INDUSTRY INSIGHTS | SUMMER 2011 EFFECTWho’s Next? Y Generation
by Jay Feinman
Eight years ago, I joined a small CPA firm in Northeast Philadelphia. At the time, there were five partners, five accountants, a few bookkeepers, and the administrative staff. My goal as a young professional was to do everything in my power to prove I deserved to be there.
The work world was all new to me. There were no budgeted hours, no set schedule, and small salaries. The fact was you worked until there was nothing left to do. My projects ranged from individual tax returns, business returns, sales tax returns, and audits, to bookkeeping for small businesses.
I initially felt way out of my league. Partners at this firm were in early and worked late, seven days a week. I could see their family lives suffered, but my natural instinct was to follow their example. So I came in early, left late, and my social life and family life suffered, too.
In the end, I did what a lot of new hires did: I proved that I could handle my responsibilities. I had hoped to grow within the company. For three years, I continued on, pushing myself for the bonus at the end of a typical busy season. But most people burned out fast at that firm. They moved on to healthier environments with better pay. Looking back on it, this work style was disconnected from my core values—the end result of working hard was burning out rather than moving forward within the company. I needed more balance in my life, and coming to that realization ultimately allowed me to leave—there was little future and no change coming soon.
Going mobile
I’m not sure if my experience was unique to my generation or if all new employees go through what I did. But with a distinctly new generation infiltrating the workplace, companies need to figure out how to attract recruits and retain people with a different approach to their careers. Generation Y-ers (or Millennials) are bringing different ideas and attitudes to work than I did eight years ago, and they’ll quickly flee an environment where they don’t feel they fit in.
Just as employers have adapted to the influx of new kinds of people in the past, they must carefully consider their strategies to develop and retain Millennials.
Meet the new boss
So how does a firm that depends on consistently high performance from employees combat this new generation’s instinct to move on? How do we help an employee view her/his job as a career? In my experience, a firm that invests in employees demonstrates a commitment that often becomes reciprocal. The following elements of my own workplace make it clear that the difference between a job and a career is your willingness to invest yourself in the opportunities offered.
Coaches and mentors
Everyone has different backgrounds, personalities, experiences, education, and training. When a coach works closely with new hires, s/he is in a good position to understand what they are good at and provide them training in weak areas. Some have excellent client service skills; others may perform better on task-oriented projects behind the scenes. Personal attention to individual strengths is a concrete expression of a firm’s investment in its people. Both informal contact (at lunches or social events) and formal mentoring (in weekly meetings and mandatory reviews) can help identify interests that could open up different career paths to employees. This personal connection makes it easier to figure out how to best use someone’s strengths and eliminate time spent in a career area that is not a good fit.
Variety of career paths
The fact was you worked until there was no more work available.
Not everyone wants to be a partner, a CFO, or a CEO. But it takes all different kinds to make a company work. Providing flexibility and a variety of learning opportunities helps retention. Valuing the potential for unique contributions means letting people grow based on their desires and personal interests. Some people hope to run a bank branch one day. Others want less responsibility early in their careers, so they can focus on their young families or take time off to travel. An organization with a strong understanding how these individuals contribute will find a way to keep them as integral parts of the company. Helping people develop their unique skill sets and providing them opportunities within the organization demands time and attention from mentors and coaches. But keeping valued employees is a key step to developing the future leaders of an organization.
Training
Offering education (in-house, online, seminars, etc.) to all employees is a significant investment, but the returns are substantial. Not only do you have consistently well-trained professionals at every level, but it makes people feel included in the pool of knowledge the firm has deemed necessary to serve clients. In addition to encouraging younger staff members to take part in trainings, they can also act as trainers if they have unique skills or are developing specialized industry knowledge. This provides opportunities to interact with colleagues at all levels as well as enriching their professional experience.
Noticeably different thinking
We are always trying new and different approaches to how we perform our jobs. We strive to make our processes better and more efficient, improving them in some way for our clients. We test new software, new work flows, and new metrics. We include people at different levels when we need a group to troubleshoot a problem. Our new hires contribute significantly with their energy, perspectives, and unique generational traits. Collaboration and creativity make for a dynamic workplace where productive changes are not only possible—they are required. Our newest hires contribute significantly to the new ways we communicate with clients and prospects. They are comfortable presenting webinars and using social media formats. And they willingly share their skills with those in the firm who do not have them.
The change all around
When I look back at the start of my career, I remember my eagerness to please and my commitment to my new firm. From what I’ve read about this group, I’m not sure the Y generation is all that much different. In fact, maybe it’s the workplace that has changed. Maybe companies have discovered that to be successful they need to not only provide work, but a sense of purpose and a direction—a direction that extends beyond a bonus at the end of busy season.