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Findings from Our 2016 Anytime, Anywhere Work™ Survey and The IPA Road To Retention Survey

Findings from Our 2016 Anytime, Anywhere Work™ Survey and The IPA Road To Retention Survey. Facilitated by: Jennifer Wilson and Tamera Loerzel October 7, 2016 #CCLLC, @JenLeeWilson, @TameraLoerzel. “To win in the marketplace you must first win in the workplace.”. Doug Conant

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Findings from Our 2016 Anytime, Anywhere Work™ Survey and The IPA Road To Retention Survey

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  1. Findings from Our 2016 Anytime, Anywhere Work™ Survey and The IPA Road To Retention Survey Facilitated by: Jennifer Wilson and Tamera Loerzel October 7, 2016 #CCLLC, @JenLeeWilson, @TameraLoerzel

  2. “To win in the marketplace you must first win in the workplace.” Doug Conant Former President and CEO, Campbell’s Soup

  3. The Road To Retention • In late 2015, ConvergenceCoaching partnered with INSIDE Public Accounting to conduct a survey designed to learn the motivators, values, aspirations and changes to the profession most desired by young professionals • 723 young professionals ages 21 to 40 participated • Together with INSIDE Public Accounting, we published “The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals.”  • The feedback was both encouraging and enlightening for the areas where firms are successful or can improve

  4. Top Factors To Stay In Public Accounting • The top factors that affect whether young professionals stay in public accounting include: • Work-life balance – 1.7 • Compensation – 1.8 • Advancement potential – 1.9 • Flexible scheduling – 1.9 • Peers or coworkers – 2.1 Source: The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals A Joint Survey from Inside Public Accounting and ConvergenceCoaching, LLC

  5. Top Factors To Stay In Public Accounting • Appreciation and recognition – 2.1 • Retirement plans / Benefits – 2.3 • Relationship with firm leaders – 2.3 • Quality of clients – 2.4 • Educational opportunities – 2.6 • Community service opportunities – 3.3 • Work-life balance was the top factor in staying in the profession (and flex scheduling was fourth) • This should be a wake-up call to firms who haven’t made strides in enhancing this area! Source: The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals A Joint Survey from Inside Public Accounting and ConvergenceCoaching, LLC

  6. Most And Least Enjoyable Elements Of Public Accounting

  7. What Do Young Professionals Like? • Young professionals most enjoy these elements of work: • Working directly with clients – 63% • Firm culture – 61% • Working collaboratively as part of a team – 52% • The constant challenges and changes – 49% • Working independently – 44% • Learning about the industry or enterprise they serve – 40% Source: The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals A Joint Survey from Inside Public Accounting and ConvergenceCoaching, LLC

  8. What Do Young Professionals Like? • Relationships with top management – 35% • Technology making it easy to work any time – 32% • Firm values – 29% • The impact of their work – 28% Source: The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals A Joint Survey from Inside Public Accounting and ConvergenceCoaching, LLC

  9. What Don’t Young Professionals Like?

  10. Generational And Gender Insights

  11. Generational Insights • How do they feel about their more experienced leaders? • Young professionals cited the respect and admiration that they have for leaders and a desire to learn more from them • They want more communication and opportunities for development and mentoring • Young professionals don’t want to be viewed as entitled and impatient, but do want to learn and contribute to the firm and their team’s goals • Respondents wish to see more empathy shared among all generations Source: The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals A Joint Survey from Inside Public Accounting and ConvergenceCoaching, LLC

  12. Gender Differences • Women start out feeling their skills are properly utilized, but this drops off as they progress. • Men strongly agree that their firm recognizes and makes full use of their skills and this feeling increases with the years of experience, from 39% to 45%. It’s the opposite for women, where the feeling that their firm makes good use of their skills declines as they age, from 47% to 38%. • Females become less certain of what it takes to advance with age. Of women aged 21-33, 45% strongly agreed that they know what it takes to advance in their career, but this declined to 34% for women ages 34-40.This murkiness on the path to partner was an issue for men, too. Source: The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals A Joint Survey from Inside Public Accounting and ConvergenceCoaching, LLC

  13. Gender Differences • As women progressed, their respect for firm leadership declined. As men progressed in their careers, their respect for firm leadership grew. • Fewer women plan to become partner than men. Of female respondents,32% indicated that they plan to become partner compared with 51% of their male counterparts. Source: The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals A Joint Survey from Inside Public Accounting and ConvergenceCoaching, LLC

