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Talent Development for FP&A in the New Normal

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Presentation given to AICPA FP&A (Financial Planning and Analysis) on July 21, 2017.

The latest research shows a growing talent crisis in finance and accounting which will continue to worsen over the next 10 years. Today the old ways of running a workplace, recruiting and de flop talent are not getting the same results. Leaders must gain insight into the workforce of the future and the evolving wants and needs of today’s employees. This session will cover the new workplace realities and how leading organizations are building exceptional and thriving workplaces. Talent development linked to your organization’s strategy can be used to increase engagement and productivity. 

Session objectives include:
Learning about the latest trends in the finance and accounting workforce
Understanding the top challenges facing finance and accounting teams and how they impact your organization
Identifying the critical competencies and how they have changed for FP&A teams 
Recognizing the strategies of talent and technology and how they can 
accelerate your effectiveness 
Developing an action plan to begin your talent engagement and 
development work

Published in: Business

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Talent Development for FP&A in the New Normal

  1. 1. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 1 Talent Development for FP&A in the New Normal Tom Hood, CPA, CGMA, CITP CEO of the MACPA & Business Learning Institute @tomhood Why?
  2. 2. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 2 On January 9th, 2007 the world changed Now its your turn! Exponential Pace of Change
  3. 3. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 3 VUCABorrowed from the US Army War College, VUCA was coined by The Institute for the Future to describe the rapidly changing and complex business environment since the Great Recession of 2008. Volatility Uncertainty Complexity Ambiguity Where did I get this stuff?
  4. 4. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 4 Vote for a question Respond to Poll Ask a Question BLI.CNF.IO Select your session and join the conversation: The Shift Change Leadership Learning Technology Generations Workplace
  5. 5. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 5 Thoughts?
  6. 6. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 6 #FutureReady The capacity to be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry. Source: CPA.COM Insight into the CPA of the Future Study 2015 92% of CPAs Not #FutureReady How to predict the future Three Hard Trends: 1. Government Regulation 2. Technology 3. Demographics
  7. 7. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 7 Top Technology Trends Impacting the Profession in Next Three Years 1. Big Data Analytics 2. Adaptive & predictive cyber-security 3. Artificial intelligence, cognitive computing in audit and tax 4. Virtualization and automation of processes and services 5. Blockchain 6. Mobile apps, smartphones, tablets for business 7. Augmented and virtual reality applications 8. Internet of Things, 9. Visual communications 10.Social business applications Source: 2017 Top technology Trends – Burrus Research MACPA Major Firms Group Meeting 3-6-17 Hard Trends Exponential Technology
  8. 8. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 8 Five Generations In The Workforce Together Are You Combining Talents? X Y Z Silent burrus.com Hard Trends Demographics
  9. 9. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 9 Source: Manpower Group
  10. 10. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 10 “The war for talent is over, the talent won!” - Josh Bersin The Overwhelmed & Disengaged Employee The average US worker now spends 25% of their day reading or answering emails25% More than 80% of all of companies have a program to “simplify work” or help employees deal with stress.16% The average mobile phone user checks their device times a day. 150 of the US population believes it is impossible to succeed at work and have a balanced family life.40% The “average” US Worker works 47 hours and 49% work 50 hours or more per week, with 20% at 60+ hours per week companies rate their business “highly complex” or “complex” for employees. Source: Deloitte Human Capital Trends 2014 and 2015 31 hours per month in unproductive and unnecessary meetings 70%Of workforce is disengaged according to Gallup
  11. 11. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 11 Our Research About the Future of Work Our Research About the Future of Work
  12. 12. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 12 Positively impact your business results 7x What If You Could..... Improve leader engagement and retention by at least 6x Increase your bench strength 8x 1. Purpose Driven workplace 2. Great leadership – trust & transparent 3. Culture of growth 4. Inspiring workplace – flexible and inclusive It’s about your CULTURE
