Members of “Generation X” (born 1965-1981) now comprise 40% of the U.S. workforce—and nearly half of them move on from jobs after only three to five years, according to Jerry Love, CPA, CVA, ABV, who also spoke at the NACVA annual confab. His session (“Recruiting and Retaining Staff Considering Today’s Generational Differences”) summarized the values and work ethics of Gen X’ers as well as three additional demographics: “Boomers” (1943-1964) still dominate at 45% of the labor pool, while the up and coming “Gen Y” (1982-2003) account for 10%, and the remaining 5% are from the “Silent” ages (1925-1942).
With Gen X-ers at the core of today’s hiring market, the key challenge for BV firm managers and practitioners is to recruit—and retain—this maturing but mobile talent.
The requirements of technical training, certification, and increasing regulatory oversight are also unique challenges that BV recruiters face—in addition to finding the right professional “fit” for the firm. Gen X-ers are the most entrepreneurial and collaborative group, Love said, but they are also more likely to choose firms that offer a balanced lifestyle. To help identify and pitch the unique pros of your firm’s work environment, plus an opportunity to learn best practices from your peers, be sure to tune into Jim Alerding, Ron Seigneur, and Megan Nail in BVR’s next telephone conference, “Recruiting in the BV Profession,” June 26, 2007. To register, click here. As an extra bonus, registrants will receive a 29-page excerpt from BVR’s 2007 Business Valuation Firm Economics and Best Practices Survey, containing key data on hiring, promoting, and compensation.
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