AICPA Top Talent Presentation June 14 2011

What do Top Talent Value?Powered by PCPS | Presented by Rebecca Ryan

1Tuesday, June 14, 2011

About the Top Talent Survey


Other features of the 2011 TTS

BIG and CPA firmsNon-whites v. WhitesNew parents v. others


We broke A&R factors into:

Compensation & BenefitsEducation & DevelopmentEnvironment & CultureLife-Work Balance


Key Questions we’ll answer...


How have top talent’s expectations changed since 2006?


What is not changing? What core elements of attracting and keeping top talent are recession-proof?


Key Findings.....


Overall, High Potentials:Have 14 years of experienceHave been with their current employer 10+ yearsHave advanced credentials; 24% have an MBA; 8% have PFS, CITP, ABV, or CFF certifications


High Potentials, con’t:Are committed to the profession (67%)Believe they are being groomed for leadership (63.7%)Would like to be partners or senior executives (62%)


How has your firm been impacted by the recession?


71% scored “5” or higher41% scored “7” or higher


What about trust in firm leadership?


Throughout the economic recession, has your level of trust in your firm or leadership decreased or increased?

2011

My level of trust has decreased significantly 11.7%

My level of trust has decreased somewhat 28.6%

My level of trust has remained about the same 46%

My level of trust has increased somewhat 10.4%

My level of trust has increased significantly 3.3%


What are the 2011 Top Attraction Factors?


Rank ATTRACTION FACTOR 2011 2006 Change

1 Career growth opportunities 91% 80% 11%

2 Salary 88% 78% 10%

3 Paid personal/vacation time 86% 79% 7%

4 Open-door/accessible management 83% 68% 15%

5 Comfortable office atmosphere 81% 69% 12%

6 Interesting, challenging client projects 81% 71% 10%

7 Medical benefits 73% 70% 3%

8 Firm’s reputation or prestige 73% 59% 14%

9 Retirement savings plan 72% 67% 5%

10 CPE credit reimbursement 65% 50% 15%


What has changed since 2006?


2011 Rank 2011 Top Attraction Factor 2006

Rank 2006 Top Attraction Factor

1 Career growth opportunities (91%) 1 Career growth opportunities

(80%)

2 Salary (88%) 2 Paid personal/vacation time (79%)

3 Paid personal/vacation time (86%) 3 Salary (78%)

4 Open-door/accessible management (83%) 4 Respect for company mission

statement or vision (73%)

5 Comfortable office atmosphere (81%) 5 Interesting, challenging client

or internal projects (71%)


What are the 2011 Top Retention Factors?


Rank RETENTION FACTOR 2011 2006 Change

1 Salary 95% 89% 6%

2 Career growth opportunities 93% 92% 1%

3 Paid personal/vacation time 90% 86% 4%

4 Open-door/accessible management 89% 89% 0%

5 Interesting, challenging client projects 88% 88% 0%

6 Comfortable office atmosphere 87% 83% 4%

7 Firm’s reputation or prestige 79% 74% 5%

8 Flexible work schedule 78% 88% -10%

9 Retirement savings plan 77% 78% -1%

10 Frequent client contact 76% 74% 2%


What has changed since 2006?


2011 Rank 2011 Top Retention Factor 2006

Rank 2006 Top Retention Factor

1 Salary (95%) 1 Respect for company mission (93%)

2 Career growth opportunities (93%) 2 Career growth opportunities (92%)

3 Paid personal/vacation time (90%) 3 (Tie) Salary and Open-door/

accessible management (89%)

4 Open-door/accessible management (89%) 4

(Tie) Flexible work schedule & Interesting challenging project (88%)

5 Interesting, challenging client projects (88%) 5 Paid personal/vacation time (86%)


Non-white Top Talent


Impact of Mentoring programs


What kind of mentor program does your firm or organization have?

Percent Agree

My firm/organization does not have a mentoring program. 21%

My firm/organization has an informal mentoring program adopted independently by employees.

26%

My firm/organization has a formal mentoring program instituted by H.R. or firm/organization management.

53%


Do you receive mentoring at your firm? Percent Agree

Yes, through a formal program. 37%

Yes, informally. 41%

No. 22%


What has been the result of your participation in mentoring at your firm? (Check all that apply)

Percent Agree

I have had some opportunities for growth, but mostly have become a better professional.

31%

I have established a strong relationship with my mentor, who has become a sounding board and advisor.

30%

I have had many more opportunities for leadership and growth in my firm. 23%

None of the above. 12%


Putting these results to work...


High Potentials or “Top Talent”

Keeping them engagedDeveloping them as partners

The Plateau


Angela Martin


Before he was promoted to regional manager, he was a great salesman, able to relate well with clients and using his personable attitude to his advantage.


The Plateau


Senior Manager

Technical Skills

Interpersonal Skills

Partner

The Plateau


Great technicians become partner material when they develop their people skills


How to keep Top Talent engaged while Partners are camping out?


Underperforming partners are sucking up money from high performing superstars.

- Allan Koltin, Consultant-to-the-Stars


Stretch Assignments

Allow them to steward a “pet project” and name it

after her/him

Serve on a committee that’s developing

business plans for a new unit

Access

Ask Partners to “Sponsor” a High Potential and:

- Take them to lunch

- Share the strategic plan and their role in it

Set up a private blog where Top Talent and Partners communicate

Appreciation

Spot Awards or “Spot Bonuses” for business origination, high client satisfaction scores, etc.

Recognize them formally in front of their peers,

e.g. the Equivalent of the “Red Drum”

Give Top Talent What They Value


About “Spot Awards”


It’s the element of surprise, not the size of the award, that really moves people.

- Dr. Hayagreeva Rao, Stanford


Partner Development


2 1:


Will the folks YOU think are future partners make it?


Three conditions must be met...


Ability

Technical skillsPeople skillsLeadership skills


Commitment

Often called “engagement”

“I’m committed to this firm and connected to its mission and vision.”


Will

Wants to be a partner

“The goals I have for myself and the goals the firm has for me are the same.”


“Mark” (33%)Has Ability & Commitment but no Will.


“Eryka” (30%)

Has the Ability and Will, but lacks Commitment.


“Angela” (7%) Simply doesn’t have Aptitude to succeed as Partner.


What to do?

Talk with Eryka about her commitment; she can be developed!

Scratch Angela; no one wants her to be a Partner.

Get Mark off the Partner Track


Q & A


THANK YOU!

Rebecca Ryan

E: [email protected]: 888-922-9596, ext. 702Twitter: @ngcrebecca


mailto:[email protected]

mailto:[email protected]

AICPA Top Talent Presentation June 14 2011

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