Future* of Accounting€¦ · Millennials — roughly defined as those between the ages of 20 and 35 — have launched about twice as many businesses as their boomer parents. So,

Future* of Accounting: How to Integrate Millennials into your Firm.

SOURCE: macbookselfiestick.com

@matheggem #AccountexUSA

“Millennials — roughly defined as those between the ages of 20 and 35 — have launched about twice as many businesses as their boomer parents. So, how is a generation that supposedly doesn't want to do anything but play video games slowly taking over the world of entrepreneurship?”

“Lazy is the new smart: How millennial entrepreneurs are shaping a generation” Allison Spooner, Rapid Growth Media, Oct. 2016 2016 BNP Paribas Global Entrepreneur Study, published by Fortune Magazine.

"The media portrayal of young people casting off the shackles of employment to start their own companies is, for now, an illusion. But unlike other popular illusions in the press, rising Millennial entrepreneurship is a vision of the future that is worth rooting for… a dormant volcano of entrepreneurship that will erupt in about a decade.”

"The Myth of the Millennial Entrepreneur,” Derek Thompson, July 2016, The Atlantic


http://www.rapidgrowthmedia.com/features/102716-millennial-entrepreneurs.aspx





http://www.theatlantic.com/business/archive/2016/07/the-myth-of-the-millennial-entrepreneur/490058/

Agenda

• How are Millennials shifting the industry?

• Why do you need to pay attention?

• What can you do to integrate them? • 10 Insights on Training the NextGen

• What will the impact be?

• Practical Steps from Today to Next Year

• Q&A

• Final Thoughts…


10 Fun Facts:

1. Development/Communications Dir. for Workforce Development NPO.

2. Founded #SUMtech thought leadership platform for entrepreneurs

3. 2015 CPA Practice Advisor 40 Under 40

4. Speaker at Xerocon & QBConnect

5. Writer for SmartCEO, Entrepreneur.com, & others…

6. Volunteer Board President for Greenwich Village-Chelsea Chamber of Commerce

7. Ambassador for NYC’s Conscious Capitalism community

8. “The Dancing CEO” & choreographer of Left Side Labs

9. Advisor on Global & Arts Entrepreneurship

10.Certified Feldenkrais Awareness Through Movement teacher #LoveYourBody


Mathew Heggem Co-founder & CEO

Down to Business: • I’m the CEO of SUM Innovation

• I have a background in the arts & nonprofit management.

• For the past 8 years, I’ve been involved in the industry through workforce development

• About 5 years ago, I was handed the reigns of what was then a small bookkeeping practice

• Today, we are an accounting consulting firm with 3 divisions: • Outsourced Accounting • Accounting Technology & Training • Talent Acquisition & Recruitment

• We are at 20+ employees w/ an award winning culture!

• Growing from New York to Dallas to Denver & Beyond



So, you’re basically…

• My mission in life is to create jobs

• I love helping entrepreneurs succeed

• I’m a professional dance artist by training w/ a diverse bkg.

• I’m an #Tech junkie for life

• Definitely “Renaissance"

• Tweeting away @matheggem

= a Millennial



Meet Our Guest: • Project Manager for the rebranding/modernizing of 20+

Accounting & CPA firms

• Advisor on Nonprofit Audit & Consulting

• 2015 Sales MVP Award at Xero Cloud Accounting

• Founder of HeartBody Business & Lifestyle Coaching

• 2nd & 3rd place wins - NPC San Francisco Championship

• 3rd place win - NPC Governor's Cup

• Inventor and Product Development for ProTrak Fitness Solutions (patent pending)

• Graduate of School of Greatness Entrepreneur Academy - Class 6.0

• Three-time published poetry author

• Brand Ambassador for Aloha & Isagenix Nutritional Systems


Samantha Kowalski VP of #AccTech

Agenda

• How are millennials shifting the industry?





• Q&A



How are millennials shifting the industry?

• Entering into next roles seeking leadership & growth opportunities.

• Focused on purpose driven employers w/ value-alignment.

• Want to tap into the generation’s ‘entrepreneurial’ spirit.

• Non-traditional career pathways are Okay!

• They are supportive of diversity

• They EXPECT Tech!

• Cubicles = Ummm, no thanks…

• Work/Life Balance = What’s that?


"73% of graduating students say it’s more

important to find a job that allows them

to do what they love, than to find a job that

pays well.”

The Grad Gap, a study commissioned by McGraw-Hill Education, 2014

Agenda






• Q&A



Why do you need to pay attention?

“By 2020, millennials will make up the majority of the workforce. Are you ready for what they have to offer?”

