Millennials are one-of-a-kind generation. They have a completely different set of aspirations and priorities. They don’t stick to one job for a long time and switch companies (even professions) rather quickly. Naturally, employers find it hard to retain them. In fact, they are struggling to do so.
The accounting industry is not immune; talented millennial CPAs are hard to find and retain. Accounting firms and financial institutions are aggressively looking for a solution for this. Perhaps, following the tips given below might help them:
1. Create work-life balance A recent survey by PwC reveals that 95% of millennials believe work-life balance is important to them when it comes to evaluating job prospects. In an age and time where communication is available 24/7, it becomes all the more important to create and follow a balanced work schedule. If businesses can offer options such as work from home, holiday benefits and flexible timings to millennials, there’s nothing like it!
2. Promote a transparent culture While it is important for businesses to be transparent about their financial reporting, millennial CPAs will prefer to be associated with accounting firms which not only openly lay ahead their growth trajectory but also give ample opportunities to millennials to grow in their respective positions.
3. Identify processes to work smarter Millennials focus more on productivity. They are more respective to companies where work processes are automated or give the liberty to put the processes on automation mode. Anything that ensures the overall efficiency of the company and fights the competition better is what attracts the millennials.
4. Embrace technology Technology rules the 21st century. For millennials, state-of-the-art technology is the key factor when assessing a potential employer. Quite interestingly, most financial executives feel their companies fall short in the area of technology innovation, states a study by SAP. Therefore, to be equipped with the latest tech is necessary to be able to attract millennial CPAs.
5. Ensure proper infrastructure This holds true for any organization. If it doesn’t have the right infrastructure and facilities in place, it will be difficult to retain any new hire for long. In the case of an accounting firm, making sure information is collected, interpreted and delivered in a timely manner is paramount. Therefore, it is important for it to invest on the infrastructure – if it wants to attract and retain millennial CPAs.
6. Appreciate increased communication From recruiting and on-boarding fresh talent to retaining them with the use of real-time communication is crucial to a business’ stability. Financial departments should understand that with increased exposure to communication, they can show millennials that they are open to embracing new technologies and processes.
Companies which not just appreciate different channels of communications but also embrace them would definitely get a thumbs up from the millennial CPAs.
As an accounting firm, what other ways do you suggest to attract and retain talented millennials?