Much has been written about the deficiencies of Millenials, all totally irrelevant in my opinion true or not (and mostly untrue), but what about the Gen Xer’s? As the current and future generation of business management executives are they worthy of receiving the torch the Codgers (those born between 1945 and 1957 who prefer to be called ‘baby boomers’ and can be identified by their bell-bottom slacks and bee-hive hairdos) want to pass them? Can they handle it?
The Gen Xers I know are technologically savvy, intelligent, committed, professional, and innovative. They are the young partners in the successful firms I am familiar with. As an entrenched Codger, I’d say they rock. (Codger talk for they got it goin on.)
Last week I had the distinct pleasure of attending a conference sponsored by one of the top accounting firm associations in the world. The International Group of Accounting Firms (IGAF). Everyone I met – Codgers, Gen Xers, Millenials – was exceptional, but what absolutely blew me away was the insightfulness of the ‘young’ partners. The 35 to 50 year old leaders. The Gen Xer’s.
The estimate is that up to 75% of the partners in accounting firms will retire in the next 10 to 15 years. Succession is a big concern in our profession. More important to me is whether or not we have future leaders who will perpetuate the ineffective model we have now – a business model that is over 100 years old and substantially ineffective in many ways – or will someone pick up the torch and challenge the ‘common belief’ that is practice management? Will the Gen Xers pick up where we Codgers leave off and employ their ability, motivation, intelligence and most importantly insight and innovation to address what we haven’t? Based on the group I met at IGAF, there is no doubt in my mind.
I hope they’ll let this old Codger hang out and provide a thought or two. We’ll have a new progressive business model incorporating service based pricing; a flexible working environment geared to the needs of the professional knowledge worker and integrated with those of the Firm; while re-establishing the accounting profession as the guardian, mentor and champion of world business.
Hey Mark, you can hang out and provide your thoughts at our firm any time.
Comment by Lea — November 25, 2008 @ 10:46 am
Are you kidding? Your insights and mentoring are forming the future! I’d be happy to have you. Like George Bernard Shaw said… We are made wise not by the recollection of our past, but by the responsibility for our future.
Comment by Troy — November 25, 2008 @ 10:59 am
The old ideas that accounting firms are stuffy and stodgy has gone quickly out the window. I saw a study just today highlighting how almost 50% of the accounting profession will be composed of Millennials over the next few years. As a result, many accounting firms have been moving rapidly to retain both Gen X and Gen Y talent.
I know that Ernst & Young for example actually shows a sitcom to their young recruits parodying how Millennials and Baby Boomers cannot get along. The sitcom serves as a discussion point between them and the mentors they will receive upon joining the firm. So I am sure even greater changes will happen over the next couple of years.
Comment by Brett Hummel — December 4, 2008 @ 4:47 pm
The accounting profession is quickly becoming made up of young professionals, but many of them have taken the mantle from the old gate keepers and will have an organization with young bodies and old thinking.
When the new guardians take the helm, they need to make sure they are on the best possible course, rather than merely the course most traveled.
Comment by Shane Eloe — December 9, 2008 @ 3:16 pm
Great insight Shane. Because it’s easier and safer we have propensity to ‘follow last years work papers’. If we are going to foment change we must not fall into the trap of ‘doing the same thing over and over while expecting different results’ as Albert Einstein defined insanity. Nonetheless I’m confident the next generation of management can right the wrongs.
Comment by Mark Bailey — December 10, 2008 @ 7:54 pm