As I meet with CPA firm leaders around the country this spring, I simply cannot stress it enough: To be successful, firms must develop a culture designed to attract and retain the young. To achieve this, firm leaders must reconcile the differing views of the distinct generations present in their firms. Because those in leadership positions are often of a different generation from the individuals they supervise or lead, those leaders need to better understand the generational differences in their practice.

Each generation has different characteristics, behavioral traits, and value systems. We have to be careful not to categorize someone based solely on the year he or she was born, but it is helpful to understand typical behaviors and values of each generation in the workplace as illustrated in the table below:

Here are some ways you use this information as a firm leader:

• Create cultural empathy by making sure that your firm’s leaders and managers understand the differences in philosophies and approach. Share this article with them and consider undertaking some generational education as a group this summer or fall to deepen your understanding of the differences.
  
• Form a cross-generational advisory board to meet and discuss the firm’s culture in light of generational differences. Develop a list of two or three top cultural changes the firm should consider to reconcile differences in philosophy or approach.
  
• Conduct CPA firm practice economics education so all generations understand how the firm makes money. Engage younger generations in dialogue about how to work with more flexibility and technology, while preserving (or increasing) the firm’s profitability.
  
• Stop managing your people based on time and instead use revenue contribution as a measure of success. When you speak in terms of hours and time, both Gen X and Y tend to feel you (or public accounting in general) are impinging upon their commitment to work-life balance.
  
• Share more information so that younger generations are more likely to feel more a part of the firm and exhibit more ownership as a result. Give them context for their work and assign meaningful, challenging projects to minimize boredom.
  
• Evaluate the ROI of working at your firm from a millennial viewpoint. Make sure that they are getting more than they’re giving, so their “work transaction” with your firm makes sense to them.
• Don’t talk in terms of lifetime employment to your youngest people (it feels unrealistic or even creepy to them). Tell them how much value they add to the business and that you’d like them to grow with the firm. Ask them what they’d like to see in their future to understand where they see themselves headed.

Don’t forget that, regardless of their generation, each person in your firm is motivated in ways that are unique to them. Ask each employee to share their key priorities and motivators and then collaborate with them to develop their performance and career development goals based on their needs and the needs of the firm.

Address the generational differences in your firm person-by-person and through firm-wide programs. Work to make small shifts in your firm’s culture to better integrate your younger team members and appeal to their generational motivators—beginning today!

Jennifer Wilson is a partner and co-founder of ConvergenceCoaching, LLC, a leadership and marketing consulting and coaching firm that helps leaders achieve success.