The Profession is Changing. Are You Ready to Change?

Source: CPA Practice Management Forum

Leslie Murphy, group managing partner at Plante & Moran, Southfield, Michigan, provides a comprehensive review of expected changes in the accounting profession and their impact on firms and individuals.

• Staffing is, and will remain, the biggest problem for CPA firms. Firms must respond:
  • Employees need mentors.
  • Orientation programs are essential. New hires expect them and won't be patient with firms that don't offer them.
  • Firms must learn to make staff feel valuable.
  • Work/life flexibility programs must increase. Staff will want to design their own flexible work programs, rather than choose from a schedule set by the firm.
  • Young people want to move up quickly. They aren't satisfied with repetitive work. They want to have an impact—now. Staff want to progress at their own rates.
• Technology changes will be needed:
  • In communication—to accommodate social networks and global workers.
  • As staff performs more work from remote locations. This will also require more opportunities for social connections.
  • To increase productivity.
• Compensation systems will change to improve links between pay and performance. Bonus payments will be more frequent than annual. Performance measurement will become more difficult because of the need to evaluate people during shorter time periods.
• Baby boomers aren't planning their exits—not all will be able to merger or sell their firms, so they must plan for succession from within. This means learning how to develop new leaders and business developers.
• Cultural and language differences will require innovation in communicating and relating to each other. Because of diversity, teamwork and mentoring will have to change.
• Women in the firm will increase, and men will have increasing commitments to family. Work/life balance will be available to all staff.
• Four generations in the firm will require people to adapt. The youngest generation will want exciting work and up-to-date technology, and will be less loyal to firms.
• Clients will demand increasing niche expertise.
• Global factors will change types of services offered. Multi-cultural issues will become more prevalent.
• Young people accustomed to community outreach programs will expect their employers to commit to community involvement.
• Office layouts including more meeting space will change to accommodate remote workers.
• Young workers will demand that employers adopt green policies.

From CPA Practice Management Forum, CCH Incorporated, 800-449-8114, September 2007. For the complete article, click here.