Archive for the ‘Millennials’ Category

Monday, May 8th, 2017

Delay and Millennials – Not A Good Combination

“Life is like a 10-speed bicycle. Most of us have gears we never use.” – Charles M. Schulz

Think about it. Millennials have always had technology at their finger tips. The oldest Millennials are 37 years old this year. They are not kids and many are your employees and your clients.

As consumers, they do not expect delays. They are used to having access almost immediately to any kind of information via their mobile device. When making purchases, they are used to having their information (profile) “out there” so they don’t even have to spend time entering specific billing and shipping information. It is not just Millennials, we are all now used to speed when shopping on line.

The younger generation is also used to obtaining answers by looking at FAQ pages rather than calling a customer service rep. According to a Desk.com study, 80% of Millennials find calling customer service highly inconvenient.

Consider how this information relates to your accounting firm.

Your Clients:

Much of your current and most of your future client base expect information quicker. They do not want to wait until you can return their phone call – 4 hours later.

How user friendly and interactive is your website? Do you have a FAQ page to help people learn about and understand CPA services?

Your Employees:

Do your employees have to wait on performance feedback? I often hear about firms that have delayed the feedback scheduled for June until November or December!

Do your employees have to wait, maybe a week or more, on review notes that guide them as they work on client engagements?

Do your employees have to wait days to talk to a partner (the partner is out of the office, on the phone, in meetings, etc.)?

Do your employees have to wait YEARS to be promoted? Telling a new college grad that it might take 10 years to become a partner could be quite a shock.

As a partner group, do you table a decision until the next partner meeting… then the next partner meeting… and then the next partner meeting?

Beginning now, explore ways to speed things up at your firm…. or, you will find your firm lagging behind in many areas.

  • The speed of the leader is the speed of the gang.
  • Mary Kay Ash

Wednesday, April 26th, 2017

Be Active In Spring Recruiting

“Human resources isn’t a thing we do. It’s the thing that runs our business.” – Steve Wynn

Many years ago, CPA firms didn’t begin their recruiting efforts on the college campus until September. We waited for the students to get back to campus and begin classes and then interviewed in late September into October.

Now, you must recruit, on the college campus, continually. You are competing with the large national firms. They are visible on the college campus every week!

Right now, be sure you are contacting the students on your prospect list before they leave campus for the summer. Stay in front of them.

Now that your interns have returned to campus, be sure you communicate with them before they leave for the summer. Hopefully, you have offered some of them part-time work throughout the summer months.

Be planning for the next campus job fair. Will your firm stand-out from the pack?

Here’s a unique idea from one of my favorite clients. Invite the students to play some putt-putt as they participate in the job fair.

Fluence Golf

  • I am convinced that nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies.
  • Lawrence Bossidy

Monday, April 24th, 2017

Maybe a Sabbatical Program Would Make Your Firm Unique

“The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.

In the accounting profession, we have been talking about sabbaticals for years. Few firms offer this benefit.

Some firms established a sabbatical program for partners, urging them to take six weeks away from the office with NO CONTACT. The mission being to prove to the partner that they could get along just fine without them and client service would not suffer. These types of programs were a half-hearted attempt at succession planning. Honestly, I haven’t heard of many firms offering sabbaticals in any form. It seems CPAs love to work!

Rather than focusing on partners, why not establish a sabbatical program for your team members. Maybe it would differentiate you from your competitors and help retain top talent.

Kabbage_logo_wo_tag_vertKabbage®, the pioneering financial services technology, and data platform, out of Atlanta is offering a unique benefit to its employees. Perhaps, you can learn from them.

Kabbage is now offering a sabbatical option for team members who have been with the company for 5+ years. And it’s quite the package – a 6-week sabbatical that is fully paid plus the company gives a $6k stipend to encourage its employees to do something memorable ( a trip of a lifetime?)

Check out their career webpage. They offer:

Dynamic Environment
Daily catered lunches, ice cream freezer & snacks
Dog-friendly office
Cold/brewed coffee & beer on tap
Onsite fitness & meditation classes
Adjustable sit/stand desks

Competitive Benefits
Unlimited PTO
Equity in the company
Full coverage of individual health benefits
Six-week sabbatical program
Free parking
Annual bonus

Learning & Development
Shadowing program
More than 20 onsite courses
Interactive career development
Leadership development
Mentoring program

All of this makes me ask the big question. How does your firm’s career webpage stack up?