  14. Gender Differences • Other notable responses from women: • For women, the feeling that their workload is reasonable declined as they mature, moving from 39% to 28%, while men’s feelings that their workload is reasonable increased from 35% to 42%. • Cited work-life balance and flexible scheduling as the #1 and #2 most important attributes that determine if they’ll stay in public accounting • They’d like to see their firms improve in competitive benefits and providing a reasonable workload Source: The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals A Joint Survey from Inside Public Accounting and ConvergenceCoaching, LLC

  15. Gender Differences • Notable responses from male participants: • Cited work-life balance and compensation as #1 and #2 most important attributes that determine if they’ll stay in public accounting (career advancement was a close third!) • They’d like to see their firms improve in innovation and in involving them in the firm’s vision • Their understanding of what it takes to advance lessens with age Source: The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals A Joint Survey from Inside Public Accounting and ConvergenceCoaching, LLC

  16. 2016 Anytime, Anywhere WorkTM Survey Results

  17. Our Anytime, Anywhere Work Survey • Earlier this Spring, ConvergenceCoaching launched our 3rd annual Anytime, Anywhere Work survey • We received responses from 160 public accounting firms • 61% of respondents were either HR professionals or Firm Administrators • 20% were Managing Partners or CEOs • The remainder were Partners, Managers or Marketing professionals

  18. Participant Firm Size

  19. Flexing Time • 97% of the firms surveyed allow team members to flex hours with programs like flexible start and end times, part-time schedules, 4-day work weeks, etc. • 68% allow these benefits with no disclaimer • 29% allow team members to flex time but only on a limited, informal, or case-by-case basis • 2% don’t allow these benefits • 1% are thinking about offering them

  20. Core Hours Policy • 61% of the firms surveyed have a core hours policy • 34%don’t have a core hours policy • 5%of firms surveyed are thinking about implementing a policy

  21. Core Hours Policy

  22. No Mandated Saturdays • 39%no longer mandate Saturday office hours • This result was 36% in 2015 • 58% of firms still mandate Saturday office hours, either through firm policy or by holding team meetings or other mandatory events on Saturday mornings • 3%are thinking about eliminating mandatory Saturday office hours

  23. No Mandated Saturdays • 50% of the firms who do mandate Saturday hours allow team members to work them from home

  24. Fridays Off In Summer • 51%offer some sort of Fridays off benefit during the summer • 22% close the office for a partial or full day every Friday during the summer • 9% close the office on some Fridays during the summer • 20% keep the office open and take turns working Fridays • 43% do not offer this type of benefit • 6%of respondents are thinking of offering this benefit

  25. Unlimited Time-Off Programs • 5%offer an unlimited time-off program • 82% do not offer this type of benefit • 13% are thinking about offering this type of program

  26. Other Full Production Flex-Time Programs • Day-to-Day Flex Time • Early Start / Late Start • Compressed Work Week • Flexible Non-Core Hours • No Mandatory Saturdays • Shortened Work Weeks During Non-Peak Times (i.e. Fridays Off) • Unlimited PTO

  27. Partial-Production Flex-Time Programs • Part-Time • 40 Hour Work Week (Zero Overtime) • Reduced Hours Off-Peak

  28. Flexing Place • 94% of firms indicated they allow team members to choose their place of work with programs like work-from-home, work from a remote location, drop-in offices, etc. • 45%allow these benefits with no disclaimer • 49%allow team members to choose their place of work but only on a limited, informal, or case-by-case basis • 6% don’t allow these benefits

  29. Work-From-Home • 84% of firms indicated they allow team members to work from home • 40%have team members who regularly work from home • 44%have team members who occasionally work from home • 14% do not offer this type of benefit • 2% are thinking about offering a work-from-home program

  30. Remote Workers In Another Geography • 42%retained a team member who moved to another geography to continue working for the firm • 15%recruited an employee from another geography to work remotely for their firm • 42% do not offer this type of benefit • 1%are thinking about employing remote workers in another geography

  31. Flex of Place – Types Of Programs • Day-to-Day Anywhere Work • Work from Home • Remote Team Members • Drop-in Offices • “Virtual offices locations” may be more cost-effective in some geographic areas (rather than expanding office space in your LA office) • Public Location Drop-in • Working from the Client’s Office • Virtual Audit Work

