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Talent Development in the New Normal for FP&A - Research and Polls 2017

  1. The Future Ready CPA AICPA EDGE Conference Participants Report & Insights Tom Hood, CPA, CITP, CGMA August 5, 2016 1 AICPA FP&A Conference Talent Development in the New Normal Participants Report & Insights Tom Hood, CPA, CITP, CGMA July 21, 2017
  2. Our insights… One opportunity is to focus training and development on the critical skills participants are identifying, especially in the area of ‘strategic thinking’ and ‘anticipation (being aware, predictive and adaptive of future trends and issues). These skills elevate and accelerate people’s ability to adapt to major changes in addition to finding creative and innovative ways to add value to the business. Our research consistently shows the need for. Here are three areas we can elevate and accelerate your talent development with critical skills that will address these top challenges and skill needs. 1. Conduct a Strategic Leadership and Learning Development Summit that identifies critical competencies and creates a comprehensive curriculum including e- learning for your firm. 2. Leadership Academy for your managers to develop facilitation, collaboration and skills to mobilize teams and prioritize projects. 3. Create a culture of proactive business advisors by implementing the Anticipatory Organization: Accounting and Finance Edition Learning System to begin developing. You will find more information about these in slides 12-20 in this document.
  3. What is your biggest talent challenge? Critical thinking, skills mix (8) Leadership development and Influencing Skills (2) Intellectual Curiosity (2) Motivation (2) Ability to hire and salary base Ability to think and not just push out data Acquisition Being mixed with accounting creating a split focus. Bench strength / succession planning Budget Communication Creative problem solving Cultural fit Dealing with stress Demographics Engagement Finding persons with the right attitude Finding qualified people Focus Forward thinking Getting people to be proactive about what information others are looking for Hiring employees committed to long-term with the company Innovation Lack of Experience Lack of technical skills (i.e. Financial modeling) Leadership development
  4. What generation are you? 0 5 10 15 20 25 30 35 40 45 Traditionalists Born 192545 Baby boomers Born 194664 Generation X Born 196580 Millennials Born 198197 Generation Z Born after 1997 Votes What generation do you belong to?
  5. Poll: What are your top challenges? (pick the top five) 1.Being proactive vs reactive 2.Doing more with less 3.Finding the right people 4.Keeping up with technology 5.Engaging our people 6.Talent retention 7.Generational Differences Note: Overall these are consistent with our research across the Profession. Finding and retaining talent has steadily risen in the last 12 months in our polls across the Profession. “Engaging our people” has also increased significantly in the past year. Generational differences are rising once again.
  6. Poll: What are the top skills for finance and accounting professionals? (pick the top five) 1.Strategic and critical thinking 2.Communication 3.Tech Savvy Data analytics 4.Technical accounting and finance skills 5.Innovation 6.Anticipating and serving evolving needs 7.Inspiration and Collaboration
  7. Top Skills Needed for Accounting and Finance Professionals BLI Research in 2015 with over 1,500 responses from all segments of the CPA Profession identified these top skill needed to be successful in these rapidly changing times.This confirms and reinforces the research from the Conference Board, AICPA CPA Horizons 2025 report, Bersin, and Burrus Research.. 75% covered by theseTop 5 Skills
  8. What is you insight from this session? Proactive culture in Accounting. How to get started on effectively developing and retaining talent Anticipatory CPA Need to proactively work on development Differing strategies to improve on employee engagement Effectiveness of e-learning and nano Focus on collaboration, technology, leadership & critical thinking skills development Periodic collaboration instead of big classes in our internal program Need to link expected business changes to employee learning now We need to hire & develop talent for future needs Collaborative learning Growth (development) second most sought after, only behind compensation Learning to learn in a different way Collaboration more valuable than experience Others are seeing the same issues. Importance on training employee's to retain them Identifying talents needs and resources to get there Effectiveness of nano-learning How to get ready for exponential changes Need to adapt to our workforce Embrace the changes in our profession which is essential to future development Keeping in mind demographic changes in workplace
  9. What is you insight from this session? Still learning with collaboration Options in learning Strategic approach with change management Critical thinking. Critical Thinking essential Develop learning plan for team new and potentially effective learning concepts Ideas on how to bring in learning in new ways. generational gap will continue to increase issues in finding talent Continuous education is essential to employee engagement Adapt and prepare for the shift Focus should be on continued learning for staff Continuous education to keep up with change The environment is changing. Replace ROI with the new formula. Direction of future accounting and finance need offer development proactively Eyes opening on education. Present in 1 hour segments per week in order to see results I need to rethink how my entire department works
  10. #FutureReady Is the capacity to be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry. Source: CPA.COM Insight into the CPA of the Future Study 2014 92% of CPAs Not #futureready