• Influencers = Brand Advocates = More Customers.

• Communicate through Social Media = More Customers.

• Speak the Language of your future customer = Customer Retention

• Driven by Purpose = Awesome Culture = Talent Attraction & Retention

• They want to succeed (we were told we could*) = Firm Growth!

• The “Shark Tank Generation,” = Innovation, Business Strategy

• They now have Experience, finally! = Ready to Lead!


Agenda






• Q&A



Integration Tips: 10 Insights on Training NextGen Leaders

1. Intent: Investing in Employee Success.

2. Style: Learn by doing, real-world application

3. Structure: Re-organize for collaboration & accountability

4. Proper Resources/Tools: Working smarter, not harder.

5. The Why: What is the value of their work

6. Open Door Policy: Flatten out for feedback.

7. Communicate Impact: How do they affect the bottom-line?

8. Constructive Criticism: Your Experience counts! Share.

9. Stay Competitive: Work with new #AccTech & stay relevant.

10. Check In: Open, proactive, simple, encouraging; Team Huddles.


Agenda






• Q&A



How will this affect your firm?

• If you do not respond, you will find yourself competing against far superior options. Your competitors will succeed in technology, succeed in meeting the demands of a technology-oriented business owner, and will have more time to develop their consulting services to provide higher-level services to their clients. You will be competing on commodity with a… DECLINING WORKFORCE & CUSTOMER BASE!

• If you respond (SEE Why You Need To Pay Attention), you will be

positioned for growth. You will get new clients. You will have a positive reputation that continues to evolve with every new client. You will be seen as a leader and your colleagues will respect you, your employees will respect you, you will help to elevate the profession & create the next generation of leaders!


Agenda





• BONUS SLIDES!!! • Practical Steps from Today to Next Year

• Q&A



Employee Value Proposition • Employee’s perspective on “what’s

in it for me to work here?”

• Employer’s communicated promise to its employees

Employer Brand

• Articulates “what it’s like to work here”

• Expresses the employment experience your company offers existing and potential staff

Attracting the NextGen Employee BONUS SLIDE from SUM Innovation’s VP of Talent Acquisition & Recruiting


• Key Components:

• Compensation – salary, incentives, pay process, total rewards, recognition programs

• Culture – work environment, trust, transparency, organizational commitment

• Career – advancement opportunities, personal growth and development, training, job security

• Content – challenge, autonomy, meaningfulness, variety

BONUS SLIDE from SUM Innovation’s VP of Talent Acquisition & Recruiting

EVP (Employee Value Proposition)


Agenda






• Q&A



Integration Tips: Practical (& Simple) Steps

• Today: Share your notes from Today’s session with your team – write an email back to the office

• Tomorrow: Connect with a colleague from this session to discuss their challenges and recommendations.

• Next Week: Schedule a meeting w/ your management team to discuss attraction & retention strategy, in addition to a 3-month plan for talent.

• Next Month: Outline a career page for your website that includes your EVP!

• This Quarter: Get feedback from your current employees on how to better to attract & retain talent, including an investigation into your company culture (CULTURE is the New KING).

• Next Quarter: Audit your Branding & Online Presence to begin the overhaul, especially if you’re struggling w/ social; get some sound marketing advice from your ‘target’ customer AND candidate.

• Next Year: Implement a new professional development program for emerging leaders within your firm, including communications & client services training, that empower NextGen Talent to grow.


Agenda






• Q&A



“I do not buy into the notion that there isn’t talent in the pipeline. There’s an abundance of talent and

passion. We just need to do a better job of nurturing and developing that talent.”

Dustin Hostetler, Chief Innovation Officer, Boomer Consulting

“Looking on the Brighter Side: The profession’s leaders share why its best days may lie ahead of it.” by Daniel Hood; Accounting Today, Vol. 30 |No. 10 | October 2016

http://bit.ly/BrighterSide


Final Thoughts




“We need a new type of brain power-- more creative, more of an anticipatory vein, and with

deliberate and concerted efforts to think and do things outside the box, which will reach

beyond the comfort zone of our well-established profession.”

Ed Mendlowitze, Partner, WithumSmith+Brown

“Plenty on Their Minds: What the top figures in the accounting field are worrying about now.” by Daniel Hood; ; Accounting Today, Vol. 30 |No. 10 | October 2016

http://bit.ly/OnTheirMinds


Final Thoughts



Documents

Future* of Accounting€¦ · Millennials — roughly defined as those between the ages of 20 and 35 — have launched about twice as many businesses as their boomer parents. So,