INSIDE Public Accounting and ConvergenceCoaching Study Young Public Accounting Professionals; Release The Road to Retention

Given the importance of Millennials and Generation X to the future of the CPA profession, INSIDE Public Accounting and ConvergenceCoaching have analyzed input from more than 700 young professionals at CPA firms across the country, providing a focused look at what it takes to engage and retain these key team members.FrontCOVER_

You may download the Road to Retention Report.

An extensive survey was sent to young accounting professionals aged 21-40 in October, and the results have been analyzed to help firm leaders develop strategies to attract and retain this crucial demographic given that baby boomers are retiring in record numbers.

“We are excited by the insights gained by surveying young professionals in the profession. Some of the biggest insights gained include the continued pressure on the work hours expected and the young professionals’ desire for flexibility and work/life balance and the differences in motivators and engagement by gender and age,” says Kelly Platt, principal and managing editor at INSIDE Public Accounting.

“Firm leaders must continue to study the motivators and desires of their younger professionals,” says Jennifer Wilson, co-founder and partner at ConvergenceCoaching, LLC.  “This report will provide important insights into the things professionals most appreciate about their work – and leaders – in public accounting, and also highlight areas where they are less content,” continued Wilson.  “And, the report provides ideas for change that firm leaders should consider based on the feedback.”

HERE’S WHAT YOU WILL FIND INSIDE THE REPORT

  • 80% of respondents were from the all-important Millennial generation, aged 21-33, with 20% coming from the 34-40 age group. Male and female respondents were about evenly split at 51% and 49%, respectively.
  • 18% of respondents were from IPA Best of the Best firms. Their aggregate responses were broken out separately.
  • Key differences are outlined for CPAs and non-CPAs; men and women; younger and older professionals; and for respondents with varying levels of experience.

FINDINGS INCLUDE:

  • The most important factors that respondents say will determine whether they stay in public accounting
  • The most and least enjoyable aspects of work
  • What young professionals admire about mature professionals
  • Unique challenges encountered by young professionals
  • Information young professionals would like to be more exposed to
  • Biggest misconceptions about younger professionals (from their perspective)
  • Young professionals’ ideas to help different generations work better together

Learn what young professionals like and dislike most about their work, how they would change the workplace, their feelings about becoming a partner and the “stay factors” that would keep them in public accounting.

More than just numbers and graphs, the report also contains dozens of productive comments from young professionals about performance feedback, open communication and obstacles they face.

The report provides specific ideas on what firm management can do with this information to improve their firms and retain these future leaders. Some of these suggestions are inexpensive and easy to implement.

You may download the Road to Retention Report.

About INSIDE Public Accounting

INSIDE Public Accounting (IPA), founded in 1987, is published by The Platt Group. The Platt Group publishes both the award-winning INSIDE Public Accounting newsletter and the award-winning National Benchmarking Report. The Platt Group also consults with firms to help them become more successful. The Platt Group works with managing partners, CFOs and thought leaders across the nation to provide practical ideas, benchmarking data and information to take firms to the next level of improvement. For more information, to schedule an interview, or to inquire about presentations at meetings or retreats, please contact Chelsea Page at (317) 733-1920; info@plattgroupllc.com.

About ConvergenceCoaching

ConvergenceCoaching LLC is a national consulting firm dedicated to developing leaders and transforming teams through coaching and practice consulting – including retreats, strategic planning, and training. For over 16 years, ConvergenceCoaching has worked tirelessly to help develop CPA leaders build better practices, manage higher performance teams and achieve success. ConvergenceCoaching helps firms prepare for and manage change including those related to generational impacts as baby boomers transition out of leadership positions and the workplace, and as the Millennial generation transitions in. ConvergenceCoaching is helping to shape the conversation around anytime, anywhere work programs to address the increasing demand for flexibility and autonomy in the way professionals conduct their work. ConvergenceCoaching is committed to pioneering ways to support and embrace the next generation firm.