Why you should recruit millennials into your accountancy practice (Sponsored)

Oct 15, 2019


The broad demographics in most developed countries show that baby boomers are retiring. Millennials, the generation after Gen X and born between 1981 and 1996 (according to Pew Research), could replace them in every business – including your accounting firm. To hire the best, you’ll need to understand and provide for their needs and wants.

A growing workforce

Millennials now make up the majority of the workforce in many countries. According to FactTank, this generation accounts for 53 million workers in the US and is predicted to grow to 86 million by 2020.

It’s a similar story all around the world and is becoming increasingly clear that you’ll have to hire people from a younger generation for your accounting practice. However, there are good reasons for doing so.

Fresh ways of doing business

Just like people, some businesses can get stuck in a rut as they get older. Traditional methods of thinking and working become ingrained. Groupthink takes hold. You start to hear phrases like: “We do it this way because we’ve always done it this way.”

This thinking can be catastrophic for an accounting firm. The world is changing fast, and practices must change with it to keep up. Millennials have the skills, knowledge and drive to revolutionise the way firms do business.

What can millennials bring to your practice?

There are many benefits of hiring millennials to work for your accounting firm. These include:

Perspective

Youth brings a fresh perspective and a different way of looking at your business and industry. This reason alone makes hiring younger people worthwhile. 

Energy

Younger people are often bursting with energy and the desire to try new things. This can be harnessed to help push your business forward. 

Familiarity with new technology

Partners at your firm might know about new technology – but they may not know how to make the most of it. Millennials do. For example, many of them grew up with social media and understands the benefits. 

Contacts in new markets

Entrepreneurs are getting younger. Any millennials you hire may have friends and acquaintances with their own businesses who could need to avail of your expertise.

Recruiting the next generation

 Looking to the next generation (or even the generation after that) during your next recruitment phase may not only bring your business out of a rut but could also bring your practices up-to-date, as well.

Read more on these topics from Xero.

(This article is sponsored by Xero)