  • Happiness is not something you postpone for the future; it is something you design for the present.
  • Jim Rohn

Thursday, April 20th, 2017

Success in the CPA Profession

You majored in accounting. You enjoyed all of your accounting courses.

You researched all the best CPA firms and interviewed with many – large, mid-size and small. Some were near home and some were in bigger, more vibrant cities.

You received offers from a few and made your decision.

Now it is time to live in the real world – not home, not high school and not college. It is the world of work.

You are in the world of building a career as a professional and easing into adulthood. It’s about learning what it means to be a professional along with all kinds of accounting, audit and tax topics. It’s learning about the business world and what to do to make a small (or large) business successful. It is about understanding people, getting along with them, eventually influencing them and enjoying working with them. It’s about earning the respect and trust of your clients and peers.

Maybe this quote from Vince Lombardi about football will help you.

“Football is like life – it requires perseverance, self-denial, hard work, sacrifice, dedication and respect for authority.”

  • If you believe in yourself and have dedication and pride - and never quit, you'll be a winner. The price of victory is high but so are the rewards.
  • Paul Bryant

Thursday, April 13th, 2017

The Next Generation of the CPA Exam

“Success is no accident It is hard work, perseverance, learning, studying, sacrifice and most of all, love os what you are doing or learning to do.” – Pele

I just received a press release about the new Exam.

AICPA_ThisWayToCPA_logo_WEB-1jl846vNational Association of State Boards of Accountancy (NASBA) and Prometric are pleased to announce the successful launch of an updated version of the Uniform CPA Examination.

The next generation Exam, which began testing on April 1, has added additional assessment of higher-order cognitive skills that test a candidate’s critical thinking, problem solving and analytical ability. The Exam also makes greater use of task-based simulations (TBSs) as a means of assessing these higher-order skills. Recent research confirms that CPAs are now performing tasks that rely upon these skills earlier in their careers.

Follow this link to read the press release and the most important changes to the CPA Exam.

  • That is the exploration that awaits you! Not mapping stars and studying nebula, but charting the unknown possibilities of existence.
  • Leonard Nimoy

Monday, April 10th, 2017

Quit Worrying About Millennials – Focus On Generation C

“There was no respect for youth when I was young, and now that I am old, there is no respect for age — I missed it coming and going.”  ~J.B. Priestly

I have been studying, speaking about and writing about Millennials and other generations in the workplace for years. I think it is time to move on and I have come to realize that putting people in generational boxes is a waste of time.

holmesI recommend that you read this article by Ryan Holmes on the Inc. site titled: Move Over, Millennials: 5 Things You Need to Know About Generation C.

Holmes (he’s the founder and CEO of Hootsuite) notes that you don’t have to be a Millennial to live on your iPhone or embrace social media. The group that HR professionals should focus on is Generation C – the “Connected Consumer” – it is everyone who integrates technology into their daily routine, regardless of age. This group share certain qualities.

Here are the topics included in the article:

  1. What is Generation C?  (Gen C stands for Connectivity.)
  2. What age groups make up Gen C? (It isn’t an age group at all.)
  3. How does Gen C interact with the world? (They live on digital media.)
  4. What’s the key to reaching Gen C? (Where they live – traditional media don’t cut it.)
  5. How big is Gen C? (The numbers are vast.)

I like the closing…..

Let’s give it a rest. For marketing, for hiring, for connecting: Age is increasingly arbitrary.

  • The Millennial era is ending (and not a moment too soon).
  • Long live Generation C.
  • Each contact with a human being is so rare, so precious, one should preserve it.
  • Anais Nin

Wednesday, March 22nd, 2017

It’s No Longer “When” The Millennials Will Be In Control

“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.
  • Oscar Wilde

Tuesday, March 21st, 2017

Seven Secrets of Career Success

“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

Speed up

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.
  • Katharine Whitehorn

Friday, March 10th, 2017

Create An Inspired Workplace

“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.
  • Steve Wynn

Thursday, February 9th, 2017

How Visible Is Your Firm On Campus?

“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.
  • John Locke