  32. Develop A Policy

  33. Positive Results

  34. Negative Results

  35. Thank You! • Contact us at any time and connect with us: Jennifer Wilson (402) 933-2900 Jen@convergencecoaching.com http://www.linkedin.com/in/jenniferwilsonprofile http://twitter.com/JenLeeWilson Tamera Loerzel (952) 226-1780 tamera@convergencecoaching.com http://www.linkedin.com/in/tameraloerzel http://twitter.com/tameraloerzel

  36. Resources

  37. ConvergenceCoaching Resources • ConvergenceCoaching’s web site includes information at: • www.convergencecoaching.com • Read our Coaching Concepts newsletter: • http://www.convergencecoaching.com/coachingconcepts/ • Visit our blog for posts on these topics: • www.convergencecoaching.com/blog • Visit our learning center for access to additional courses and our Leadership and Communication, HR, Marketing and Sales Toolsets: • http://www.convergencelearning.com

  38. ConvergenceCoaching Resources • Visit us on Facebook: • http://www.facebook.com/convergencecoaching • Visit us on LinkedIn: • https://www.linkedin.com/company/convergencecoaching-llc • Visit us on Google+: • https://plus.google.com/+Convergencecoaching • Visit us on Instagram: • https://www.instagram.com/convergencecoaching/

  39. Inside Public Accounting Survey • “The Road to Retention: Motivators and Drivers for Young Public Accounting Professionals” by Inside Public Accounting and ConvergenceCoaching, LLC • http://blog.insidepublicaccounting.com/2016/06/inside-public-accounting-and-convergencecoaching-study-young-public-accounting-professionals-releases-the-road-to-retention/

  40. Cultural Resources • “2011 PCPS Top Talent Survey” • http://www.aicpa.org/interestareas/privatecompaniespracticesection/humancapital/downloadabledocuments/toptalentstudy2011.pdf • “A Dozen Public Accounting Ideas That Don’t Work Anymore” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2013/CPA/Jun/AccountingIdeas.jsp • “Are Mandatory Saturdays A Thing Of The Past?” by Jennifer Wilson • http://www.convergencecoaching.com/are-mandatory-saturdays-a-thing-of-the-past/ • “Does Your Firm Have A Vision For Its Future?” • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2012/CPA/Jan/VisionForFuture.jsp

  41. Cultural Resources • “The Eight Attributes of High Functioning Firms” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2014/CPA/MAY/high-functioningfirms.jsp#.U39BSPldWoV • “Engage Your People By Being Grateful” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2010/CPA/Dec/BeingGrateful.jsp • “Engaging for Success: Enhancing Performance Through Employee Engagement” • http://dera.ioe.ac.uk/1810/1/file52215.pdf • “Failure is a Good Thing – Really!” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2014/CPA/Jan/GoodThing.jsp • “Firms Continue to Migrate Away from Time and Place” by Jennifer Wilson • http://www.convergencecoaching.com/firms-migrate-away-from-time-and-place/

  42. Cultural Resources • “Five Simple Steps To Ensure Expectations are Met” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2013/CPA/Nov/ExpectationsMet.jsp • “Five Ways To Demonstrate True Ownership” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2013/CPA/Dec/TrueOwnership.jsp • “Great Leaders Gather Feedback” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2012/CPA/Apr/LeadersGatherFeedback.jsp • “Harness the Power of Team” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2011/CPA/Mar/HarnessPowerTeam.jsp • “Having It All Isn’t Just a Women’s Initiative” by Tamera Loerzel • http://www.convergencecoaching.com/having-it-all-isnt-just-a-womens-initiative/

  43. Cultural Resources • “How Flexible Is Your Firm? by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2010/CPA/Oct/FlexibleFirm.jsp • “How to Improve Employee Morale” by Dori Meinert • http://www.shrm.org/publications/hrmagazine/editorialcontent/2015/070815/pages/070815-morale-boosters.aspx • “How to Keep Leaders from Leaving Public Accounting” by Jennifer Wilson • https://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2013/CPA/Oct/KeepLeaders.jsp#.U02ndPldWoU • “In Pursuit of Inclusion: New Initiatives Will Focus on Racial Diversity” • http://www.journalofaccountancy.com/Issues/2012/Jun/20114925.htm • “Impact of Anytime, Anywhere Work,” Journal of Accountancy • http://bcove.me/n7ny8jft

