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How Can Your Practice Connect with Millennials in the Accountancy Profession?

written by Editor, 14 April 2016

Guest blog by, Chris Taylor, Digita Marketing Assistant

connect with millennials

In recent years the millennial generation has become more prevalent in the UK labor market. The number of millennialls in the UK is currently estimated to be 13.8 million with this figure rising on a daily basis. These figures are reflected on a global scale with some industry experts predicting that millennials will make up 75% of the labor market by 2025.

Articles in the past have tended to focus on millennials as being lazy, arrogant and ill-disciplined. Choosing to follow these stereotypes would be a mistake due to the fact that the millennial generation is predicted to outgrow both Generation X and the Boomers. As a result, the millennial generation will be crucial to the labor market, and more specifically the accountancy profession both now and in the future.

Five key ways millennials differ to previous generations:

· Expected to have more frequent job/career changes
· More knowledge on advanced technology
· Less brand loyal
· Work life balance is of crucial importance
· Millennials want to receive ongoing training and development from their employer

Millennial Clients:

Millennial clients want to work with technologically-savvy, progressive firms. Accountancy firms will need to leverage mobile, online and cloud access as well as social media in

connect with millennials

order to stay relevant to their client base. Millennial clients will have an expectation of interacting with their service providers over the web in ways that are clean, easy and convenient. A firm’s brand is important, and will need to be consistent with a smooth, simple client experience.

Accountancy firms will also need to be aware of their brand and ensure they are keeping up with the shift to digital. This agility will be important with both the attraction of millennial clients and also retention. Developing an agile strategy is critical as it will show the client that you are able to adapt and meet their changing needs.

Millennial Workforce:

It has been reported that the global workforce is facing a $10 trillion shortage between 2016 and 2030. As a result, practices need to try and find ways in which they can not only attract the best millennial workers, but also retain them. A recent survey into the millennial generation showed the average job span is less than three years. Therefore, creating strategies that will engage millennial workers is imperative.

Google, Facebook and Apple have been some of the most successful companies when it comes to employing millenialls in recent years. This isn’t to say you have to be an industry leader like these digital giants to inject meaning and purpose into your employee’s work. Giving millennials ownership, autonomy and opportunities to influence positive changes within your company are encouraging cultural shifts you can make without having to reinvent the wheel.

Job factors valued most by the millennial generation:

· Meaningful work
· Pay
· Training and Development
· Sense of Accomplishment
· Responsibility

How will you cope with the needs of changing workforce in your practice?


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