and tweak it going forward… but simply ask them – What engagements did you enjoy the most last year? What engagements would you immediately pass along to someone else if given the opportunity? Use the data as you schedule.
What if, this busy season, since CPA professionals need to work some extended hours and often on Saturdays, you allowed them to work from home one entire day during the week?
Some companies are giving their people the perk of using 4 weeks per year (20 days) to work remotely (from home or where ever). What if your firm provided this perk for your experienced people?
Gather your leaders and discuss what other choices you could easily give your valuable team members. Never forget… it’s all about retaining top talent.
Be miserable. Or, motivate yourself. Whatever has to be done, it's always your choice.
Dr. Wayne W. Dyer
Friday, October 24th, 2014
I do talk about Millennials quite a bit. Especially, because accounting firms hire a lot of new college graduates as entry-level staffers.
Currently, the new college graduates are called Millennials because they were born from 1980 onward. That means many of them in your accounting firm are in their early 30s.
I think the biggest deal about Millennials inside accounting firms is that they are so much more savvy about technology and the social media world most of us live in these days.
I really like millennials and when I was working everyday inside a growing firm, the interns were special to me – honest, hardworking, intelligent. Wait! Doesn’t that describe almost every accountant and others who work inside CPA firms, no matter what their age? Yes, Millennials are regular people, too and we sometimes overreact in trying to figure them out.
One tidbit I read several years ago was from a Baby Boomer: Millennials want the same thing we wanted as we entered the workforce, they just have the guts to ask for it.
If your CPA firm is hiring (and every firm I talk to is hiring right now), read the article and watch this very informative (and short) video from Fast Company.
If you are managing Millennials, my advice: Chill-out, they are regular people, too. Talk to them like adults.
Additional note, my firm took-off on a progressive and ambitious growth path when the founder retired and a 32-year old was named managing partner.
Photo credit: Lumsden McCormick
Older men declare war. But it is youth that must fight and die.