Why your younger staff may be planning to leave

Are you participating in conference season this year? If you are, we’ve pulled a podcast just for you with tips on how to get your money’s worth. We’re also sharing how to turn clients into superfans and what it takes to make changes in your organization that actually meet your firm’s goals. 

But first, wondering where interest rates might go the rest of the year? Check out this prediction tool for each meeting from the CME Group (spoiler: the odds of a rate hike really start to jump in December).

In-person matters: Conference season is in full swing, but are they worth it? Here’s how to make the most of live events. (skip to 14:11)

It’s storytime: Learn how to communicate better with these storytelling tips for accountants. 

Organic growth hack: Improve your firm’s profitability by adopting AI alongside a fixed-fee structure.

Sidebar conversations: Are your team members leaving the meeting with different assumptions? How side conversations can derail project execution.

Shatterproof or not: Three signs your resilience may be waning.

Sponsored by Canopy

Most software just stores data, forcing your team to handle the manual tracking and tool-hopping alone.

Our partners at Canopy are changing that by embedding native automation and AI directly into your practice management.

Here is what they’ve recently rolled out:

See how this autonomous ecosystem can unlock capacity for your team. Canopy will send you a $75 Amazon gift card when you complete a brief, personalized demo.

Avoid hyper-focusing on growth and remember to deliver a stellar client experience to strengthen relationships. Chris Camara writes that one of the biggest takeaways from the recent Association for Accounting Marketing Summit was the need to differentiate your firm through personal touches. The goal is to create superfans who stick with you while still managing a constantly changing environment in the industry. 

Why this matters: The competition for your clients isn't coming from down the street anymore. PE-backed consolidators and software platforms are actively targeting the same client base. The firms that survive that pressure will be the ones whose clients feel known, not just served. (Inside Public Accounting)

The vast majority of organizational change efforts fail, but Dr. Christine Gervais, CPA, outlines four steps for tax practices to create a plan that everyone is aligned with and can implement. It starts with role-level specificity and then outlines barriers to success within the firm. You also need a visual cadence to track progress regularly. But there’s one last thing to do before moving forward: honestly ask yourself if you think your team will execute on the plan.

Why this matters: There are so many ways to prioritize your firm’s evolution, from automating AI workflows to adding new advisory services. But none of those initiatives will stick if you don’t have a realistic framework for implementation.  (Insightful Accountant)

Number of CFOs who can’t find qualified accounting talent (The Columbus Dispatch)

A new survey on global accounting talent trends revealed interesting insights on how professionals feel about the industry’s future. About 44% of respondents said they think collaborating across generations is a challenge, which could be compounded by the fact that six generations could be in the workforce at the same time. Younger accountants are more likely to want to start their own practice. Notably, 74% of Gen Z say they have entrepreneurial ambitions. That talent flight-risk is also highlighted by nearly half of respondents saying they expect their career move to be at a new company. 

Why this matters: Survey says 74% of Gen Z accountants say they have entrepreneurial ambitions. That's not a culture problem, it's a retention signal. Younger staff who want autonomy won't stay at firms that don't give it to them. The firms that figure out how to structure that autonomy within the practice, rather than losing those people to solo ventures, will have a staffing edge. (CPA Practice Advisor)

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The Net Gains is written and curated by Lauren Ward and edited by Bianca Prieto.