PwC Chimes in on How Companies Can Retain Top Talent

Posted on by Daniel Braddock

It was only a few weeks ago when Deloitte threw their two Lincolns into the mix; now it’s PricewaterhouseCoopers offering advice on how to retain workers during this economic recovery. So, in an effort to not play favorites:

1. The financial crisis and ensuing recession have quickened the pace of structural changes already underway in many industries. As companies rethink the way they operate, they should assess the talent pool and look for opportunities to add new skills while keeping their existing employees motivated and engaged.

DWB: Because nothing says your job is safe with us like hiring new workers, right? The cojones on Dubs to lead off with this statement. Essentially Dubs is suggesting that companies poach talent from competitors; the exact action the article is intended to prevent.


2. With budgets expected to remain tight, it makes sense to focus on non-financial incentives such as training and mentoring programs, challenging assignments and other opportunities for growth and flexible work schedules.

DWB: Whoa, whoa, whoa. Did they really just lump (mandatory) trainings and (mandatory) mentoring programs together with “challenging assignments?” Does anyone else think that last one is code for “your staff has been cut in half due to layoffs and departures?” Umm…no…neither did I.

3. This may be obvious, but determine whether your top talent feels well compensated.

DWB: How much does PwC charge to perform that survey?!? It continues:

“By freezing pay across the board or cutting bonuses and benefits during the recession, you may have inadvertently given key employees a reason to leave.”

DWB: Dubs, are you looking in the mirror again? Shameful.

4. To figure out the right mix of incentives, executives need to first determine what motivates their top performers and other key employees.

DWB: Common sense. As an HR professional, statements like three and four really bother me. They only perpetuate the “HR fluff” stereotype that is associated with our field of work. (Some of you might say the same about my posts, so I should probably be careful where I tread.)

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Three Remedies for the Busy Season Hangover

Greetings, red-eyed accountants. I hope those of you who celebrated yesterday’s sign-off didn’t drink the local watering holes dry last night. The markets are closed tomorrow, so hit the town again tonight and find yourself a Wall-Streeter (or is it a midtowner now?) to shack up with!

Who am I kidding? You’re probably going to sleep like babies for the first time in months.

Regardless of how you spend your first few days of re-born freedom, you need to be sure not to get caught up in the whirlwind slow season.


These short drops in production need to be stretched to maximum gain. Here’s are few ways to make the most of your slow hours:

• Cash in that vacation time – One of the (few) perks of a public accounting gig is the incredible amount of personal time. Five to six weeks of vacay is simply unheard of in the private sector (three weeks are standard issue). So why not do something with your time? Sign up for the mass emails from travel sites and pick a random location to cash in those hotel points that have accumulated over the last three busy seasons.

One GC reader told me, “I’m going to Bermuda in a few weeks. Why? Because JetBlue had a special, I’ve never been, and I’ll be damned if I lose out of my vacation time.” FWIW, many of the airlines are running specials now for flights in the next few months. Pick a random location and get the hell out.

• Recharge your batteries and your resume – Pick a Friday or Monday in the coming weeks and call in sick. Book yourself a day of relaxation; hit the spa, the golf course, or work on that rusty ‘72 Chevy taking up room in the garage. Whatever you do, keep the Blackberry on your nightstand and spend your day away from the office. After a day of mental relaxation, pick up your resume and make your time in public start working for you.

• Shop around for new work – So you want to work at a hedge fund but are currently auditing depositories – what the hell are you wasting your time for? Now is the time to talk to your mentors and work with staffing to really push your accounting career in the direction of an industry that interests you. Volunteer to do clean up work on a client that is decimated by team members taking vacation. Do what you need to do to begin getting the exposure to work that is relevant to your career aspirations.

For those of you done with busy season, have a drink and enjoy your weekend, but don’t forget about your comrades with 4/15 deadlines. The end – after all – is near.

Public Accounting Casting Call – Summer Intern Edition!

Summer interns are en route to an office near you; either already on board or on their way this week, sporting their early summer tans. Just in time for the work load to shrivel up to next to nothing and summer hours to be instituted – gotta love the timing! But nonetheless summer intern season is a wonderful time of year, and I want to make sure GC helps celebrate the summer.

