INSIGHT Magazine - Spring 2012 - Career Special Issue

Exploring the issues that shape today’s financial world g icpas.org/insight.htm

Spring 2012

THE MAGAZINE OF THE

CAREERspecial issuethe route to the top

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© 2011 Robert Half. An Equal Opportunity Employer. 0911-9011

1. Alliant new and used vehicle rates as of 03/01/2012. Loan approval, APR and downpayment required based on payment method, creditworthiness, collateral and ability to repay. Rates include automatic payment option. Rates are 0.4%higher without automatic payment. Rates, terms and conditions are subject to change. Add 1% for over 72 month term. For pre-existing Alliant vehicles loans, members will have 1% APR added to their qualifying rate for refinancing. APR=AnnualPercentage Rate. You must be or become a member of Alliant Credit Union to apply. Applicant must meet eligibility requirements for Alliant membership.

2. Comparison of Alliant’s new and used auto loan rates as low as 1.99% APR as of 03/01/2012 vs. Illinois bank average 72 month new auto loan rate of 5.21% APR and 60 month used auto loan rate of 5.14% APR as of 03/01/2012. Illinois bankaverage rates are sourced from National Association of Federal Credit Unions in cooperation with Datatrac Corp. as of 03/01/2012.

Payment Example: Financing $20,000 for a loan period of 72 months and an APR of 1.99% APR (new) would result in 72 monthly payments of $14.75 per $1,000. Financing $20,000 for a loan period of 60 months and an APR of 1.99% APR (used)would result in 60 monthly payments of $17.53 per $1,000.

Looking to lower yourcar payment?

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That’s more than 60% lower thanIllinois bank rates!2

index

SPR

ING

2012

features

columns

departments

regulars

34 What’s in a Name?Pretty much everything.

38 The Next YouMold today’s top talent into tomorrow’s top leaders.

42 DIY HRWhen it comes to HR management solutions, self-service sells. Here, we review 10 innovators in the integrated HR space.

10 Tax Decoded The Price You PayWhat you don’t know about personal liability penalty assessmentscould seriously hurt you.

12 Forensics Insider Credential PowerThose little letters are rocket fuel for your career.

14 Retirement Advisor Job Loss Survival GuideBeing unemployed doesn’t have to mean a total loss of financial security.

16 Capitol Report The Change Makers2012 is shaping up to be an action-packed year for CPAs.

18 C-Suite The Contract CFOFor today’s C-suite, interim, project-based execs are becoming the rule.

20 Career Climbing Going Up!Six fields that could take you to the top of the accounting profession.

22 Diversity CPA 2040Young minority accounting and finance pros hold the key to theprofession’s future.

26 Retention Money Isn’t EverythingSix things that motivate accounting and finance pros more than a dollar sign.

28 Students Go PublicWhy and how to land your first job in public accounting.

32 Management Think Before You InkHow enforceable are non-compete covenants?

4 First WordA message from the Illinois CPA Society President & CEO.

6 Seen & HeardNews bytes, sound advice and practical business tips.

46 Classifieds & Advertiser Index

48 Volunteer NewsThe latest from the Illinois CPA Society’s CPAs for the Public Interest.

www.icpas.org/insight.htm

Car

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2 INSIGHT icpas.org/insight.htm

As the experts in financial recruiting and staffing, Jackson Wabash and Garelli Wong know the Chicagoland area inside and out. We have an intimate understanding of the local job market, salary trends and business climate, which helps us connect great talent to great companies better than anyone else in the industry.

To find out how we can help you get to your desired destination, visit us online or call your local office.

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FIRST WORDA MESSAGE FROM THE ILLINOIS CPA SOCIETY PRESIDENT & CEO

Congratulations on making it through another tax season! Theend of the Busy Season means it’s time to brush off the grilland give the garden some TLC. It’s also time to brush off yourcareer path and plan how you’re going to navigate throughupcoming challenges.

2012 is shaping up to be an important year for CPAs andthe profession. It’s a great time to be a CPA. Employment sta-tistics for the accounting sector are reaching new all-timehighs. Headcounts at CPA firms are rebounding and turn-over is once again a major challenge. The prospects of animproving economy should bolster demand for our valuedexpertise and services.

With all this in mind, now is the time to position your firm or business to attract andretain the best and brightest talent in an increasingly competitive marketplace. I hearfrom more and more members that good people are hard to find, let alone keep. Thismeans that training and retention efforts are more important than ever. (See our featureon page 38 for tips on developing your young leaders.) And, if you happen to be thattalented individual, now is the time to make sure you are positioned to advance yourcareer with a thoughtful strategy. (Page 20 features six growing fields in accounting.)