  13. 13. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 13 CREATING THE MAGNETIC FIRM Purpose Driven • Vision, Purpose and Values-Based - Mutual Respect • Focus on Strengths and Positivity • Inclusive and Diverse • High Performance - Insight to Action Great Leadership • Transparent and Inspirational Leadership • Build Consensus, Commitment and Trust • Leadership Development at All Levels • Anticipatory and Proactive Culture of Growth • Learning Culture - Self and Formal Development • Career & Growth Orientation – Career Paths • Customer and Relationship Focused • Collaborative and Team-Based Inspiring Workplace • Flexible and Open Work Environment • Work/Life Integration • Accountability, Coaching and Feedback • Effective Technology Tools - Mobile Organizations with effective development planning significantly outperform those without. Value of Development Planning
  14. 14. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 14 Tip the Odds in Your Favor • Strategic and systematic training & development • New skills and new ways of learning • Power of purpose & culture 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
  15. 15. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 15 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
  16. 16. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 16 Return on Investment = Return on People People – Leadership – Culture • Superior learning strategy generates superior talent • Superior talent generates results • FOR A RETURN ON INVESTMENT, INVEST IN PEOPLE ROI = ROP ROL ROCx x Bersin Continuous Learning Model
  17. 17. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 17 Six Steps to Develop a Strategic Talent Development & Learning Plan 1. Develop Learning Strategy – Link and Align to Corporate Strategy 2. Identify Critical Competencies 3. Identify Career Paths and Audiences 4. Develop Curriculum and Map Content and Learning Resources 5. Establish Governance and Oversight 6. Communicate and Inspire BLI Leadership Development “Strat House” 1. Develop Strategic Intent Why? Firm/Business Vision, Values, Strategy, and Culture Business Strategy Foundation Leadership Strategy Leadership Development Strategy What? Who? How? 2. Identify Competencies 3. Identify Career Paths & Audiences 4. Develop Curriculum & map content 5. Compliance & Governance (Evaluation & Sustainability) 6. Communicate & Inspire
  18. 18. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 18 CGMA Follows the Bounce! CGMA Competency Framework Outline
  19. 19. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 19 • Anticipating, introducing and managing change; • Building consensus and commitment; • Inspiring others toward a challenging future vision; • Leading across generations and mobilizing people around a shared purpose. The Top Four Skills Needed to Navigate a VUCA World Source: Conference Board 2015 Ready-Now Leaders Report Top Skills Needed for Accounting and Finance Professionals BLI Research in 2015 with over 1,000 responses from all segments of the CPA Profession identified these top skill needed to be successful in these rapidly changing times. This confirms and reinforces the research from the Conference Board, AICPA CPA Horizons 2025 report, Bersin, and Burrus Research.. 75% Covered by These top 5 Skills
  20. 20. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 20 Future Ready Competencies in the Age of Machines • Communications • Leadership • Critical Thinking and Problem Solving • Anticipating and Serving Evolving Needs • Synthesizing Intelligence to Insight • Integration & Collaboration • Tech-Savvy & Data Analytics • Functional & Domain Expertise Our Research: Future Ready Competencies in the Age of Machines Our Research: http://bit.ly/BLI-Future-Ready-Matrix
  21. 21. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 21 BLI Competency & Career Path Learning Communication Leadership Critical Thinking & Problem Solving Anticipating & Serving Evolving Needs Synthesizing Intelligence to Insight Integration & Collaboration Tech-Savvy Functional & Domain Expertise Core Values: Integrity – Competence - Lifelong Learning - Objectivity Commitment to Excellence - Relevance in Global Marketplace Purpose: CPAs, making sense of a changing and complex world. Organizational Leader Manager Individual Contributor • Anticipation • Strategic Thinking • External Awareness • Vision • Continuous Learning • Innovation • Creativity • Problem Solving • Prioritization • Business Acumen • Decisiveness • Influencing/Persuading • Emotional Intelligence • Consensus Building • Collaboration • Inspiration • Risk Management • Communication Learn the Skill of Anticipation blionline.org/ao
