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• W49204416 abstract "The biggest professional moment for a CPA in public practice traditionally is when the printer delivers the first box of business cards bearing the title discreetly below the name. It is a sign of arrival, a notice for current or prospective clients that they are working with one of the key people at the firm. CPAs learn in Accounting 101 that Partnership equals success, and their supervisors reinforce this starting the day graduation. It's a tradition as old as the men whose names formed the Big 6--and it's becoming as outmoded as the huge ledgers they once used. Significant changes in the past few years are challenging that one-path-to-success idea. Firm owners struggle every day with the question of how to retain a good employee if they are hesitant--or unwilling--to make that person a partner. Complicating issues range from two-income households grappling with child care to a shrinking labor pool. Firm partners and those they hire should be aware of the problems and consider a solution that just may relieve both partner and staff anxiety. I've found a structural change that has proved satisfactory to both staff and partners: the creation of a prestigious alternative career track for the people the firm wants to retain who may or may not fit the typical partner profile. (This is more than just an idea: the rationale for this change and the blueprints for making it happen are based on work I did working closely with the managing partner of one of my clients, Joseph Tarasco, of Yohalem, Gillman & Co., a 90-person New York City firm.) UP OR IS OUT Traditionally, public accounting has followed what is known as the up-or-out policy. In the past, it made little sense for either the CPA who is not on the partnership track or the firm to continue the employment relationship, especially since a senior manager not promoted to partner could be replaced by a lower cost supervisor or manager. But today, accounting firms are finding those assumptions no longer work, so they must find ways to respond to the new realities of the work environment, such as * The difficulty in attracting midlevel senior staff from the current employment marketplace, leading to a shortage of experienced CPAs at the management level. * The reduction of compliance work and increase in consulting (particularly in highly specialized areas), which requires experienced staff. * The fact that people are very mobile and less willing to stick it out for the time required to become partner. Because opportunities outside the firm may seem more attractive, firms must find ways to encourage experienced people to stay. * The desire of many men and women for more balanced work/family life-styles that preclude spending considerable amounts of time in the office or doing after hours business promotion. In addition, highly qualified experienced staff often can take the client service burden off the rainmaker partners, providing them with more time to devote to business development. WHY WOULD A PERSON STAY? In the past, nonpartners went on to positions in private companies and enjoyed success. This situation, too, has changed: * Management positions no longer are as plentiful because of consolidation and mergers. Consequently, firm employees now may be more willing to consider a permanent nonpartner position--if it can be made more attractive. * Public accounting did not offer competitive compensation in the past, but today managers enjoy compensation comparable to industry rates, along with other advantages such as challenge and diversity. * CPAs who might otherwise push to make partner no longer do so because of the increased demands and greater liability now placed on partners. Many people seek a more balanced life-style, one that allows for more family or personal time. * Many people entering public accounting enjoy the knowledge gained, varied work and diverse industry exposure common in today's firm but have little interest in the myriad management tasks partners have to face. …" @default.
• W49204416 created "2016-06-24" @default.
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• W49204416 date "1998-04-01" @default.
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• W49204416 title "The Partner Alternative" @default.
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