CPA Practice Advisor - 21

FEATURE

3 Visionary Trends to Consider in 2020
By Jodi Chavez

READ MORE, EXERCISE, take up a new hobby - you've got New Year's
resolutions for yourself, but what about for your accounting firm? With
2020 fast approaching and a new decade on the horizon, now's the perfect
time to position your firm for success in the new year. Here are some of
the biggest workplace trends to watch for in 2020 - and what you can
do to prepare.
DIVERSITY IS AN INCREASING
PRIORITY
Workforce demographics are changing, so
many businesses will be looking to improve
their own diversity levels in 2020 to keep up.
According to a study by Deloitte, companies
that created inclusive workplace cultures
were found to be:
* 2X more likely to meet or exceed financial
targets
* 3X more likely to be high performing
* 6X more likely to be agile and innovative
* 8X more likely to achieve better business
outcomes
That's a lot your firm could potentially
gain by prioritizing diversity and inclusion
(D&I) in the new year, so make it a top focus
if this is an area where you need to improve.
Improving D&I starts with hiring, but it's not
just about the approach you take to actively
target new talent. Even the language you use
in your job postings can have an effect on the
types of candidates you attract. For instance,
one study found that more "masculine
wording in job advertisements leads to less
anticipated belongingness and job interest
among women."
In terms of building a better culture for
the employees you already have, remember
that change starts at the top. When workers
see a diverse team of leaders, they see their
own possible pathways to advancement and
a concrete daily reminder that your organization doesn't just walk the walk when it comes
to inclusion.

AI AND AUTOMATION: NOW'S
THE TIME
A recent research report on the future of

accounting concluded that many accounting
tasks are expected to be fully automated
by next year. Setting digital transformation
at the top of the docket for 2020 can help
your CPAs adapt faster. There are plenty of
processes that can be automated to improve
day-to-day efficiency. Employees will be glad
for the improvement as it will allow them
to spend more time building and deepening
client relationships. Another great example,
cloud accounting, for instance, empowers
your clients to access their data faster and
in real-time, too. Automating bookkeeping
and accounts-payable processes could save
you time and money at a rate of about $16
per invoice and one less hour of work per
day. That's more time back for your CPAs to
focus on advising their clients strategically
and providing value in areas you previously
didn't have enough bandwidth to address
completely. How visionary!

TECH TAKES OVER EMPLOYER
BRANDING
In an era of social media and the rise of
employer review sites, businesses can no
longer sit on the sidelines and still expect
to attract and retain top talent. Ninety-four
percent of job seekers said they would likely
apply for a job at a company that actively
managed its employer brand, and 72 percent
said they spend at least one hour researching
a company before deciding to apply. Technology has enabled businesses to spread their
brand messages farther and convey them
more vividly. Expect competing employers
to continue branching out into new channels
like Instagram or experimenting with different kinds of content to tell their stories like

day-in-the-life videos or employee spotlights.
To get your firm up to speed, conduct an
audit of your own employer brand. Scour
review sites, and read what people are saying
on social media to get an idea of the public's
sentiment toward your organization. If you
see negative reviews, take the time to respond
correctly, as managing your brand is just as
important as building it. Identify areas that
you could address or emphasize more clearly,
and start building a messaging strategy
around them.
Of course, these three trends won't be
the only things going on in the world of work
next year, but you can bet they'll be among
the most prevalent. Keep these suggestions
in mind and follow the guidelines here, and
you'll be sure to keep your firm competitive
in the new year. ■
As group president, Jodi oversees
the field organization and provides
strategic direction for Randstad
Accounting & Finance, Professionals,
Life Sciences and Tatum. With more
than 20 years' experience in the
staffing industry, Jodi's entrepreneurial drive and strong business
acumen have enabled her to consistently increase revenues, grow profits and deliver
ROI. Her breadth of expertise spans team building,
strategic planning and execution, M&A, branding,
social media and multi-generational leadership.

FEBRUARY 2020 ■

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