the partners want the money; the younger professionals want the meaning.
by steven e. sacks
the new fundamentals
in the famous words of management guru peter drucker, “culture eats strategy for breakfast.” accounting firms are starting to get this message because now they are instituting initiatives that would have been laughed at years ago: a) every day is jeans day, b) shorts when there is no client meeting, c) work from home and d) reduced saturday hours during busy season. and on it goes …
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attracting and retaining quality staff has become one of the top concerns for cpa firms that want to grow and remain competitive. salary is no longer the number one concern for today’s younger professionals. opportunity, responsibility, accountability and a well-defined career path are the motivators. firms are pulling out all the stops to attract professionals who will be viewed as tomorrow’s leaders.
as years go by, you may be keeping your book of business, but that’s about it. your retention rate will reflect this limitation. on the other hand, there are firms that always beat out the large firms for talent in their local market. while the large firms have not lost the allure of their “designer brand,” neither have they dispensed with their “chew ’em up and spit ’em out” way of operating. like the legal profession, if staff can endure the first couple of years, you as a partner will view them as a “keeper.”
“coming together is a beginning; keeping together is progress; working together is success.” – henry ford
today’s new accounting professionals may not want to waste a couple of years when they can find a better opportunity with a better culture and more growth potential. firms cannot afford to ignore the inevitability of departures. there is more job movement; each new position attained represents a stepping stone. but the cost to replace a departing employee my end up costing two to three times the salary paid.
what’s a firm to do?
sure, things change
multigenerational firms comprise
- those people who began with the 18-column spreadsheet and used a comptometrist to value greige goods for an apparel manufacturer,
- those who started with visicalc and lotus 123 (later replaced by excel) and
- those who employ optical character recognition for inputting information.
technology and processes will continue to evolve. what is state-of-the-art today will be tomorrow’s relic. in fact, with the growth of artificial intelligence, the human aspect of human resources will itself become a relic.
whoosh! the sound of rapid change heard daily. last week’s progress has been disrupted this week by new stuff, which shall be superseded by the advances of next week.
whoa. stop for a second. take a breath. the one constant that will remain, for either good or bad, will be the creation of and adherence to culture. without the right culture and shared commitment to values and goals, there is a greater likelihood for the firm to either implode or to be acquired by another firm. the acquirer may be looking for certain talent and will pick off the pieces and leave the carcass to fend for itself. do you know if your firm or company is exposed?
leaders should accentuate the commonalities that exist between the generations and leverage these differences as the firm adjusts to a changing marketplace. firms’ clients will be going through these changes as well, so it is important for your firm to lend an empathetic ear when it comes to management philosophy and shifting attitudes. after all, a professional services firm should be practicing what it preaches.
salary and benefits are important to everyone, but there are other important factors. there is a need to be recognized and appreciated; this is a more important driver for the millennials than their older cohorts. the partners want the money; the younger professionals want the meaning.
it is a fact that no one generation has a monopoly on dreading monday mornings. however, if you created an environment that allows everyone to thrive and feel they are making a difference – irrespective of the level of responsibility – then you have sown the seeds of a strong team culture.
take the temperature yearly
is your staff highly motivated and satisfied? i recommend that firms use an outside consultant to conduct yearly surveys to ascertain the level of employee satisfaction. much can be learned from feedback and allow the gap to narrow between perception and reality. these anonymous surveys can include such areas as leadership, culture and communication, the work environment, relationships with peers and superiors, work roles and professional and personal development. the questions should also allow for open-ended responses.
it’s not enough to collect and analyze the data. the firm’s leaders need to see where the common areas of disenchantment are to rectify the problems. get the firm’s entire staff involved where everyone feels they have an intellectual and emotional investment in the direction of the firm.
consider developing committees to address key issues and allow the chairs of each one to set the agenda. and don’t be fixated on the staff levels; everyone should have an opportunity to lead and drive strategy and set goals. i am not suggesting that a first-year staffer determines whether an acquisition makes business sense. on the other hand, he or she can be involved in the firm’s social media strategy.
action, not just words
direction should not always be from the top down. like a house, it needs a strong foundation. this means the views of the receptionist (i keep emphasizing the importance of this individual) may carry as much weight (if not more) than the managing partner or the partner in charge of the office. the receptionist is not only leadership’s best set of eyes and ears but also projects the initial impression that a prospective client or business partner gets from the firm. think of this as business intelligence and use the information to make the necessary changes.
forget placing a suggestion box in the coffee room. it’s only a prop. if feedback is really encouraged and valued, then institute a process for change. and if the change(s) amount to a win for the firm, recognize the individual(s) whose ideas or efforts made a difference. a small gesture goes a long way.
there are many ways to improve culture. select those practices and have them become part of the fabric of the firm’s culture and philosophy. this will reduce the chances of falling prey to the dreaded-mondays affliction.