February 2020 Transformation Survey: Employee Transformation

“Transforming while performing” is the mantra of firms today, ensuring current performance while re-tooling and re-engineering the firm for the future.

In February, IPA began gathering information on staff transformation in a mini-survey series. Here are a few results from the 49 respondents, mostly MPs, firm administrators and human resources leaders.

What does employee transformation mean for your firm?

1) Increased Technology Training

2) Cultural Changes

3) Focused Retraining / Reskilling Firmwide

4) Hiring Staff with Talents Beyond Traditional CPAs

5) Updating Firm Processes

6) More Clearly Defined Firmwide Strategy

7) Accelerating Advancement Opportunities for Staff

8) Firm Structural Changes

9) Rethinking who can be Admitted to Equity Partnership

10) Flattening / Changing the Traditional Organizational Chart

Currently, where is your firm in the process of employee transformation?

1) Exploring Options and Needed Changes

2) Have Implemented Plans in Some Departments

3) Creating a Plan, But Have Not Implemented Yet

4) Have Successfully Implemented a Firmwide Plan

What specific skills / changes are needed to meet the challenges your firm is facing?

1) Increased Firmwide Innovation

2) Increased Employee Engagement

3) Career Development Coaching and Advice

4) Cross-Functional Collaboration

5) Increased Agility

6) Redesign of Firm Processes

7) Increased Technical Skills Firmwide

What metrics / indicators does your firm use to track your transformation efforts?

1) Profitability Metrics

2) Employee Retention / Turnover

3) Employee Engagement

4) Productivity Metrics

5) Positive Behavioral Changes (firmwide)

What challenges is your firm facing in the process of employee transformation?

1) Lack of Clear and Defined Strategy

2) Partner / Owner Resistance

3) Unavailable Talent

4) Cultural Resistance

5) Financial Constraints