Dinosaurs And Facebook Generation

As the industry world over brace itself to rapidly changing economic, political and technological business environment its mandatory for them to attract best talent to renew and prepare for future growth. But what is apparent is that the new generation of workforce is not exactly excited about or able to involve with existing business practices and old economy professional setup. No doubt that their presence in any organizational or professional set up is paramount to its managerial and strategic relevance without which it may lose their visibility and competitive edge.

As much as it may be prepared or not accountancy practice is and will be at the forefront of the impact of many of these changes. Business clients are no longer satisfied with same package of services which were traditionally offered to them as the business uncertainties are growing. As the clients are looking for value addition more and more accounting firms are repackaging themselves through use of technology which allows them to cut cost as well as time in service delivery process. But is this paradigm shift which will make young talent comfortable to the professional environment. The answer is No.

A change in the culture of accountancy firms is what young talented recruits will expect if they are to be attracted to the profession. Just like big fours which are rated as most attractive places for young people to work , the smaller firms to can change their work culture and business model.

Technology is what we understand, is not there to reorganize our work but to allow the user to do the work more efficiently by freeing up his most valuable resource Time so that he become more available improved and connected to the end customer. The major activity which any accounting firm practices is tax rules, regulations and legislations which through integral as always, are not enough. The best firms worldwide have grown by offering value added services that allowed them to leverage themselves into corporate consultancies offering services from M& A activities through re-engineering operational process.

So for example look at the local Indian SMEs sector who looking forward for smaller partnerships actively seeking advice on how they should restructure and grow their business. Here the business potential is huge for those that are able to repackage their firms services into 360 degree business development adviser.

The Challenge-

Young people today-the facebook generation-interacts in a virtual world. Mobility has become way of life for them and they are constantly sharing information ,communicating, interacting and commenting in their transparent virtual world through computers, mobiles, I pads and other latest techno gadgets. This is their world which they control by expressing opinions and mass activism on various issues that shape culture, trends, and world view. They expect the same transparency and opportunity to share in their professional lives which they are bound to continue lifelong. They have no inclination or patience for face to face interaction and procedural red tapesim in getting their task done.

Equally they live in an egalitarian world and have little time for hierarchy and authority.

If accounting practices are to be employers of first choice how they attract young talent? There is need to rebrand the profession for a new start. Though companies still need to adhere to compliance and regulation business model they need young people with creative and innovative ideas.

This can be done, as witnessed in number of new companies like Apple, Google and also the big fours. Yes, when it comes to changes of this nature and magnitude it comes down to leadership; a quality that often in short supply in any organization shifting from old world economy to new brave world. This is legacy factor and also results of profession seeing its core skills as advising clients on limited sphere of legislation and tax procedures. A culture of compliance encourages a culture of hierarchical management and that the one last thing the facebook generation looks in a dream company.

The future of practice a globally unified accounting world will offer border based consultancy services as their core skill based on inspirational leadership and energizing cultures that attract the best talented young minds.

The rest they say Dinosaurs never died they just failed to see the change.