  11. Relevance?
  12. AOAF recognized as 2016 Top learning Product “Everyone keeps telling accountants that they need to change their focus from the historic and the backward-looking, and to start being proactive and offering future-focused advice – but no one tells them how. The beauty of the Anticipatory Organization program is that it actually gives you a set of tools to harness the hard trends that are shaping the future, and use them to create new value for your firm and your clients.” - Daniel Hood, Editor-in-Chief, Accounting Today
  13. • Anticipation • Strategic Thinking • External Awareness • Vision • Continuous Learning • Innovation • Creativity • Problem Solving • Prioritization • Business Acumen • Decisiveness • Influencing/Persuading • Emotional Intelligence • Consensus Building • Collaboration • Inspiration • Risk Management • Communication
  14. ANTICIPATION Strategic Thinking External Awareness Vision Continuous Learning Innovation Creativity Problem Solving Prioritization Business Acumen Decisiveness Influencing/Persuading Emotional Intelligence Consensus Building Collaboration Inspiration Risk Management The competency of “anticipation” actually includes a number of competencies included in many of the top companies of today and the CPA Profession as well. Across these models, you'll see a common theme of "strategic thinking," "innovation" and "leading change." Many of these organizations build (and validate) fantastic competency models and know what they want people to do. The beauty of the Anticipatory OrganizationTM model is that it offers a clear process that makes highly-abstract leadership competencies attainable and trainable. If an organization wants to make "strategic thinking" or "innovation" a core competency, we can provide clear, trainable activities that can be targeted to a wide range of learners (from individual contributors to senior leadership). We provide the bridge between the competency model and the desired observable behaviors. Anticipation –The Critical Competency
  15. 28 lessons – 4 modules – 1 hour/week • Very short single-concept videos (mini TED Talks) • Rapid application exercises • Visual job aids to reinforce learning Anticipatory Organization - First Nano Learning for Accounting and Finance Professionals designed to learn more in less time
  16. E-learning versus Traditional Learning • $1 invested in e-learning = $30 increase in productivity • 18% increase in employee engagement • Reduces learning time 25 to 60 percent • Increases retention of learning dramatically • Keeps them productive and able to self-pace around busy schedules
  17. 17 Our MBA Express and 8-Hour MBA program were featured in an Inc. Magazine column.
  19. XCM has: • Global Presence with 350+ employees • 500+ Customers • 25,000+ Users • 35% of the Top 100 CPA Firms • More Than 2,000 Client Accounting Businesses XCM Solutions: • Focus on Tax, Accounting, Finance & Operations Productivity • For Businesses and Firms • Browser & Device Agnostic • Scalable Technology and Resources XCM’s Productivity Platform: • 1,000,000+ Processes Annually • Customers Report ~30% Productivity Gains • Over 140,000 Tax Returns Processed • Largest Tax Return was More Than 2,600 pages Productivity Simply Enabled with Offices in Boston, Bangalore & Chennai
  20. Why Are We Overwhelmed and Disengaged? ASK A QUESTION – Rank your top 2 Visibility Control Accountability Flexibility • I don’t know…where things sit, our progress, who has the work. • I don’t have enough time. • I have too much work, I can’t keep track of it all. • I don’t know What to do. • I don’t know How to do it. • I’m not sure Who’s doing it. • I have changing priorities. • I can’t change the way we do things.
  21. The XCM Productivity Enablement Platform is a solution that’s indispensable for Tax, Accounting and Finance Executives. Visit XCM at: or From Overwhelmed to Energized • Organizes the Chaos • Creates a single thread of the truth for ownership • Manages tasks, resources, and deadlines • Centralizes information across systems, functions, and tasks • Absorbs existing technology, without disrupting your culture What does Productivity Enablement look like for you? Find out how this looks for you—contact: Mike Sabbatis Tom Hood