These days you can’t listen to an accounting podcast or read an industry blog or article without the topic of private equity coming up. So, how has it impacted various aspects of the profession? A recent study conducted by the Accounting MOVE Project, intends to shed some light on the issue.
The 2024 Accounting MOVE Project report takes a look at the ways private equity investment is currently impacting employees by talking to firm leaders as well as prominent intermediaries, including Allan Koltin, Koltin Consulting Group, Bob Lewis, The Visionary Group, and Terry Putney, Whitman Transition Advisors.
Overall, sorry to say, it is too soon to tell what the overall impact is, and the outlook is still grey. Some think PE is leveling the playing field, offering oft-overlooked women and people of color more opportunities to prove their value and leadership potential. Others are worried that the intense focus on increasing revenues might undermine the people-centric strategies that many firms depend on to attract and retain employees, who are in increasingly short supply.
In reality, one firm’s experience may differ significantly from others, adding to the confusion. Of course, all firm leaders want to make money, but creating a workplace culture where all employees want to work, have opportunities to shine, and are fairly rewarded for their contributions is equally important, especially in today’s tight job market.
The diversity, equity, and inclusion discussion is also covered in the report, along with the efforts being made by DEI leaders to keep the momentum going and dispel doubts. In the face of fierce resistance, diversity advocates are regularly challenged by others bent on stalling progress. Yet, MOVE Project firms are countering this backlash, spearheading innovative strategies that defy opposition and cultivating a more engaged, better retained, and thriving workforce.
Give the report a good read and let me know what you think. I for one am glad Accounting MOVE Project President Bonnie Buol Ruszczyk and others in the profession are taking a closer look at how this money-driven force will ultimately shape the accounting profession, or at least some of it.