  22. 22. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 22 Top Corporate University Examples The leading edge: How GE defines good leadership • Connects effectively with a broad group of stakeholders • In tune with outside customers and environment, sees around corners • Educated on global issues, curious about the world • Embraces ambiguity and uncertainty, is adaptive • Connects strategy to purpose and communicates in a way that inspires • Decisive, uses knowledge, experience, network, instinct • Generates innovative ideas and makes it happen • Encourages risk taking and learns from success/failure • Challenges bureaucracy and non value-add work, drives speed and simplicity • Welcomes opposing thoughts and ideas, listens and is humble • Works collaboratively, respects individuals and cultures • Drives engagement and commitment • Domain depth, credibility built from experience and results • Continuously develops self and passionate about developing others • Leverages technology to win Always with unyielding integrity
  23. 23. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 23 Reimagining the Content
  24. 24. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 24 BLI & Future of Learning 1. Social Learning 2. Mobile / Nano 3. Competency-Based Learning 4. Collaborative 5. Cloud-Based Continuing Professional Education? Traditional Training and
  25. 25. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 25 Our approach to learning Nano – Rapid Application – Curriculum Multidimensional and adaptable. Traditional to Nano – 10-minute learning, App for content curation and reading journals. Collaboration and engagement tools. ThinkTank, conferences.io, MBSN Blended – ILT – E-Learning Curriculum E-Learning Versus Traditional Learning • $1 in e-learning = $30 increase in productivity • 18% increase in employee engagement • Learning time reduced 25 to 60 percent • Increases retention of learning dramatically • Keeps them productive and able to self-pace around busy schedules
  26. 26. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 26 Anticipatory Organization: Accounting and Finance Edition (AOAF) Even though you access the course through your computer, it is nothing like computer based training (CBT). It was more like watching a number of great TED talks and after each short video, you helped the learner apply the concepts to their role. It changes how you view strategy and leadership by targeting how to think instead of telling you what to think. We were able to distill some very complex concepts, frame them in a manageable and meaningful way, and allow the user to tailor the lessons to their own field. It resonated with me far better than I expected a course delivered through this format ever could. Well done! BLIonline.org/AO - Adam Dalson Major USAF 28 lessons – 4 modules – 1 hour/week • Very short single-concept videos (mini TED Talks) • Rapid application exercises • Visual job aids to reinforce learning Anticipatory Organization: Learn More in Less Time
  27. 27. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 27 Keeping you Future Ready IBM/BLI/MACPA Partnership BLI/MACPA Partner with IBM
  28. 28. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 28 BLI/MACPA Partner with IBM MBAExpress Key MBA Concepts in hours, not years.
  29. 29. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 29 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. Tom Hood, CPA, CITP, CGMA • CPA Practice Adviser Accounting Hall of Fame • Named the Second Most Influential Person in Accounting by Accounting Today Magazine • 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, Leadership & Generations CEO, Maryland Association of CPAs (MACPA) macpa.org Business Learning Institute (BLI) BLIonline.org linkedin.com/in/tomhood/ – Accounting Today The Business Learning Institute (BLI) is the strategic learning partner and talent management consultancy for organizations worldwide. BU is a center facilitating the development and sharing of competencies and strategic knowledge required for leadership in today's rapidly changing business environment. BLI delivers competency-based curriculum, courses, content, and community to maximize career trajectories and grow intellectual capital for organizational and executive leadership. Our 60+ instructors offer over 400 learning programs in all formats (including on-site training, live events and seminars, keynotes, and online formats like webcasts, webinars, and on- demand learning). Each BLI program can be tailored to the needs of your organization. The future is here, and it will continue to come with increased speed and complexity. We hope you will continue to learn more about how BU can help align your organization's learning strategy and guide the momentum of your staff's career growth.
