Wednesday, March 12th, 2014

Millennials – Those 33 and Under Inside Your CPA Firm

Last week Pew  Research released the results of a new study focused on the Millennial generation.

One of the findings could mean a lot inside your CPA firm. The issue of trust:

Millennials have emerged into adulthood with low levels of social trust. In response to a long-standing social science survey question, “Generally speaking, would you say that most people can be trusted or that you can’t be too careful in dealing with people,” just 19% of Millennials say most people can be trusted, compared with 31% of Gen Xers, 37% of Silents and 40% of Boomers.

When I see a group of partners who truly seem to trust each other, their firm excels. If I encounter an administrative team inside a firm that trust each other, they provide amazing service to their internal and external clients.

In the majority of firms I encounter, I do not see an outstanding culture of trust.

In Patrick Lencioni’s book, The Five Dysfunctions of a Team, he identifies Absence of Trust as the foundational dysfunction. Trust is the foundation of real teamwork.

One major factor in the lack of trust culture inside CPA firms is the issue of inclusion. Young people are excluded from many management activities and conversations. Partner meet, managers meet and the rest of the accounting team just wonders what they are meeting about.

Include your Millennials. They are the ones 33 and under. They have great ideas and a unique perspective.

  • "I'm not upset that you lied to me, I'm upset that from now on I can't believe you."
  • Nietzsche

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