“You feel that, when your head hits the pillow, you’re doing the best by your employees.” –Neil Della Torre, Founding Partner, BDG CPAs.
The accounting profession, like many industries, is currently undergoing a “workforce revolution” where many in firm leadership are taking a close look at their culture and employee engagement techniques. Why? Because they recognize the critical need to combat an industry talent shortage driven by a steady stream of retiring Baby Boomers exiting the accounting business.
To fill the void, CPA firms like Becher, Della Torre, Gitto & Company are looking to attract Millennial talent. But we are seeing that the priorities and values most important to this rapidly changing workforce have shifted substantially. Specifically, the demands of Millennial employees have moved away from high salaries to priorities such as work/life balance and benefits that are offered.
“Our firm model is to recruit students that could go with a ‘Big Four’ firm. ADP TotalSource® makes our firm more competitive in the market place for staff accountants as they want benefits that are comparable to Fortune 500® companies,” Neil Della Torre, Founding Partner, BDG CPAs said in a recent interview.
Neil and his team are certainly on the right track. Offering Fortune 500-caliber benefits is a key component to attracting the accounting professionals they need. However, it’s also important to recognize that this generation of workers has experienced a financial recession. Their experiences have made them acutely aware of the dangers inherent in a lack of retirement and healthcare planning. This can lead to a greater prioritization of benefits and job training over higher salaries. In fact, a recent study by PwC found that millennials prioritized personal learning and development as their top benefit from employers; cash bonuses came in third.
By working with my colleagues at ADP TotalSource, a Professional Employer Organization (PEO), Neil and his team are able to offer these key benefits to their staff. How does it work? Through a unique co-employment relationship, companies are able to outsource HR and benefits administration to a PEO partner. Not only does this allow business owners to focus on their bottom line and operations, it also permits them to retain day-to-day control over employee management while the PEO navigates critical HR and employee benefits challenges.
I’m proud that our partnership with BDG CPAs doesn’t end there: The firm also recommends ADP TotalSource to its clients. By sharing these advanced payroll and HR management tools, the team can further position themselves as trusted advisors because they know what it takes to please their clients.
The needs of today’s employees are changing rapidly across all industries and many employers are finding engaging and retaining top talent to be quite a challenge. Working with a trusted advisor who understands these changes and how to address them can help in winning the war for talent.