  44. Cultural Resources • “Is Complacency Holding You Back” by Jennifer Wilson • https://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2013/CPA/Aug/ComplacencyHolding.jsp • “Is Your Firm Old School or Cool?” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2011/CPA/Nov/FirmOldSchoolOrCool.jsp • “The Leadership Cycle: The Parallel Paths of Career and Firm Success” by Jennifer Wilson • http://www.journalofaccountancy.com/Issues/2013/Jun/20137148.htm • “The Limits of Unlimited Vacation” by Susan Milligan • http://www.shrm.org/publications/hrmagazine/editorialcontent/2015/0315/pages/0315-unlimited-vacation.aspx

  45. Cultural Resources • “Look Before You Leap – What You Need to Know Before Instituting an Unlimited Vacation Policy” by CultureRX, LLC • https://cdn.shopify.com/s/files/1/0574/0229/files/UnlimitedVacationEbook.pdf?mc_cid=2db8003b60&mc_eid=81d4390e50 • “Making Saturdays Optional: An Idea Revisited” by Tamera Loerzel • http://www.convergencecoaching.com/making-saturdays-optional-an-idea-revisited/ • “Managing Change Successfully” by Jennifer Wilson • http://www.journalofaccountancy.com/issues/2014/apr/change-management-20139196.html • “Millennial Women: How to Woo a New Generation of Employee • http://www.journalofaccountancy.com/issues/2015/jul/millennial-women-talent-hiring.html

  46. Cultural Resources • “Millennials Will Lead Us to Success” • http://www.accountingtoday.com/ato_issues/26_11/Millennials-will-lead-us-to-success-64471-1.html • “Nine Complaints To Let Go Of” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2014/CPA/JUN/Nine_complaints.jsp • “Nine Complaints Young CPAs Need to Let Go Of” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2014/CPA/AUG/9complaintsneedletgo.jsp • “Opportunity and Balance: Is Your Organization Ready to Provide Both? “ • http://www.journalofaccountancy.com/Issues/2005/May/OpportunityAndBalanceIsYourOrganizationReadyToProvideBoth.htm • The Red Rubber Ball at Work: Elevate Your Game Through the Hidden Power of Play by Kevin Carroll

  47. Cultural Resources • Rules of the Red Rubber Ball: Find and Sustain Your Life’s Work by Kevin Carroll • “Six Ways You Can Earn Loyalty” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2013/CPA/Jul/EarnLoyalty.jsp • “Starting a Women’s Initiative at Your Firm • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2015/CPA/JUL/WomenInitiativeFirm.jsp • “Technology Is a Strategic Enabler, Really!” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2012/CPA/May/StrategicEnabler.jsp • “United We Thrive, Divided We Fail” by Jennifer Wilson • http://www.journalofaccountancy.com/newsletters/2015/oct/six-partner-unity-strategies.html

  48. Cultural Resources • Virtual Work Programs – ConvergenceCoaching Inspired Ideas Newsletter, Issue 31, Winter 2013 • http://www.convergencecoaching.com/coachingconcepts/ • “Want to Keep Your Next Gen Leaders? Make These Changes ASAP” by Jennifer Wilson • http://www.journalofaccountancy.com/newsletters/2016/jun/keep-next-generation-leaders.html • “Want to Make More Money? Focus on Revenue-Producing Behaviors” by Jennifer Wilson • http://www.journalofaccountancy.com/newsletters/2016/apr/revenue-producing-behaviors.html

  49. Cultural Resources • “What Does It Cost to Keep a Producing But Problematic Partner?” by Jennifer Wilson • http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2010/CPA/Jun/ProblematicPartner.jsp • “What Drives Happiness at Work: How Firms Win with a Happy Culture” • http://cpaconsultantsalliance.com/resources/happiness-cpa-firms/ • “Why My People Take 5 Days Off (Yes, in a Row)” • http://cpatrendlines.com/2015/08/24/people-take-5-days-off-yes-row/?utm_source=iContact&utm_medium=email&utm_campaign=Today@cpatrendlines.com&utm_content=2015-08-25+T+vFF • “Why Offer Anytime, Anywhere Work?” by Renee Moelders • http://www.convergencecoaching.com/why-offer-anytime-anywhere-work/

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