Talent Management - Bridging the Generation Gap - NABA Keynote 2015

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Talent Management - Bridging the Generational Gap

Tom Hood, CPA,CITP, CGMA@tomhood

CEO of the Maryland Association of CPAs and the Business Learning Institute

•  We don’t see ourselves as the trophy generation.•  We don’t expect coddling.•  We need leadership and guidance.•  We want a chance to excel…our way.•  You don’t “get” us, we don’t get you.•  Now What?

Goodbye Boomers, Welcome Millennials!

��� Why?

www.blionline.org

Source: CPA.COM Insight into the CPA of the Future Study 2014

Only 8% of CPAs are Future Ready

Future Ready is the capacity to be aware, predictive, and

adaptive of emerging challenges, tech innovations, and trends and changes in business, population,

and social environment.

Only 13% of CPAs Ahead of Curve

Gradual then Sudden

Gradual then Sudden

More Uber cars than yellow taxis on the road in NYC

AirBnB Rooms available surpasses Hilton & Marriott

Two of the world’s biggest oil and gas groups are set to deploy artificial intelligence software to do the work of back-office accountants and call-centre workers, in the latest sign that white- collar jobs could be under threat from the rise of smart machines.

Will your job be done by a machine?

Source: NPR Planet Money, May, 2015

'If the rate of change on the outside exceeds the rate of change on the inside, the end is near.’ – Jack Welch

In the next five years we will TRANSFORM

How we market, sell , communicate, collaborate, innovate, and educate

– Dan Burrus

The Shift Change1. Leadership!2. Learning!3. Technology!4. Generations!5. Workplace!

Millennials Become the Largest Generation at Work

Why all the fuss?

What is the #1 issue facing Business Today?

From: Recruit & Retain ���To: Attract & Engage

# 2 Issue = Retention

12,000 CPAs, 75,000 Comments over 15 years

Common Workplace Conflicts•  Conflicts frequently have generational issues as their cause•  “He is not committed to his job”•  “She does not listen to my ideas”•  “He has a poor work ethic”•  “He does not follow direction”•  “I can’t believe the way he/she dresses”•  “She treats me like my parents”•  “What do you mean I can’t work from home on Friday’s”•  “She does not listen to my ideas”

Consider the following:“What happens when generations define success differently?” “How do the conflicting definitions of success affect how we motivate, coach and encourage in the workplace?”

When Miranda (Meryl Streep) tells Andy (Anne Hathaway) that she is like her, Andy walks away and happily tosses her mobile

phone into a fountain

The Devil Wears Prada

The Danger Zone

Danger Zone

The Research

ü  Flexibility  ü  Team  cohesion  ü  Collabora4on  ü  Supervisor  support  and  

apprecia4on  ü  A  clear  career  path  ü  Social  responsibility  

What  do  millennials  want?  

Workplace of the Future recognizes and supports generational diversity

New generation(born after 1980)

Mid- career(Age 35 – 50)

Experienced workers(Age 50 +)

social  networking  email   instant  messaging  

growing as % of workforceshrinking as % of workforcegrowing as % of workforce

wisdom and intellectual capital of the organization

essential professionals and middle managers

critical to long-term viability and future growth

Source: IBM

Cost of Turnover•  Lowered productivity•  Overworked Remaining Staff•  Lost knowledge•  Training Costs•  Recruiting Fess

150% to 400%

Accounting Students

What  do  you  want  from  your  employer?  

1.  Flexibility & Work/Life Balance2.  Resources for Growth (training &

development)3.  Job Security4.  Diversity & Inclusion5.  Mentorship

What’s  Keeping  young  CPAs  up  at  night?    1. Not  enough  4me  2. Being  reac4ve  vs.  proac4ve  

3. Talent  development  4. Keeping  up  5. Growth  (and  opportunity)  6. Doing  more  with  less  7. Informa4on  overload  

11  things  young  professionals  want  you  to  know  

1.  More  collabora4on.  2.  More  transparency.    3.  Encourage  ini4a4ve.  4.  Focus  on  strengths.  5.  Expect  the  unexpected.  6.  Take  4me  to  save  4me.  7.  Look  beyond  the  billable  hour.  8.  Engage  your  team  in  your  vision.  9.  Be  realis4c.  10. Train  your  staff  and  expect  accountability.  11. Take  a  financial  risk  on  leadership.  

