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Accounting firms looking to increase their engagement with generation X and Y have been told they need to better understand the values of these generations which include family, an optimistic approach to change and teamwork.
Speaking at the Institute of Public Accountants’ national congress IPA chief executive Andrew Conway said many accountants are lagging in engagement with generation X and Y despite it being simple.
“To attract younger generation clients we need to know what makes them tick,” said Mr Conway.
“While there are differences and not just age differences between Gen X and Millennials, there are some core values which both generations share.”
Mr Conway explained that generation X values relationships, family, freedom and a good work-life balance.
“They tend to struggle with limits and rules, which also means they need advice to guide them through the compliance trail that our members live and breathe every day,” he said.
Generation Y or Millennials he said value family, personal connection and loyalty.
“They seek what is genuine; are optimistic when it comes to change; advocate for the environment and social justice. They also place high value on tolerance and diversity, teamwork and work-life balance,” said Mr Conway.
“Common ground between these generations are the values of diversity, opportunity and social value.
Mr Conway said recognising these factors gives accountants a good starting point for the conversation; then it’s a matter of drilling down to understand their individual needs.