  30. 30. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 30 BLI courses are available in any format On-Site Training Instructors come to your office to deliver training and content live to your staff. Live Seminars Open invitations to scheduled events Keynotes Bring strategic learning and a BLI thought leader to your next event. Online Learning Webcasts, Webinars, & On-Demand Courses blionline.org The Business Learning Institute was founded in 1999 by the Maryland Association of CPAs. Our launch team researched the competencies needed for the future of business and the CPA profession, looking out to 2025 in 1999 and again in 2011. Our main finding: to be successful in a rapidly changing and complex world, a professional's rate of learning must be faster than the business environment's rate of change and faster than their competition. Each of us must not only rapidly learn technical skills, but we also must grow our leadership and strategy skills. These high-level competencies propel individual careers and help organizations thrive over the long-term. BLI History
  31. 31. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 31
  32. 32. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 32 Our approach to learning Nano – Rapid Application - Curriculum Blended – ILT – E-Learning Curriculum Nano – 10-minute learning, App for content curation and reading journals. Collaboration and engagement tools ThinkTank, conferences.io, MBSN THE ANTICIPATORY ORGANIZATION™ MODEL KNOW WHAT’S NEXT Transform Planning DEVELOP OPPORTUNITIES Transform Innovation SHAPE THE FUTURE Transform Culture ACCELERATE SUCCESS Transform Results burrus.com
  33. 33. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 33 • Anticipation • Strategic Thinking • External Awareness • Vision • Continuous Learning • Innovation • Creativity • Problem Solving • Prioritization • Business Acumen • Decisiveness • Influencing/Persuading • Emotional Intelligence • Consensus Building • Collaboration • Inspiration • Risk Management • Communication Learn the Skill of Anticipation blionline.org/ao 28 lessons – 4 modules – 1 hour/week • Very short single-concept videos (mini TED Talks) • Rapid application exercises • Visual job aids to reinforce learning Anticipatory Organization: Learn More in Less Time
  34. 34. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 34 The Business Learning Institute (BLI) is the strategic learning partner and talent management consultancy for organizations worldwide. BU is a center facilitating the development and sharing of competencies and strategic knowledge required for leadership in today's rapidly changing business environment. BLI delivers competency-based curriculum, courses, content, and community to maximize career trajectories and grow intellectual capital for organizational and executive leadership. Our 60+ instructors offer over 400 learning programs in all formats (including on-site training, live events and seminars, keynotes, and online formats like webcasts, webinars, and on- demand learning). Each BLI program can be tailored to the needs of your organization. The future is here, and it will continue to come with increased speed and complexity. We hope you will continue to learn more about how BU can help align your organization's learning strategy and guide the momentum of your staff's career growth. BLI courses are available in any format On-Site Training Instructors come to your office to deliver training and content live to your staff. Keynotes Bring strategic learning and a BLI thought leader to your next event. Online Learning Webcasts, Webinars, & On-Demand Courses
  35. 35. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 35 blionline.org The Business Learning Institute was founded in 1999 by the Maryland Association of CPAs. Our launch team researched the competencies needed for the future of business and the CPA profession, looking out to 2025 in 1999 and again in 2011. Our main finding: to be successful in a rapidly changing and complex world, a professional's rate of learning must be faster than the business environment's rate of change and faster than their competition. Each of us must not only rapidly learn technical skills, but we also must grow our leadership and strategy skills. These high-level competencies propel individual careers and help organizations thrive over the long-term. BLI History In the next five years we will TRANSFORM how we market, sell, communicate, collaborate, innovate, and educate… – Dan Burrus
  36. 36. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 36 The Continuous Learning Model Building Support for the Unknown Learning Needs of Tomorrow Job Aids Communities of Practice Career Curriculum Coaching Mentoring E-Learning Courses Social Networking Mobile Learning Training Event Continuous Learning Traditional Training Expert Novice Time Mindset Skillset Toolset
  37. 37. Talent Development in the New Normal - AICPA FP&A 7/21/17 Tom Hood, CPA, CITP, CGMA tom@blionline.org 37 Business Events Data Information Knowledge Decisions 1. Communicating with clarity and objectivityCPAs are trusted advisors who enable people and organizations shape their future, Combining insight with integrity, CPAs deliver value by: ENVISIONED FUTURE 2025 2. Translating information into knowledge 3. Anticipating and creating opportunities 4. Designing pathways to transform vision to reality

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