Culture

Culture: The Core of Public Accounting

Another coach ramble and on the topic of culture. As you’re aware, the accounting pipeline continues to be a topic of contention. One key area of focus is the experience of being a public accountant, not just in the industry, but within individual firms. As Peter Drucker famously said, “Culture eats strategy for breakfast.” Right now, culture is eating the pipeline.

The Importance of Culture

Imagine you’re invited to a weekend party. The invitation promises a pool, live band, great food, drinks, and all your friends. Sounds like a kickass party, right? But when you arrive, there’s no music, the food sucks, there’s no pool, no water slides, and your friends are leaving. You realize this isn’t the party you wanted to attend, and you start looking for a better one.

That’s kind of how public accounting feels right now. Culture is crucial.

Defining Culture: Values in Motion

I define culture as values in motion. Every firm usually has a set of core values underpinning its culture….values like teamwork, community, family, service, etc.. These values should be visible and active within the firm.

For instance, if family is a core value, it should manifest through flexible schedules, hybrid work options, allowances for daycare, and physical or mental health benefits. There should be celebrations and support for one another’s personal lives. That’s what family looks like in motion.

The Current State of Culture in Firms

Many firms have good core values, but they’ve fallen out of motion. These values are no longer permeating through the experience of being in public accounting. For culture to support the pipeline and the people within it, these values need to be reflected upon and acted upon. There must be evidence of these values in motion.

The Opportunity for Public Accounting

The opportunity for public accounting lies in revitalizing its culture. Firms need to revisit their core values and ensure they are in motion. Or, perhaps put better values more aligned with our society and generations in motion. This will create a supportive and attractive environment for current and prospective accountants.

Applying Culture to Personal Life

As a life coach, I see the relevance of culture in individual lives too. John Blumberg, a great author, once wrote that our core values are our central, innermost, and most important parts. These parts need to have motion as well.

Look at your own life. Is this the party you wanted to create for yourself? If not, go back to your core values. Create the life you deserve based on these values.

Conclusion

Culture is more than just a buzzword; it’s the foundation of a thriving public accounting firm and a fulfilling personal life. Reflect on your core values, put them in motion, and watch how they transform your environment and experiences.

Thanks for reading. Cheers to creating a vibrant culture!

Doug, The CPA Coach