The workforce is changing. As Baby Boomer accountants finally retire from their careers, millennials are filling the gaps. But how should millennials acclimate themselves to the accounting industry? Alternately, how can the accounting industry adapt to better suit millennials? While the accountants of the past worked more behind the scenes; that is not today’s industry. Let’s take a look at how millennials are changing accounting, and how accounting can change millennials.
Willingness to take risks.
Millennials as a group are much less risk adverse than their Baby Boomer counterparts. This can be both good and bad for their careers. This is one of the reasons millennials have a reputation of being job hoppers. They are willing to leave one situation without much hesitation to try out another. Instead, accounting firms and businesses can harness this trait for good and give them opportunities to learn new things. Showing commitment and investment in a millennial will show the company or firm values them.
Maybe not across the board, but millennials are known for being a social generation. It shouldn’t be a surprise since this generation grew up in the breakout of social networking. In the past, accountants have been considered back office employees, but the job landscape is changing. Companies can rely on their millennial accountants to provide more services than ever before.
For the same reason, millennials are also associated with the collaborative workplace. They were a group that grew up with teamwork and participation accolades. For as much as GenX and older workers talk about the negative associations of these traits, they are quite positive as well. Millennials like to work together, so give them this opportunity.Set millennials up to succeed and see your company enjoy the benefits.
Flexibility for changing needs.
Baby Boomers are often resistant to change, and that led to some stagnation in the accounting industry during the years. When new software came out or new procedures were established, Baby Boomers were less likely to want to learn to use them effectively. But millennials don’t have those hang-ups and are often more than willing to try new ways. Millennials are used to software updates and new products. They expect technology changes and want to use them from the start. Use this to your organization’s advantage.
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