Does A Young Advisory Board Make Sense For Your Business?
The Business Of Our Business
The Business Of Our Business is a quarterly article series featured in Rea’s print publication, The Rea Report. The purpose of each article is to provide readers with greater insight into the inner-workings of our firm. To read past articles in this series, please visit www.reacpa.com/business-of-our-business.
The future of business is younger, energetic, technologically savvy and, well, different. But rather than shy away from this changing workforce demographic, we’ve built an environment of collaboration and inclusion – one in which our younger team members can influence the future of Rea.
Rea’s Young Advisory Board
Rea & Associates’ Young Advisory Board (YAB) was developed to give our younger employees a platform to share ideas, challenge processes, identify areas of improvement and pursue development opportunities alongside the firm’s leadership team.
The YAB meets with our CEO and me three times a year to learn about the firm’s processes, share feedback and offer ideas to ignite positive change. To encourage new voices, seven young professionals are tasked to represent their peers over a 12-month period; and one member is tapped to serve a two-year term to maintain synergy from the previous year.
While YAB meetings have a structured agenda, there is plenty of time for open dialogue – without any consequences. For this initiative to give us the feedback we need to move the firm forward, it’s imperative that each board member feels empowered to speak freely.
Listen to episode 183, “Growing Up Millennial,” on Rea’s award-winning podcast, unsuitable on Rea Radio, to learn more about what younger generations are looking for in a career.
As a two-way educational tool, a YAB can help businesses redefine and improve existing policies, procedures and goals while encouraging leadership to embrace a variety of different (and relevant) viewpoints.
On The Agenda
Competition for top talent in the accounting industry is fierce. So, last year, the board identified new and improved ways to attract, recruit, develop and retain talented staff. As a direct result of the YAB’s feedback, we’re adjusting our recruiting process and developing or enhancing a few other internal programs.
Does A Young Advisory Board Make Sense For Your Business?
As a two-way educational tool, a YAB can help businesses redefine and improve existing policies, procedures and goals while encouraging leadership to embrace a variety of different (and relevant) viewpoints. This can be a terrific way to gain access to new and exciting ideas. During our first year of the YAB, we let board members determine their area of focus, but you can just as easily assign specific projects for your board to tackle.
If you’re interested in initiating your own YAB, remember (above all else) to listen. The input and insight you will gain from this group will be instrumental to the future of your company, but if you don’t truly listen to what your young team members have to say, or if you don’t use their feedback to drive change, this initiative won’t fuel the success you’re looking for.
Moving away from a top-down mentality isn’t easy, but it’s worth it. By giving young people a voice in the company’s future, you’re ensuring that your culture, your go-to-market strategy and your business as a whole remains fresh and current.
Contact Rea & Associates with any questions you may have about the program or to learn more about our experience with this type of program.
By Annie Yoder, CPA, CFE, CFF (New Philadelphia office)
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