The calls for work/life balance and flexibility are also growing louder. Professionalssimply work differently today. That’s a challenge for many industry veterans; but, whetheryou’ve been in the profession for 40 years or started your internship 40 minutes ago, thesooner we embrace the changes, the sooner we can make them work to our advantage.

Thankfully, this is our Career Special Issue. We at the Society understand that the tra-ditional career paths plotted on age-old roadmaps aren’t reliable anymore. Today youneed a GPS to navigate your path.

That’s why we’re here for you at every stage of your career with a range of servicesrelevant to a busy, mobile, technology-craved workforce. The Society’s new CPE OnDe-mand catalog [www.icpas.org/OnDemand], for example, offers 24/7 education at yourfingertips. With more than 40 courses available on topics like tax, audit and corporatefinance, you can earn your CPE in areas that are important to you from the comfort ofyour home or office. Try it for free when you renew your membership by June 1.

As always, our monthly eNewsletter, CPA CareerSpace, offers you the latest tips formaking the most of opportunities, and our Career Center is awaiting your visit to post andsearch for jobs, and to find talent. Visit www.icpas.org to access these resources.

And for those of you lucky enough to be pondering life after the workplace, the Soci-ety has teamed up with Transition Advisors to provide a free, members-only, on-demand service to help you identify and execute a smooth succession plan.

So, whether you’re just entering the profession or planning your escape, put asideyour old roadmap and pull out your GPS; it’s time to start recalculating the path ahead.

Pull Out Your GPS & Navigate Your CareerINSIGHT MAGAZINE

Publisher/ICPAS President & CEO Elaine Weiss

Editor-in-Chief/Director of Publications Judy Giannetto

Creative Services Director Gene Levitan

Creative Services Manager Rosa Garcia

Publications Specialist Derrick Lilly

National Sales & Advertising Angie VanGorderYGS Group, 3650 West Market Street, York, PA 17404 P: 800.501.9571 x176 F: 717.825.2171 E: [email protected]

Circulation/Member Services Director Carl Siska

Editorial Offices: 550 W. Jackson Blvd., Suite 900

Chicago, IL 60661

ICPAS OFFICERS

Chairperson, Robert E. Cameron, CPACameron, Smith & Company PC

Vice Chairperson, James P. Jones, CPAEdward Don & Company

Secretary, William P. Graf, CPA Deloitte & Touche LLP

Treasurer, Daniel F. Rahill, CPA, JDKPMG LLP

Immediate Past Chairperson, Sara J. Mikuta, CPAWifpli LLP

ICPAS BOARD OF DIRECTORS

Edward J. Hannon, CPA, JD, Freeborn & Peters LLP

John A. Hepp, PhD, CPA, Grant Thornton LLP

Geralyn R. Hurd, CPA, Crowe Horwath LLP

Paul V. Inserra, CPA, McClure, Inserra & Co., Chtd.

Leif J. Jensen, CPA, Leif Jensen & Associates Ltd.

Kathleen M. Kedrowski, CPA, Navigant Consulting

Michael J. Maffei, CPA, GATX Corp.

Elizabeth A. Murphy, PhD, CPA, DePaul University

Michael J. Pierce, CPA, RSM McGladrey Inc.

J. Bradley Sargent, CPA, Sargent Consulting Group LLC

Edward H. Stassen, CPA, Golden County Food Holdings Inc.

Reva B. Steinberg, CPA, BDO USA LLP – Retired Consultant

Thomas L. Zeller, PhD, CPA, Loyola University of Chicago

INSIGHT is the official magazine of the Illinois CPA Society, 550 W. Jackson, Suite 900, Chicago, IL 60661, USA. Its purpose is to serve as the primary news and information vehicle for some 23,000 CPA members and professionalaffiliates. Statements or articles of opinion appearing in INSIGHT are not necessarily the views of the Illinois CPA Society. The materials and information contained within INSIGHT are offered as information only and not as practice,financial, accounting, legal or other professional advice. Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication. It is INSIGHT’s policy notto knowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin. The Illinois CPA Society reserves the right to reject paid advertising that does not meet INSIGHT’s qualifications or that may detractfrom its professional and ethical standards. The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within INSIGHT, and makes no representation orwarranties about the products or services they may provide or their accuracy or claims. The Illinois CPA Society does not guarantee delivery dates for INSIGHT. The Society disclaims all warranties, express or implied, and assumesno responsibility whatsoever for damages incurred as a result of delays in delivering INSIGHT. INSIGHT (ISSN-1053-8542) is published four times a year, in Spring, Summer, Fall, Winter, by the Illinois CPA Society, 550 W. Jackson,Suite 900, Chicago, IL 60661, USA, 312.993.0393 or 800.993.0393, fax: 312.993.0307. Subscription rates for non-members: $20 US, $28 Canada, $30 Mexico and $40 for international addresses. Copyright © 2012. No partof the contents may be reproduced by any means without the written consent of INSIGHT. Permission requests may be sent to: Publications Specialist, at the address above. Periodicals postage paid at Chicago, IL and at additionalmailing offices. POSTMASTER: Send address changes to: INSIGHT, Illinois CPA Society, 550 W. Jackson, Suite 900, Chicago, IL 60661, USA.