Today’s post is a cry for help on two different levels (has my job really come to the point of groveling?). Here’s the scoop:


Summer Interns

What’s the concept?: The main drive behind this blog is to provide insider information on the public accounting industry to those who work in the trenches every day. What better way to do that than by listening to you, the summer intern? Your senior manager might ignore you all summer, but we won’t.

What we’re looking for: Summer interns at public accounting firms (Big 4, mid-size, anyone is welcome) to contribute short, bi-weekly write-ups about your summer experiences. We’re not looking for firm bashing information or juicy details about co-ed hookups but hey, if you have dirt, we’re always here to listen. Write-ups should touch on your experiences, both firm related on your respective engagement teams.

How to get involved: Email me here and include the following information:
Name:
Firm and Location:
Dates of internship:
Best email to contact you on:
*See my note below about confidentiality

Advice for Summer Interns

What’s the concept?: I’m in the process of putting together a “guide” for summer interns. What do they need to know before starting at your firm? What industries should they avoid or gravitate towards? How should they handle being snagged into a drunken conversation with a partner about his three kids and pending soccer tournament? Most of you here have not only worked with/ hated on interns before, but you were one at one point in your career as well.

What we’re looking for: Share your advice or your stories of interns past. The dirt. Everything. From serious career advice to informal tongue-in-cheek statements, nothing is off limits.

How to get involved: Email me feedback and include your firm’s name and office location. Feel free to leave stories below in the comments.

*Please note: As a member of the public accounting industry myself I understand the importance of confidentiality when it comes to something like this project, and I understand the concern that I might release names either publicly or to the respective firms. Simply put, I will never do such a thing. The success of this website rises and falls with the trust of our readers. No one would ever take action to hurt our relationship with you, the readers. Please have faith in us as I ask for your participation. Any feedback or comments are assumed to be private.

That said, I look forward to your feedback. Cheers and Happy Moanday.

Managing Diversity for the Accounting Firm of the Future

E&Y tweeted an interesting release this morning regarding their outlook on cultural diversity and how it relates to future success, both at their firm and in tomorrow’s global economy. I encourage you to read the full text (linked above), but here is an exercept I want to focus on:

“Our recent study “Redrawing the map: globalization and the changing world of business” reveals that the boards of many global companies lack the diversity to deal with intercultural challenges. At the same time, they cite the need for internationally experienced staff as the most important cultural factor in conducting business globally.”


Every firm is well aware of the importance for cross-cultural efficiencies as an accelerator to getting business done in the global markets. I agree with the article’s point that, “If an organization does not leverage the potent weapon of diversity, it risks limiting its creative potential and ultimately losing its competitive edge.” This is absolutely true. But how does a firm balance the “need” for cultural diversity with the reality that the leadership of many clients oftentimes resembles more of an Old White Man’s Club than that of an idealistic HR workplace? From schoolyard to the boardroom, we as people are naturally drawn to the bubble of comfort created by surrounding ourselves with those who are similar to us; commonalty breeds security. Think back to your last happy hour or the lunch table in 4th grade – what has changed?

On a personal level, E&Y isn’t failing at its internal diversity efforts; per Caleb’s post last week, they are second among the Big4 in terms of overall diversity hires (29%) and their male/female ratio is an even-steven 50%. These numbers are most likely bolstered by increased retention over the last 18 months as well as a focus on diverse hiring from the campus pipelines.

That’s not to say that the ongoing effort to strike a better diversity balance is unrealistic or futile. The next generation of partners (i.e. you new associates sweating through your first 80 hour workweek) are better prepared for the global workforce than the average 20 year veteran partner. The influx of group work, community service, and international students enrolled in American higher education institutions remains at the origin of preparedness. Couple these attributes with the fact that these colleges and universities see the statistical advantage to stirring the Diversity Melting Pot, today’s students are prepared more than ever for the corporate boardroom. If only you could send your partners back to experience the same thing.

The challenge for any firm lies in managing the differences created across cultures and generations. The basis of this responsibility lies within personal relationships formed between colleagues; something that no report or Fortune statistic can analyze.

You can follow Daniel Braddock, your friendly Human Resources professional, on Twitter @DWBraddock.