•  Continued emphasis on the baby boomer values related to work and leisure patterns is a guaranteed recipe for failure. 

•  Current role modeling continues to support the image of the partner that take everything onto their shoulders with super human levels of hours devoted to work. Slow to leverage and slow to develop those coming up behind them. 

•  Current role models are one of the primary reasons firms suffer from turnover of top talent and a lack of interest in the partner track.

Current partner role modeling is driving top talent out of firms 

Generation Gap or Generation LapIn 1997, young people for the first time were recognized by adults as

being authorities on something truly revolutionary – digital

technology, interactive media, and COLLABORATION.”

- Don Tapscott Grown Up Digital

"The speed of change makes you uncomfortable on a regular basis," he says. “ You want to feel confident in the last 15 years of your career that after 25 or 30 years of effort, it's just going to work," he says. "But it isn't so. And I don't think you ever get over the fear of not knowing.” – Doug Gould, Ad Exec WSJ

Generation Gap or Lap?

��� # What Now

The challenge & opportunity is to make the shift from the first curve to the second curve at the right time and with the

right strategy

The 5 C’s to Make the Shift Change1. Culture2. Career Paths3. Competencies4. Curriculum5. Cloud

From: To:Hierarchy NetworkTransactions RelationshipsEfficient EffectiveWell managed Well ledCommand & Control Connect & Collaborate

Push PullGood Great

Leadership

Learning• Social • Mobile / Nano • Cloud • Collaborative • Competency-based

Technology• Social • Mobile / Nano • Analytical"

Cloud • Collaborative

How Generations View the Workplace

Source: Jones, Lang LaSalle

Work is not a place you go, it is what you do…

ANDWhat you do while

working is fundamentally different…

Workplace

In other words…

What got you here won’t get

you there

Work/Life Integration

The 5th Generation

From Career Ladder to Career Lattice

TWA���Tailored Work Arrangements

•  Flexible Work Schedules•  Compressed Workweek•  Part-Time Schedule

Beware of the Guilt Vampires

The talent war is over, the talent won! - Josh Bersin

Creating the Magnetic Firm

Purpose Driven Great Leadership

Inspiring Workplace

GrowthCulture

Vision, Purpose and Values based

Transparent and Inspirational Leadership

Flexible and Open Work Environment

Learning Culture- Self and Formal Development

Focus on Strengths and Positivity

Build Consensus and Commitment

Work/Life Balance Career & Growth Orientation – Career Paths

Hire for Culture Fit Leadership Development at all levels

Time to think Inclusive and Diverse

Performance Management

Coaching and Feedback

Effective Technology Tools

Collaborative

Winning the War for Talent

1.  Align Talent & Leadership Strategy to Business (Culture)2.  Define the Career path3.  Prioritize Critical Competencies (Technical & Success Skills)4.  Create a Curriculum Matrix & Map Content5.  Define and Develop Governance and Accountability6.  Communicate & Inspire

MACPA Generational Symposium1.  Build cross-generational work

teams (collaborate, include, fun)2.  Communication & feedback3.  Involve in organizational purpose4.  Define work-life success in your

organization5.  Embrace technology

In times of disruption,the bridge builders win!

- Nicholas Carr

If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today

Tom Hood, CPA, CITP, CGMA

•  CPA Practice Adviser Accounting Hall of Fame •  Named the Second Most Influential in Accounting by

Accounting Today Magazine 2013•  Top 150 Influencer by Linked-In•  Top 25 Influencers in Learning & HR by HR Examiner•  Top 25 Public Accounting Thought Leaders by CPA Practice

Adviser•  Working on Learning Management with AICPA/CPA2Biz,

Cloud Curriculum, Performance Management /XBRL, Leadership & Generations

CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org

http://www.linkedin.com/in/tomhood/