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Accounting firms are getting creative in their approach to client satisfaction and staff retention, turning traditional workspaces into an ‘experience’ hub, “blurring [the lines] of business and leisure”.
Accounting firms getting creative as Millennial numbers rise
14 December 2017
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7 minute read
Mirvac group executive, office and industrial, Andrew Butler said accounting firms are starting to cater to a client’s experience by incorporating client concierge services and café and lounge spaces in their workplace design.
Additionally, while an open plan, agile workplace is not new within the industry, Mr Butler said firms are now working on targeting and engaging their Millennial employees who “want every day to be an experience in the workplace”.
“By 2025, 75 per cent of the workforce will be Millennials, which means it’s an important trend that businesses need to address now,” Mr Butler said.
“Workplace experiences can help to drive culture, engagement and ultimately retention of staff. Statistics show that three-quarters of employees are not highly engaged, creating a big opportunity for companies.
“We are seeing a real blurring of business and leisure, and if companies get the balance right, it will be a real differentiator in attracting top talent and staff retention. Some companies are even hiring a chief experience officer (CXO) to achieve this.”
Mid-tier firm HLB Mann Judd group recruitment manager Tea Lehman says her firm’s focus on implementing a wellbeing focused workplace has received a big tick from employees.
“Wellbeing is highly relevant within the workspace. If employers can provide a stress-reducing, productive, friendly and highly interactive working environment, they are on the right path to having happy employees,” said Ms Lehman.
“Initiatives such as café-like common hubs, onsite yoga sessions, personal development coaching, stand-up desks, boot camps, sports teams, just to name a few, add phenomenal employee care value.
“With minimal staff turnover and high performing staff, the approach clearly has the employee vote.”
Mr Butler also believes there is a business case for flexible workplaces in an accounting firm in the lead up to busy periods in the year.
“Accountancy firms are also looking for flexibility in their workspace to allow them to grow and contract quickly,” said Mr Butler.
“Co-working spaces in the building can also assist a firm to flex up and down on short notice and for shorter periods.
“A benefit to firms is they can maintain or potentially reduce space as they grow, ultimately better controlling their occupancy cost or overhead per person.
“[Further], we are seeing a number of accounting firms use this extra room to create an area for clients to come and work in the office at any time of the day, allowing the firm to build a stronger relationship with their clients.”
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- Millenials are like financial planners..0
- Spot on0
- As one of these "millennials" that these incentives are apparently targeting, I don't want any of that rubbish.
I'd rather the business invest the money towards our ongoing professional development, bolster the remuneration package to ensure competitiveness, making sure the business has the technology and software I need to do my job, and maintain our current flexible start-finish times; rather than something that really does little to encourage productivity because it doesn't change the overall environment and dissatisfaction will still exist as long as they think a showy workspace that doesn't get utilised can fix things instead of addressing legitimate employee concerns.
Important to note that splashing cash on these activities/workspaces doesn't do much to encourage a positive workplace environment if your employees can't get along, won't work together and don't drive each other toward success. My current employer is well on top of technological advancements, and they have cherry picked our staff so we are fortunate to have a great team, so it doesn't matter if we're sitting around a 20 year old table in the kitchen, we enjoy coming to work every day.0 - FFS really?
Pretty sure millennials need to either learn to engage in a regular workplace, or just not have a job. Good luck to them in trying to get the experience required for the jobs they want without the hard yards.0
