USA: Overcoming the perfect storm

Today’s accounting world is characterized by the “Perfect Storm”

Increased competition for quality clients and staff
A growing number of mergers and acquisitions
Thousands of baby-boomer partners coming of retirement age
Unfunded partner retirement programs
Unsuccessful efforts to retain women in the profession.

Accounting firm partners must meet the challenges of the Perfect Storm by retaining and developing the most talented accountants available. If the necessary programs are not implemented, firms may not be capable of achieving their short-and long-term strategic goals and future succession plans.

In the next 10 years, thousands of baby-boomer partners will be at or near retirement age. To make matters worse, most firms have not funded baby-boomer partner pensions. Therefore, developing the next generation of partners and firm leaders is critical to the future of most firms and their ability to remain independent.

GOALS AND OBJECTIVES

The goals and objectives of a career development program differ in firms of various sizes, cultural environments and strategies. However, there are many common characteristics:

Retaining the best performers and key personnel;
Developing future managers, partners and leaders who will be an integral part of the firm’s succession planning;
Attracting talented accounting professionals in a very competitive market for quality people;
Cultivating a highly desirable work environment that will increase morale;
Increasing staff productivity and creating a high achievement culture;
Holding partners accountable in implementing a successful career development program; and
Increasing client satisfaction and the profitability of the firm.

COMPETENCY MODELS

For an accounting firm, utilizing customized competency models is one of the best methods to establish a foundation for key behaviors required for outstanding performance and successful career development. Competency models empower professional staff members and partners to attain personal success and achieve the firm’s strategic vision. This is accomplished through the following core competencies:

Exceptional technical accounting and taxation knowledge;
Managerial and supervisory abilities;
Leadership capabilities;
Practice development and marketing skills;
Client service and retention skills;
Attention to firm management and profitability;
Professionalism and business acumen; and
Partner and staff relations and team work.

There is no template for a career development program that effectively works across all firms of all sizes. However, failure to retain and develop future partners and key personnel will be very costly to all firms.

Making the investment in a career development program will be far less costly and will enable your firm to have more control over it’s destiny.

Maximizing the Value of CPA Firms

T:+ 1 845-265-9046 | Fax: +1 845-265-9045 | Cell: +1 914-924-1450

joe@accountantsadvisory.com  

2010-07-16