Accounting firms have undergone enormous changes in recent years. Traditional approaches to serving clients are no longer sufficient to sustain growth and retain talent. Clients are looking for more from their trusted advisors, so they must adapt their business models. At the same time, talent leaders are grappling with talent attraction and retention issues. So, how can firms both do more and be more for their clients and deliver a better experience for employees?
If you think these two goals are at odds, they’re not. The employee experience (EX) and client experience (CX) aren’t in competition—they’re intrinsically linked, and together, they can drive firm success.
Evolving the business model is necessary for growth
Firm leaders increasingly recognize that the strategies that got them to their current level of success won’t suffice for future growth.
Automation, machine learning, and artificial intelligence are reshaping traditional tax and audit services. Clients expect more from their trusted advisors, leading firms to add consulting and advisory services to their offerings.
Embracing technology allows the firm to streamline transactional and compliance work and empowers professionals to become more forward-thinking advisors to their clients.
The talent crisis as a catalyst for change
The pandemic heightened a talent crisis, forcing firms to re-evaluate their organizational structures and cultures. With talent shortages impacting nearly every corner of the business world, employees voiced their need for supportive work environments.
Initially, firm leaders believed CX and EX were at odds. How could we deliver more value for clients while also giving employees what they need and want?
However, as firms started making changes in both areas, it became clear that a positive employee experience directly translates into a better client experience and vice versa.
Firms weren’t losing talent because they served too many right-fit clients who valued and paid well for their services. The unsustainable business model—wrong-fit clients, unsustainable workloads, and underpriced services—fails to provide a work/life balance. The long hours and high-stress accountants have endured for years are no longer acceptable. As firms evolve their business models, they get better at attracting and retaining top talent.
Aligning the business evolution with employee and client needs
The evolution of your firm’s business model must align with the needs of both employees and clients.
This alignment includes:
Working with right-fit clients. Focus on engaging with clients who value your services and are willing to pay a premium for them. This approach helps employees build relationships with clients and work on meaningful projects, which improves job satisfaction.
Fewer clients, more services. Reduce the number of clients you serve but deliver a more comprehensive suite of services. This also supports deeper, more valuable relationships between clients and employees to improve client satisfaction and reduce employee burnout by allowing them to manage workloads more effectively.
Digital transformation. Implementing digital processes allows for greater flexibility. Employees can work from anywhere, anytime—a crucial part of attracting and retaining top talent. It also allows firms to expand their client base across the US.
Client Experience and Employee Experience in harmony
CX and EX aren’t in a tug-of-war. They march together, creating a reinforcing loop that drives firm success.
A study from Deloitte underscores this point. Its research found the following correlations between employee experience and client experience.
Organizations with strong EX are 25% more profitable, on average, than companies with poor EX.
Engaged employees are 4X more likely to stay in their jobs.
Companies that focus on employee experience double customer satisfaction, as measured by their net promotor score.
Organizations with highly engaged employees report a three-year revenue growth rate 2.3X greater than average.
By evolving your business model to prioritize both EX and CX, you can create a thriving work
environment that attracts and retains top talent while delivering exceptional client service. This holistic approach is a blueprint for sustainable growth and success.
Could your firm’s HR and talent leaders benefit from a peer network?
The Boomer Talent Circle is a community of talent leaders from forward-thinking firms who are committed to aligning human resources and firm strategy at the highest levels. Apply now to start shaping your firm for the future.
Jon Hubbard, Shareholder, Consultant, at Boomer Consulting helps accounting firm leaders find success in the areas of leadership, talent and growth. Jon is a facilitator for the Boomer P3 Leadership Academy, Boomer Talent Circle and Boomer Marketing & BD Circle. He also guides firms to grow and be more effective in the areas of client service, marketing and business development.
Jon speaks at various industry conferences, user conferences, state societies, and associations. He is a Storybrand Certified Guide and Certified Kolbe Consultant.
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