Bridging the Generation Gap

Source: AICPA CPA Insider

The following includes excerpts, reproduced with permission, from an article by Jennifer Wilson.

To be successful, firms must develop a culture designed to attract and retain the young. To achieve this, firm leaders must reconcile the differing views of the distinct generations present in their firms. Here are some ways to use this information as a firm leader:

• Create cultural empathy by making sure that your firm's leaders and managers understand the differences in philosophies and approach.
• Form a cross-generational advisory board to discuss the firm's culture in light of generational differences. Develop a list of two or three top cultural changes the firm should consider to reconcile differences.
• Conduct CPA firm practice economics education so all generations understand how the firm makes money. Engage younger generations in dialogue about how to work with more flexibility and technology, while preserving the firm's profitability.
• Stop managing your people based on time and instead use revenue contribution as a measure of success. When you speak in terms of hours and time, both Gen X and Y tend to feel you are impinging upon their commitment to work-life balance.
• Share more information so that younger generations are more likely to feel more a part of the firm and exhibit more ownership. Give them context for their work and assign meaningful, challenging projects.
• Evaluate the ROI of working at your firm from a millennial viewpoint. Make sure that they are getting more than they're giving, so their “work transaction” with your firm makes sense to them.
• Don't talk in terms of lifetime employment to your youngest people. Tell them how much value they add to the business and that you'd like them to grow with the firm. Ask them what they'd like to see in their future.

For the complete article, read “Reconciling the differing views of the distinct generations.”

From AICPA CPA Insider, June 18, 2012, http://www.CPA2biz.com.