pkf summit 2013 - high performance firms - succession planning
Post on 13-Sep-2014
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What is the secret to succession planning in high performance firms? Is there a silver bullet? Tom Hood thinks we are going through a shift change in the CPA Profession. Five fundamental areas are working to reshape the talent development landscape and ultimately succession planning and performance in CPA firms. He makes the case with research and field work having worked on strategic plans with over 100 CPA firms, working with young leaders in the AICPA and MACPA Leadership Academies, and exposure across the CPA Profession (standing on the shoulders of giants). This session was presented in two facilitated sessions at the PKF 2013 Partner Summit in Chicago, Il.TRANSCRIPT
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Fundamentals of High Performing Firms Succession Planning
Tom Hood, CPA, CITP, CGMA
Business Learning Institute & Maryland Association of CPAs
PKF North America Summit
November 10-13, 2013
Chicago, Illionois
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If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. Accounting Today
Tom Hood, CPA, CITP, CGMA
! Named the Second Most Influential in Accounting
by Accounting Today Magazine 2013 ! Top 150 Influencer by Linked-In ! Top 25 Influencers in Learning & HR by HR
Examiner ! Top 25 Public Accounting Thought Leaders by CPA
Practice Adviser ! Working on Learning Management with AICPA/
CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations
CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/
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A Managing Partner is
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Download todays slides at
www.SlideShare.net/thoodcpa
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Insights to Action
One without the other is either useless or destructive
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Yesterday the World Changed, Now Its Your Turn
- Mike Walsh
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HOW TO PROFIT FROM INNOVATION: Building the Agile Learning Organization
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The Paradox
The faster things change, the farther you have to
look ahead.
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The Shift Change
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The Shift Change
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The Shift Change
1. Leadership!2. Learning!3. Technology!4. Generations!5. Workplace!
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If Content is King,Context is the Kingdom!
- Will Avegerakis - AICPA
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Where did I get this stuff?
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The research
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The fieldwork
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www.blionline.org
The Strategic Thinking process
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Historical Context The Perfect Storm
Web 2.0
Globalization
Generations
Source: Don Tapscott - Wikinomics
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The New Normal - VUCA
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T
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The Research
A 2012 survey by the Corporate Executive Board showed that 60% of organizations were experiencing a leadership shortage, an increase of 40 percentage points from the previous year.
67%
#1 issue is developing leaders & succession
planning
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1. A shortage of creative, agile leaders.
2. Inability to rapidly develop workforce skills and capabilities.
3. Ineffective collaboration and knowledge sharing.
Source: 2010 IBM Global Chief Human Resource Officer study
The top three issues facing human resources & talent development
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Is it really just about Succession Planning?
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Shift Happens
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The high performers in our survey invest more in talent, focus on closing skills gaps, have more customized training and development programs, iden9fy future leaders earlier in their careers, and have robust succession plans in place. They also focus more on so= leadership skills such as the ability to embody the organiza9ons culture and values and to lead eec9vely in a complex global business environment.
Paradigm Shift
Source: E&Y Paradigm Shift: Building a new talent management model to boost growth
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Case Study:
John Schnitzer Managing Partner SEK&Co.
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Example-Succession Planning Timeline
www.bizlearning.net
The partners created a 9meline indica9ng their re9rement & date and possible successors and iden9ed key steps needed to ensure the future success of the rm.
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www.bizlearning.net
They will lose about half of their strategic thinking strengths due to re9rements; however the group will maintain a solid core of strengths in the Rela9onship Building column.
Example-Strengths: Before & A=er Partner Re9rement
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www.bizlearning.net
Example-Strengths: Before & A=er Partner Re9rement
This rm is very strong in the Execu9ng strengths column so there will be less impact here due to re9rement; However, the rm will lose 4 of their maximizers in the Inuencing column.
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Information Flows Effectively Up, Down And Across The
Organization
Source: PKF RETAIN Retaining Employees Through Active Involvement Now! Survey #1issue for 10 years
The # 1 Issue for past Decade?
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In a period of rapid change and increasing complexity, the winners are going to be the
people who can LEARN faster than the rate of CHANGE and faster than their COMPETITION.
- Tom Hood, CPA.CITP.CGMA 11/11/13 T
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Talent Supply
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hXp://cpa.tc/2qh
theBounce
10,000 hour rule
Talent Development = Succession Planning
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Curriculum design by BLI and AICPA using Top 5 Competencies
for future from CPA Horizons research and job levels from the BLI
Bounce Model. Leadership and Communications were combined and the 5th category expanded to
include practice specialties for firms and functional areas for corporate.
Examples would include: Corporate
Accounting, FP&A, divisional reporting, shared services, etc.
CPA Firms would have audit, tax, industry specialties.
These technical areas would have specific curriculums designed to
meet their specific technical competency needs.
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CloudLearning
"We see this system as a key recruitment and retention tool, allowing us to offer our people many of the things that the largest firms do - competencybased curriculum, career paths, and just-in-time learning, and our own custom D&S learning center. " " " " - Allen DeLeon, Managing Partner!
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Top Seven IssuesYoung Professionals
1. Information overload (including accounting and tax complexity)
2. Work / life balance
3. Generational issues and communications (including
upper management not sharing knowledge with the younger generation)
4. Developing networking skills
5. Keeping up with technology -- especially the cloud
6. Finding career guidance
7. Understanding social media benefits
CPA Success blog post http://cpa.tc/1ef
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The Shift Change
1. Leadership!2. Learning!3. Technology!4. Generations!5. Workplace!
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Your Competitive Advantage
It is hard to plan for the long-term future when you dont know what is going to happen five
minutes from now.
Today, a competitive edge based solely on material advantage is thin and temporary; the edge quickly becomes the margin. The ability to define the edge, and the ultimate competitive advantage, is found in the smarts, heart and ingenuity of your people.
Thats your powerhouse. Tap that, train it, focus it and mobilize it; now youve engaged a network and inspired a sustainable shift.
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Engagement Alignment - Commitment
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A leaders job is to set context and provide hope and inspiration..."
- Tom Hood, CPA.CITP CEO Maryland Associa
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How can we help you keep your L>C?
Strategy & Alignment
Curriculum tied to strategy
I2a Leadership Academy
BLI Leadership Express - on-
demand leadership support
Social learning
In a period of rapid change and increasing complexity, the
winners will be those organizations who can keep their rate of learning greater than the rate of change and
greater than their competition. Tom Hood
http://cpa.tc/32r
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CloudLearning - JIT
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CloudLearning - JIT