Archive for the ‘Talent’ Category

Thursday, June 15th, 2017

AICPA Top Issues Survey 2017

“My main job was developing talent. I was a gardener providing water and other nourishment to our top 750 people. Of course, I had to pull out some weeds, too.” — Jack Welch

Every other year, the AICPA/PCPS conducts a top issues survey. Some of the findings from the 2017 Top Issues Survey were released yesterday.

Finding qualified staff was the No. 1 issue in every firm-size segment except sole practitioners where it ranked No. 3. Likewise, retaining qualified staff was a Top 5 issue in every grouping except sole practitioners. Recruitment and retention were leading concerns last time the survey was conducted in 2015, too, but the challenge appears steeper as the profession continues to gain strength in a growing economy.

Besides staffing, other common Top 5 issues this year include succession planning, acquisition of new clients, workload compression and keeping up with tax law complexity.  One former top issue, retention of current clients, has fallen out of the top issues for all groups.

So, no big surprises here. Just keep focused on developing a firm culture where people will want to stay and develop their career in public accounting. If you want to know how to do that, just browse through many of my past blog posts!

  • The growth and development of people is the highest calling of leadership.
  • Harvey S. Firestone

Wednesday, May 31st, 2017

Why Top Performers Leave Your Firm

“Culture is to recruiting as product is to marketing.” – HubSpot’s Culture Code

Thanks to Lisa Benson for making me aware of an article on LinkedIn – Why Millennials Keep Dumping You: An Open Letter to Management.

It addresses the issue of millennials leaving jobs but I think that it applies to every top performer in CPA firms, no matter what their generation.

Public accounting needs millennials, they are going to be the majority of the workforce in just a few short years. It’s time to take keeping them more seriously.

Here’s a summary of the article. It is a message for management about what is really behind a top performer’s resignation letter:

You tolerate low-performance. – CPA leaders you are SO guilty of this. It is very demotivating to a high-achiever to see Lazy Lily tolerated. You have heard this from me before – a bad apple can spoil the whole barrel.

ROI is not enough for me. – I want to do the best possible job for our client. I even spend weekends thinking about solutions. Then on Monday I hear about billable hours and realization. I want you to talk to me about how WE make a difference in the success of the firm clients.

Culture is more than free Panera. – Don’t confuse culture with collateral. I appreciate and enjoy the free food, etc. but more importantly I want to be surrounded by people who are on fire for what we’re doing.

It’s ok to get personal. – Treat me like a number and I’ll return the favor. I will think of my job/career as a way to make a rent payment. I am desperate for you to show me that work we do here matters but I am NOT doing it to help you get a new Mercedes.

Creating a culture where people are inspired and excited is much more than focusing your energies on the bottom line.

PLEASE follow the link above and read the entire article. It is worth your time. Thanks to the author Lisa Earle McLeod.

  • We have a culture where we are incredibly self critical, we don't get comfortable with our success.
  • Mark Parker, CEO, Nike

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

Friday, April 7th, 2017

Pay Attention!

“It’s not what you look at that matters; it’s what you see.” – Henry David Thoreau

Often, blamed on being too busy, you don’t often actually see things, people, opportunities, and even dangers.

Are you too distracted to see the things happening around you? Do you really see your family? Do you really see and understand the challenges of your newest team members?

I urge you, as a firm leader, to be alert to a top performer who is slowly becoming NOT a top performer, a loyal manager who seems more distant, a partner who seems to be jogging in place or a family member who is often too silent.

Make it a practice to not just look at people, opportunities and yourself but to keep your eyes and senses open to what might be going on at a deeper level.

  • Whether you call it Buddhism or another religion, self-discipline, that's important. Self-discipline with awareness of consequences.
  • Dalai Lama

Monday, March 13th, 2017

Give Them A Weekend!

“I’m not driven by killer ambition. I’m not a workaholic. I’m a good team player. I don’t have to be captain, but I do want to play on a winning team.” – Jane Pauley

FullSizeRenderAs March 15th nears, every year, I think of all the people I know working inside growing, successful accounting firms.

They have been working tirelessly beginning more slowly in January picking up speed (and extra hours) throughout February and putting renewed effort leading up to the March 15th due date.

CPA firm leaders, please consider giving your entire staff a real weekend on March 18 and 19 – the first weekend after the March 15th due date.

We did this at my firm for years and it was greatly anticipated and appreciated by our people.

Now, the good news is that many accounting firms have eliminated Saturday work during tax season completely (except for those die-hard partners that always work weekends).

Your team will come back to work on Monday morning with renewed vigor to focus on the tasks ahead, leading up to April 18. Their families will also be very happy.

  • There is only one way to avoid criticism: do nothing, say nothing, and be nothing.
  • Aristotle

Monday, March 6th, 2017

Georgia Society of CPAs – March Madness

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“The key is not the will to win, everybody has that. It is the will to prepare to win that is important.” – Bob Knight

Many thanks to the Georgia Society for featuring my article, Lessons Learned: Two Kinds of March Madness, in March/April 2017 issue of their magazine, Current Accounts.

I hope all of you who are members of the Georgia Society will read the magazine or access it online.

If you are a non-member, I will be using the article in my upcoming newsletter. You can subscribe here.

Hint: There is the AFMM March Madness and there is the NCAA March Madness. Of course, AFMM stands for Accounting Firm March Madness.

  • Once you are labeled - the best - you want to stay up there, and you can't do it by loafing around. If I don't keep changing, I'm history.
  • Larry Bird

Friday, February 24th, 2017

Be Sure to Give Your Employees C.R.A.P.

Kortes“From caring comes courage.” – Lao Tzu

It’s not what you think! This method comes from Jeff Kortes. He is an employee retention speaker, author and expert. Kortes has found that employers don’t give their employees enough C.R.A.P. and it is driving away valuable workers. Here’s the CRAP he’s talking about:

C – Caring

R – Respect

A – Appreciation

P – Praise

I became aware of Kortes this week, visited his blog site and thoroughly enjoyed his posts.

I know that in public accounting you are certainly challenged with attracting, developing and retaining people. Perhaps, the first thing you should do is develop a written employee retention strategic plan. Learn more about it, from Kortes here.

  • Caring about others, running the risk of feeling, and leaving an impact on people, brings happiness.
  • Harold Kushner

Thursday, February 23rd, 2017

Signing Bonus

“If we will be quiet and ready enough, we shall find compensation in every disappointment.” – Henry David Thoreau

I often get questions about whether firms are offering signing-bonuses to new college graduates. The answer is, yes.

Signing bonuses were a big deal in the early 2000’s, then in 2008 and for a few years afterwards, the signing bonus was actually not needed and many firms discontinued the practice.

As you can imagine with the intense competition for talent, firms have returned to the practice of signing bonuses. I have observed that they usually run from $1,000 to $3,000.

Often, they are an enticement for a quick response to an offer. If you really have an all-star intern, I would think you would pay more than $3,000.

  • Take free money. No matter how in debt you are, if your employer offers a matching contribution on a 401(k) or other retirement vehicle, you must sign up and contribute enough to get the maximum company match each year. Think of it as a bonus.
  • Suze Orman