Its Impact on the Future of the Firm
“If you ignore creating a culture, you will have one anyway.”
Roughly 10,000 baby boomers will cross the threshold to age 65 every day through 2030. With too few members of Generation X available to replace baby boomers, millennials (those born between 1981 and 2000) will take on more responsibilities at a younger age. Is your firm ready for this transition? Do you have a firm culture that will attract the best and brightest talent?
The PICPA has compiled a comprehensive report on firm culture and its impact on the future of accounting firms. These were the main findings:
- More leadership and partner development is needed.
- There is disconnect between genders and generations.
- Effects of demographic shifts will be significant.
- Succession planning is still not happening in all firms.
- Adapting to the new normal is important.