Elaine Weiss

Renew your membership!Look for your Illinois CPA Society dues statement in the

mail or simply renew online at www.icpas.org.

MANAGE the BUSINESS

MAKE CONNECTIONS

STAY INFORMED

here to

help you...

Receive a FREE one-hour CPE onDemandcourse when you renew by June 1, 2012.

Questions: Please contact Member Servicesat 800.993.0407, option 4.


SEEN HEARDNEWS BYTES, SOUND ADVICE AND PRACTICAL BUSINESS TIPS

62%Percentage of women in accounting and finance who say having

a role model or mentor is necessary for a successful career.

SOURCE: The Mergis Group, Women & Men in Finance & Accounting Careers.

&What Matters to Job Hunting Grads?The 30th Annual Public Accounting Report ProfessorsSurvey sheds some light on what matters most to soon-to-be and recent grads. According to the survey of accounting professors, the five most important factorsguiding students’ decisions to accept a job offer are: 1. Compensation and benefits.2. Quality of life/employee-friendly workplace.3. Whether the offer is from a Big Four firm.4. Long-term career opportunities.5. Staff training and development.

What’s more, polls show that if students had a choice,they would choose to start their career with a Big Fourfirm. Of the Big Four, PricewaterhouseCoopers rankedfirst (23%), followed by Ernst & Young (18.5%), De-loitte (16%) and KPMG (14.2%).

FEATURED APP: Robert Half MobileJob hunting? Well now there’s an app for that, too. Specialized staffing servicesfirm Robert Half has launched a mobile app enabling job-seekers to search foravailable positions in their fields using their iPhone or Android-enabled devices.The app also includes a salary calculator that gives users access to customizablejob title and geographic compensation information. What’s more, the app pro-vides timely articles and research to help professionals stay on the cutting edgeof trends in accounting and finance, technology, law, marketing and design,and the administrative fields.Download the free Robert Half Mobile App at www.roberthalf.us/mobileapp.

Choose Professional Liability InsuranceAs Jonathan S. Ziss, JD, a partner with GoldbergSegalla LLP, insightfully pointed out in a PennsylvaniaCPA Journal article, “Purchasing professional liabilityinsurance may be one of the most important decisionsyou or your firm will ever make.” Which is why youneed to ask all the right questions, including:1. Does the broker cater to accountants? Choosea provider that understands the intricacies of the accounting profession to avoid gaps in importantcoverage areas. 2. Is everything covered? When reviewing policies,consider what isn’t offered. Does the policy includelegal defense and client compensation, for instance? 3. What’s the coverage period? How long will yoube covered before and after the policy is purchasedor cancelled? 4. Where is the coverage effective? Make sure thepolicy covers your firm in all of the locations in whichit conducts business. 5. How much is covered? Policy limits and deduct-ibles are generally issued in increments of $500,000to $1 million. Check there’s adequate coverage basedon the types and frequency of potential claims.

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Relevant, ethical and challenging MBA & Master of Science in Accounting programs


SEEN & HEARD

60% Percentage of US CEOs who say

creating and fostering a skilled workforce

should be a government priority today.

Source: PwC's 15th Annual Global CEO Survey

SOFTWARE SCENE:Thomson Reuters Enhances GoFileRoomThe latest release of this online document management and workflowsoftware includes improved functionalities and support such as:n Enhanced Search, which allows users to search for documentscontaining blank index values, and for multiple documents anddrawers at once.

n New TaxSort® features, which identify tax forms, including custom-izable bookmark categories and additional menu options forAdobe® PDF files.

n New FirmFlow™ enhancements that enable users to search for notesand attachments in reports and to perform bulk updates.

n Added support for digital signatures in Adobe PDF documents,including the ability to add digital signatures to documents storedin GoFileRoom.

Visit CS.ThomsonReuters.com/GoFileRoom for more information.Talent Shortage Concerns RiseA lack of high-potential leaders is the greatest organi-zational challenge expected throughout 2012, say 31percent of the 631 senior executives and HR profession-als recently surveyed by Right Management [right.com].Other challenges cited include low engagement andlagging productivity (26 percent), and defection of toptalent to other organizations (19 percent). Considering49 percent of workers in another Right Management sur-vey said their jobs are unrewarding, it’s little surprise thatemployers are losing sleep.

