Why the generational shift in the accounting industry matters

The accounting industry is facing the biggest shake-up since cloud-computing and nobody is talking about it. The younger, ‘millennial’ generation is reaching a tipping point, soon to be the largest generation in the workforce. They will change the industry forever. And that’s a good thing.

Sure, there’s the odd piece about how this younger generation fits into the workforce in general but little is being discussed about the opportunities presented by adapting the industry to fit the generation, not the generation to fit the industry.

The truth is, changes need to happen. Failing to manage this shift could jeopardise the growth and future of your firm. Hiring and retaining quality people is the most common barrier to practice growth  so you need to make your firm attractive to the best-of-breed of these young accountants or, to put it bluntly, risk fading out.

Embracing technology, allowing staff to develop and grow while they work, showing them the impact they are having in their team and community, providing flexible working options, and constant innovation in each of these areas are all critical to future success.

This isn’t a free-for-all of course. Change needs to be managed carefully and your more experienced staff, including those due to retire in coming years, need to be considered as you make each of these changes.

In this edition we explore how firms from around the world are approaching the challenge, how partners are leading change, how managers are implementing it, and how accountants young and old are taking to these changes and thriving.

This edition and its lead report couldn’t have happened without the generous input and discussion from leading voices in the industry. If you’d like to add your voice to the discussion, please let us know.

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