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Career Management in a Knowledge Based Economy

Ernst & Young Faculty Virtual Presentation. Career Management in a Knowledge Based Economy. January 11, 2007 3:00-4:30PM est. Audio Features. Press *0 for technical support. Using the Q&A Feature. If you don’t see the Q&A panel: click the Panels drop-down and select Q&A.

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Career Management in a Knowledge Based Economy

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  1. Ernst & Young Faculty Virtual Presentation Career Management in a Knowledge Based Economy January 11, 2007 3:00-4:30PM est.

  2. Audio Features • Press *0 for technical support

  3. Using the Q&A Feature • If you don’t see the Q&A panel: click the Panels drop-down and select Q&A. • To expand the viewing area: close the Participant panel. • To send a question: • Type your question in the field near the bottom of the panel. • Make a selection in the Ask field (default selection is recommended). • Click Send.

  4. Responding to Polls • Polling panel appears to the right of the slide area. • Make your selection. • Click Submit. If you are unable to complete a poll due to technology issues, send a Q&A message immediately.

  5. Receiving CPE • If you are logged into the webcast, your attendance will automatically be recorded. • Participate for a minimum of 50 minutes to start earning CPE credit. • Respond to ALL polling questions. • A certificate of completion will be e-mailed to you within 4 weeks of the program, based on your attendance.

  6. Agenda • Focus of the study: Our marching orders • Methodology • What attracts professionals to E&Y • Why professionals consider leaving • Work-life balance • Career stages and professional growth

  7. Agenda (continued) • The timing of separation from E&Y: It sometimes pays to stay a little longer • Landing a top job after leaving • Salary implications for those who leave • Boomerang employees • Please take me back…on my terms • Changing needs at different career stages • Discussion/Q&A along the way

  8. Focus of the study: Our marching orders • Identify the factors that attract professionals to E&Y as an employer of choice • Examine the career aspirations and ambitions of employees who join the firm • Determine the range of factors that contribute to leaving the firm • Examine the career progress and financial situation of those who elect to leave • Look at the boomerangs’ decisions to return

  9. Methodology • Examine archival data of 43,000 professionals employed between 1995-2005 • Interviews with 30 past and present E&Y professionals • On-line survey of 4,698 current employees (43.3% response) • On-line survey of 19,875 US alumni and 3,201Canadian alumni (16.1% and 27.9% response) • On-line survey of 980 boomerang employees (43.5% response)

  10. Attraction to E&Y 80 70 60 50 Current Boomerangs 40 Percentage of Respondents Alumni 30 20 10 0 Reputation Culture and People Learning and Nature of the work Location Development Opportunities What attracts professionals to E&Y

  11. Early career goals The pattern reflects a relatively short term career perspective.

  12. Longer term career plans: data from current employees • 41% are unsure how long they plan to stay at E&Y • 18% plan to stay with the aspiration of making partner • 5% plan on staying with the aspiration of making senior manager • 10% plan on staying with the goal of making manager

  13. Longer term perspective—by current rank

  14. The decision process to stay or leave REASONS TO STAY REASONS TO LEAVE

  15. Most Valuable Experiences 90 80 70 60 Current 50 Percentage of Respondents Boomerangs 40 Alumni 30 20 10 0 On-the-job Exposure to Technical Non- Informal Working training or different training technical mentoring with a experiential clients training diverse learning group of colleagues Reasons to consider staying Building intellectual capital is a major reason to stay

  16. Reasons to consider leaving—by gender (current employees) Achieving a better work life balance is a major reason to leave

  17. A closer look at work-life balance—from archival data 2003-2005 (22,856 cases) TRENDS IN HOURS 2003-2005 1500 1250 1000 MEAN 750 HRS/YEAR 500 250 0 2003 2004 2005 1293.46 1335.91 1387.11 CHG 280.52 313.59 330.91 OT 113.14 108.74 98.17 VAC YEAR Chargeable and overtime hours increasing, vacation hours decreasing (1.6% took no vacation hours/days in 2005)

  18. The actual motivation to leave—based on alumni and boomerang data

  19. Career stages and professional growth—based on alumni sample At what career stage did you gain the most while employed with the firm?

  20. Career stages and professional growth—based on alumni responses In retrospect, should you have stayed longer with the firm? A bit of post decision regret

  21. The timing of separation from E&Y: Landing a top job after leaving E&Y • Seniors had a .15 (15%) chance of obtaining a top job • Managers were 1.8 times more likely to obtain a top job compared to seniors • Senior managers were 5 times more likely to obtain a top job compared to seniors • Principals were 14.7 times more likely and partners were 19.5 times more likely to obtain a top job compared to seniors Controlling for demographics, work experience, and other factors related to upward mobility, a logistic regression analysis was used to examine the likelihood of getting a top job (CFO, CEO, Partner, Bus. Owner, etc based on rank at departure from E&Y)

  22. The timing of separation from E&Y:The financial consequences of staying longer—alumni data Current salary for alumni who left the firm at different levels Salary was computed controlling for age, gender, years of service, years in the workforce, and other factors

  23. The timing of separation • Financial consequences • Those who left at rank of managers made 45% more than those who left at rank of staff • Those who left at senior manager rank made 47% more than those who left at manager rank All things equal, it pays (very well) to postpone separation and build intellectual and managerial capital.

  24. The timing of separation from E&Y • A couple of quick conclusions • Postponing separation could increase the prospects of landing a high level position outside the firm • Postponing separation could increase the probability of commanding a higher salary outside the firm • One quick implication • Sharing survey data with current employees could influence their career decisions

  25. Boomerang employees Why they came to E&Y Why they came back Why they left E&Y How they reconnected Where they went and how long they stayed

  26. Boomerang employees • Why they came • Same reasons as others (reputation, culture, learning, nature of work) • Why they left • Feeling of burnout (41%): Fewer hours (40%) • Higher salary (33%); Total compensation (31%) • Lack of sponsorship in the firm (29%) • More interesting and challenging work (27%) • Personal reasons (spouse relocation) 26% • Concerns about career prospects (24%)

  27. Boomerang employees • Where they went • Internal auditing in another industry (36%) • Out of the workforce (13%) • Smaller accounting firm (12%) • Another Big 4 firm (11%) • Non accounting career (10%) • How long they stayed away • Less than one year (40%) • Between 1-3 years (29%) • More than three years (31%)

  28. Boomerang employees • What they did while away • Senior manager (24%) • Manager (33%) • Senior (31%) • Staff (12%) • How they reconnected • Alumni network contacts • Personal relationship with former colleagues • Former manager often instrumental

  29. Boomerang employees Boomerang employees were 2.5 times more likely to be on flexible work arrangements than non boomerang employees.

  30. For the firm Attract talented professionals who know the culture Recoup investments in selection, training and development Bring back individuals with realistic job previews—important in long term retention For the returning employee An opportunity to renegotiate hours of work, job assignments, location, career paths and compensation—leading to a better person-organization fit. A new appreciation that the grass is not always greener in other pastures The implications of the boomerang data: a potential win-win

  31. Stage Early career…………………. After 4 years………………… Years 1-8……………………. At the managerial stage……. Career need Big 4 experience, complete CPA Feedback and career counseling Help balancing work and non-work demands, feeling appreciated, guidance on the value of continuing Career options discussion Changing needs at different career stages Going forward, the importance of managers, counselors and mentors, recognizing both career stage issues and diversity of needs across individuals.

  32. That’s it in a nutshell Your questions, comments, and reactions?

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