Evolving technologies over the past 10 years means the accounting and finance industry is up against significant changes. Combine this with the fact that traditional methods of staff retention, motivation and improving productivity are becoming increasingly outdated, and accountancy firms need to consider changing their recruitment approach.
There is no one-size-fits-all approach in dealing with the modern-day workplace or workforce, particularly the newest generation of employees. Generation Y, also known as millennials, are influencing a change in traditional practices whilst shaping the future of the financial sector. To hire and retain the best up and coming talent for your accounting firm, you will need to understand what motivates workers in this age group and recognise the massive impact they can have for your business.
Who are Generation ‘Y’ers’ or ‘Millennials’?
Millennials – those born between 1982 and 2002 – are predominantly motivated by independence. They are driven and available to work as long and hard as they need to achieve success but they expect autonomy and freedom in return. So what benefits does this have for your accounting business?
Meaning over money
Millennials are focused on things having a meaning instead of just making money, a difficult concept for the generations that precede them to come to terms with. It’s not all about the perks of the job, the salary and the benefits. Instead, it comes down to the culture. Millennials want to see the bigger picture in terms of a company’s mission, its values and the influences behind its success.
Hiring millennials could be a meaningful strategy for your firm too. Younger accounting professionals will not only start on lower salaries than their more experienced counterparts, but they will be encouraged by the opportunity to be part of a brand, no matter how small, and will openly contribute their ideas.
Breaking out of the rut
It’s very easy to get stuck in a stale and old-fashioned way of working, but just because it worked in the past, that doesn’t mean it will still work now. For an accounting firm, this can be disadvantageous to recruitment in the 21st century and even damage processes, reputation and staff morale. As well as staying on top of changing practices, businesses should be open to adopting new processes that work for today’s fresh and ambitious workforce.
Millennials thrive in a challenging environment and are easily able to multitask, thinking and working quickly. Familiarity with new technology means they can help you and your firm understand the benefits and embrace the flexibility it offers. They can also help senior financial staff and management get to grips with available systems, rolling it out across an organisation and scaling it up for the future, and may even be the driving force behind finding ways to make those technologies work for your business.
Move away from old fashioned management styles
The millennial has been raised in an environment where they have been encouraged to engage and question authority. While they still like to work towards goals and appreciate consistent feedback and guidance, they perform better where a more inclusive management philosophy is in place. We aren’t as far along as we should be from a ‘command and control’ style and such culture changes need to be addressed if young professionals are to see the accounting and finance sector as somewhere they want to work and have the opportunity to make a difference.
Our Consultants would be delighted to help you source your next finance professional. Please contact us on 01202 233777 or firstname.lastname@example.org for more information.
Louise Woodward (Chartered MCIPD)
Louise is an experienced specialist accounting & finance recruitment professional with over 30 years’ experience specialising in the sector during which time she has gained an esteemed reputation as one of the region’s leading recruiters evidenced by her long list of loyal and happy clients. Louise is also Group Secretary …