“Yesterday the world changed. Now it’s your turn.” — Mike Walsh
That was how the opening keynote at the PKF Annual Meeting in Chicago began. Mike Walsh is a global speaker on future trends and author of the book Futuretainment. His coverage of future trends and how they would impact the CPA profession was though-provoking and inspiring. He challenged us all to re-imagine the profession and CPA firms. That set the context for my session on high-performing firms and succession planning, where I started with the bad news that there is no silver bullet for the succession planning conundrum.
In fact, I made the case that there are a lot of forces at work and that succession planning is just one small piece of a bigger talent development puzzle in the midst of a historical shift change in our profession.
The statistics are startling. For every two baby boomers retiring, there is only one Gen Xer to take their place. That means a major talent shortage is looming, making the issue of succession planning more critical to future success than ever.
There are five fundamental shifts at work on the CPA Profession in particular:
- Leadership: Leadership is moving from command and control to connect and collaborate.
- Learning: Winners will be those who can keep their rate of learning greater than the rate of change (L > C).
- Technology: Cloud, mobile, social, and Big Data are making a difference in revenue growth, profitability and retention.
- Generations – Four generations, and diversity are becoining major issues in talent development.
- Workplace – Changes in how we work and how work is organized (remote, ROWE, open spaces, collaboration).
- CCH CPA Firms Succeeding in the New Economy: CCH Leaders Now and Next Survey (registration required)
- E&Y Paradigm Shift: Building a new Talent Management Model to Boost Growth
- Aberdeen Developing and Engaging the 2013 Employee with “Just Wht You Need” Learning (registration required)
- Next Gen Leadership – whitepaper “What Got You Here, Won’t Get You There”
- Top 7 Issues facing Young Professionals
- How to Grow Your Talent Pipeline
- A New Era in Talent Development and Learning