Why are accounting forms doing so well?Enormous DemandRecruit the best and brightest of the new generation (Generation Y/Gen Y)The Sarbanes-Oxley ActGreatly increasing the need for their service that the firms are facing an epic talent shortage
Rise of accounting firms9 companies in the top 50 last year offered starting salaries of at least $55,000.This year, doubled1st year salaries now average $60,000 to $65,000 (before bonuses)
Though there are managers who don’t think special treatment is necessaryMicrosoft Corp. – interviewees visiting headquarters are offered concierge servicesErnst and Young – few lucky interns fly with chief executive on the corporate jet to a conference
Let employees decided when during their 1st 90 days they would sit down with their boss for performance reviewA second reader is supposed to review the initial written evaluation to make sure it is sufficiently clear
Chapter 5:Managing Diverse Employeesin a Multicultural Environment Exploring the Web & Case Study Clinton Fought Dan McLoughlin Matt Vital
Equal Employment Opportunity Commission (EEOC) http://www.eeoc.gov/ Bureau of Labor Statistics http://www.bls.gov/ I. Exploring the Web
Formed in 1962 Federal agency based in Washington DC Main Goal: End employment discrimination Investigates discrimination complaints based on an individual's race, color, national origin, religion, sex, age, or disability Equal Employment Opportunity Commission (EEOC)
A division of the department of labor (Formed 1884) Main task: gather and analyze economic labor statistics and report this to the public, the DOL and other government agencies Bureau of Labor Statistics
II. Case in the NewsBusiness Week: The Best Place to Launch a Career Accounting firms dominated BusinessWeek’s 2nd annual ranking of the best companies for new college graduates “The Big Four” Deloitte and Touche PricewaterhouseCoopers (PcW) Ernst and Young KPMG Rethink: How to recruit college graduates and keep the happy on the job or just keep the job at all?—Welcome to the post-millennial world. Ernst and Young: Facebook Deloitte: rap video on office life PwC: bosses ask for 2nd opinion from new hires And much more explained later…
Ranking based on surveys: Career services directors at US Colleges Employers they identify as the best for new graduates College students The Google Effect
Survey employers dealing with new generation that expects a different workplace from that of their parents Successfully marketing to youthful consumers depends on the insights of being tech savvy (IM-ing, YouTube, Facebook, etc)
Appealing to new generation by making them more transparent, flexible, responsive, and nurturing.
78 million born between 1982 and 2000 who began entering the workforce 3 years ago High expectations and demand meaningful work Constructive feedback And positions of influence within organizations “If you don’t make an effort to provide an environment in which this generation can do their best, they’re going find one where they can.” –Dan Black, Ernst and Young’s director of campus recruitment Who are these people?
Competition with high-paying, bonus-giving investment banks and major corporations
“The ability to recruit and retain younger workers will become critical […] In many ways, Gen Y is our future.” –Barry Salzberg, CEO of Deloitte and Touche USA
Number of US students graduating with accounting degrees have risen about 29% since 2002
Only 3% of corporate interns accepted full-time positions—one of the worst rates in the industry Instead of perks… Took away Friday afternoons off Ordered business etiquette classes Brainstorming how to make company products more appealing to Gen Y Employees in their first weeks on the job get to make suggestions about how to improve operations “We don’t treat them as kids, we treat them as employees” –Elizabeth King, NY Life Insurance New York Life Insurance
July 2006: Facebook campaign by Dan Black (recruiter) Brought together about 10,000 employees and job seekers in an open forum Discussion of the application process and prospective workplace
It was difficult for that group because clearly Facebook was a new concept, but they thought the reward of reaching Gen Y in a meaningful way would be worth it.” –Dan Black
Ernst & Young
Trying to give Gen Yers a realistic sense of what they have to do to earn that money Allowed NYU film grad to shadow 3 young employees for a documentary-style film JPMorgan Chase and Co.
Present a real picture of working life to potential recruits Asked employees to create short videos describing what the company means to them Nearly 400 videos judged by a group of interns and employees of all ages Rap video Deloitte
Online recruiting campaign that includes a faux sitcom: The Firm Real employees acting out scenarios in which the female Gen Y star has awkward interactions with older employees Managers are expected to relearn how to manage and deal with young employees who have lived in a constant feedback loop PwC
ThinkPlace, online suggestion box to help it cull the best ideas from its global workforce
Google Inc Free lunches On-site massages Allowed 1 day devoted to developing new ideas PwC Perks: instituted extra 11-day firmwide vacation Ernst and Young Perks: 4-day weekends several times over summer KPMG Every summer weekend starts at 3pm, Friday Some Perks:
15 companies and investment banks allow new hires to defer employment for 2 years During that time they teach troubled high schools around the country through Teach for America Now, Questions for Discussion: Something interesting to know…
Companies and managers are practicing many new techniques and philosophies in order to attract and retain generation Y workers. In order to appeal to the new generation of workers, management had to figure out what these employees responded positively too. Companies realized that they needed to be more flexible, transparent, responsive, and nurturing. The employees require more feedback about their progress and like to be kept busy. Companies also learned that using the Internet to recruit prospective employees, provide feedback, and allow for workers to voice their opinions was a great appeal to Gen Y workers. How are companies and managers trying to attract and retain Generation Y workers?
Companies are concerned about this because retiring employees need to be replaced and new and creative workers are necessary for the success of a company. New and younger employees are helpful to reaching out to young consumers. Why are they so concerned about doing this?
These changers are providing a more nurturing and enjoyable environment to work in. With management working harder to appeal to its workers, the employees are more comfortable and able to be more effective. The constant feedback that some organizations are offering their employees allow for productivity to be much greater than when workers are on their own. They feel like they are part of a team and have a desire to contribute to its success. How might the changes managers are making, in response to Generation Y workers, contribute to organizational effectiveness?
When the employees are genuinely happy and concerned with the company’s well being, it gives the customers a more secure feeling when dealing with them. How might these changes increase responsiveness to customers?
Deloitte Interns Rapping Video YouTube/Video Clip