PKF Summit 2013 - High Performance Firms - Succession Planning
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PKF Summit 2013 - High Performance Firms - Succession Planning



What is the secret to succession planning in high performance firms? Is there a silver bullet? ...

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.



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PKF Summit 2013 - High Performance Firms - Succession Planning Presentation Transcript

  • 1. Fundamentals of High Performing Firms – Succession Planning… PKF North America Summit November 10-13, 2013 Chicago, Illionois Tom Hood, CPA, CITP, CGMA Business Learning Institute & Maryland Association of CPAs
  • 2. Tom Hood, CPA, CITP, CGMA 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 ! CEO Maryland Association of CPAs (MACPA) Business Learning Institute (BLI) ! ! ! ! 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
  • 3. A Managing Partner is…
  • 4. Download today’s slides at …
  • 5. Insights to Action “One without the other is either useless or destructive”
  • 6. Yesterday the World Changed, Now It’s Your Turn - Mike Walsh
  • 7. HOW TO PROFIT FROM INNOVATION: Building the Agile Learning Organization
  • 8. The Paradox The faster things change, the farther you have to look ahead.
  • 9. The Shift Change
  • 10. The Shift Change
  • 11. The Shift Change 1.  2.  3.  4.  5.  Leadership! Learning! Technology! Generations! Workplace!
  • 12. If Content is King, Context is the Kingdom! - Will Avegerakis - AICPA
  • 13. Where did I get this stuff?
  • 14. The research…
  • 15. The fieldwork…
  • 16. The Strategic Thinking process…
  • 17. Historical Context – The Perfect Storm •  Web 2.0 •  Globalization •  Generations Source: Don Tapscott - Wikinomics
  • 18. The New Normal - VUCA
  • 19. T
  • 20. 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
  • 21. The top three issues facing human resources & talent development 1.  2.  3.  A shortage of creative, agile leaders. Inability to rapidly develop workforce skills and capabilities. Ineffective collaboration and knowledge sharing. Source: 2010 IBM Global Chief Human Resource Officer study
  • 22. Is it really just about Succession Planning?
  • 23. Shift Happens
  • 24. Paradigm Shift 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  organiza9on’s   culture  and  values  and  to  lead  effec9vely   in  a  complex  global  business  environment. Source: E&Y Paradigm Shift: Building a new talent management model to boost growth
  • 25. Case Study:  John Schnitzer – Managing Partner SEK&Co.
  • 26. Example-Succession Planning Timeline The   partners   created   a   9meline   indica9ng   their   re9rement   &   date   and   possible   successors   and   iden9fied   key   steps   needed   to   ensure   the   future   success   of   the   firm.    
  • 27. Example-­‐Strengths:  Before  &  A=er  Partner  Re9rement   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.    
  • 28. Example-­‐Strengths:  Before  &  A=er  Partner  Re9rement   This  firm  is  very  strong  in  the  Execu9ng  strengths  column  so  there  will  be  less   impact  here  due  to  re9rement;    However,  the  firm  will  lose  4  of  their  maximizers   in  the  Influencing  column.    
  • 29. The # 1 Issue for past Decade? Information Flows Effectively Up, Down And Across The Organization Source: PKF RETAIN Retaining Employees Through Active Involvement Now! Survey #1issue for 10 years
  • 30. “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  
  • 31. Talent Supply
  • 32. Talent Development = Succession Planning theBounce 10,000 hour rule hXp://    
  • 33.
  • 34. T   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.
  • 35. 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 - competency–based curriculum, career paths, and just-in-time learning, and our own custom D&S learning center. " " " " - Allen DeLeon, Managing Partner!
  • 36. Top Seven Issues Young 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
  • 37. The Shift Change 1.  2.  3.  4.  5.  Leadership! Learning! Technology! Generations! Workplace!
  • 38. Your Competitive Advantage “It is hard to plan for the long-term future when you don’t 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. That’s your powerhouse. Tap that, train it, focus it and mobilize it; now you’ve engaged a network and inspired a sustainable shift.
  • 39. Engagement – Alignment - Commitment
  • 40. A leader s job is to set context and provide hope and inspiration..."
  • 41. Tom  Hood,  CPA.CITP   CEO   Maryland  Associa<on  of  CPAs   Business  Learning  Ins<tute   (443)  632-­‐2301   E-­‐mail   Web  hQp://   Web  hQp://       Follow  me  on:   ü   TwiXer:  hXp://   ü   LinkedIn:  hXp://   ü   Facebook:  hXp://   ü Slideshare:  hXp://   ü Youtube:  hXp://   ü Second  Life  avatar  name:  Rocky  Maddaloni  
  • 42. How can we help you keep your L>C? •  •  •  •  Strategy & Alignment Curriculum tied to strategy I2a Leadership Academy BLI Leadership Express - ondemand 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
  • 43. CloudLearning - JIT
  • 44. CloudLearning - JIT