Firm Culture

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.

Sources:

PICPA Members

Surveyed 1,000 members working in public accounting

AICPA Research

A The PCPS CPA Firm 2013 Top Issues Diagnostic Report

Industry Experts

CPA Consultants Alliance
The Rainmaker Companies
Hinge Research Institute

Accounting Issues & Trends

A Diversity White Paper
Practice Management
Next Generation Leadership Training

Highlights of the Firm Culture White Paper

Some Key Issues Affect All Age Groups

Differences exist amongst generations. But instead of viewing these differences as roadblocks, perhaps firm leaders can look to find ways to leverage the strengths and expertise of each generation to give their firms success in the long term.

Read more.

Long Term Career Goals

Be more than just a stepping stone.

Employment trends show that many CPAs are not simply rejecting the partnership track at their firms, but rather rejecting a career in public accounting.

A significant number of millennials had their sights set on moving to a position in business or industry before they even graduated college.

Read more.

Benefits

Survey results and industry reports show that while money and time are by far the primary motivators, other factors are at play. Find out which benefits are most important to PICPA members.

Read more.

Women in Accounting

Are women leaning out instead of in? There’s a clear male/female divide regarding long-term career goals within firms. More than 55 percent of males plan to retire from their firm, but just 34 percent of females envision the same.

Read more.

Succession Planning Is Still Not Happening at All Firms

When a firm loses valuable staff members at the senior and manager level because it is unwilling to adjust to the changing needs of staff of all ages, then a leadership void is created. This becomes a major source of uncertainty for those firms who want to remain independent.

For those considering a sale, the loss of human capital devalues a firm, potentially limiting its options on the mergers-and-acquisitions front.

Read more.

Recognize What Others Value

CPA firm culture may be changing, but so is the culture at many other businesses. Existing and potential clients not only evaluate a firm’s fees, expertise, and experience, they also want to work with firms who share their values and visions.

Read more.

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