The Too-Good-To-Be-True InvestmentDiscouraged by low interest rates, investors may be alltoo easily enticed into fraudulent schemes. The NorthAmerican Securities Administrators Association there-fore encourages investors to ask these vital questions: 1. Are the investment claims realistic? Use commonsense and get a professional third-party opinion.2. Is the investment fully explained? Request writteninformation, such as a prospectus or offering circular. 3. Is the seller & investment licensed/registered?Call your state or provincial securities regulator to findout. If they’re not, they may be operating illegally.Contact information for all state and provincial secu-rities regulators is available at www.nasaa.org.

Millennial Women in AccountingAccording to the American Society of Women Accountants’ 2011 Accounting MOVEProject Executive Report, women millennials feel that they “have made incrementalgains at the top level.” What’s more, things look promising for smaller firms lookingto hire. Specifically, “Women expect to gain partner-track skills more quickly at re-gional and local firms,” and, the report reveals, “Local and small regional firmsshould use association-sponsored programs as the nucleus for women's initiativesand business development programs.”Visit www.aswa.org to download a PDF of the complete report.

CHALLENGE: When Frank started running thefamily business, he was eager to take things to thenext level. But before he could build on his father’ssuccess, he needed to get his cash flow in order.

SOLUTION: Frank had the Cash Flow Conversationwith his PNC banker, who used his detailed knowledgeof the accounting industry to better meet Frank’sspecific needs. Working together, they tailored a lineof credit to help solidify Frank’s cash flow — so hecould stay focused on his clients’ numbers insteadof worrying about his own.

ACHIEVEMENT: Chadds Ford Accounting Professionalscontinues to welcome new clients to the family, andFrank now has the working capital to keep businessmoving forward.

WATCH FRANK’S FULL STORY at pnc.com/cfo andsee how The PNC Advantage for Professional Servicescan help solve your business challenges, too. Call1-877-535-6316 or visit a PNC branch to start your ownCash Flow Conversation today.

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and paying all taxes due. Those identifiedmust sign the form and attest to the fact thatthey are the persons to whom the Depart-ment will look if the business defaults on itstax-filing and payment obligations. TheDepartment must be notified of any changesin ownership, officers and employees listed.

In typical situations involving the personalliability penalty, the business is audited, a lia-bility is established, the liability becomesfinal and the business ceases to exist. Alterna-tively, a business fails to file returns and paytaxes to the Department and then fails torespond to Department inquiries. In this situ-ation, the Department will first issue assess-ments based on an estimate of potential lia-bility, and as a matter of routine, that estimatewill be on the high end.

In either situation, if the final assessmentsagainst the business cannot be collected(generally because the business has ceasedto exist), the Department will look to theowners, officers and employees listed on theregistration materials for payment.

By law, the Department has three years inwhich to issue a notice of personal liabilitypenalty from the date on which the underly-ing liability against the business becomesfinal. However, the registration materials areoften outdated, having been filed years before

the business suffered financial difficulties. Asa result, they may not reflect changes in theidentities of owners, officers or employees,and it isn’t uncommon for persons who haveleft a business a number of years before to beassessed personal liability penalties.

Generally, the Department’s collectionsdivision attempts to notify potential recipi-ents of the intent to issue a personal liabilitypenalty assessment. Having received thisnotification, the recipient should immedi-

Keith is a senior manager of GrantThornton’s State & Local Tax practice,based in Chicago. Previously, he heldthe position of general counsel of theIllinois Department of Revenue, wherehe developed tax policy, evaluatedand reviewed tax-related legislation,and oversaw tax-related litigation.

TAX DECODED

The Price You PayWhat you don’t know about personal liability penalty assessments could seriously hurt you.

By Keith Staats, JD

Whether a business operates as a soleproprietorship, corporation, partnership orLLC, Section 3-7 of the Illinois Uniform Pen-alty and Interest Act provides that businessowners, officers and employees can be heldpersonally liable for the business’ failure tofile returns and pay certain taxes to the IllinoisDepartment of Revenue (the “Department”).

The associated personal liability penaltyapplies to “trust taxes,” which are any taxesfor which a taxpayer collects or withholds anamount from another person, and for whicha taxpayer is required to collect or withholdan amount from another person. Examplesinclude sales and use taxes and employers’personal income tax withholding.

For the penalty to be assessed, an individ-ual must willfully fail to file returns and paytaxes. The Department’s rules define “willful”as “[A] voluntary, conscious and intentionalact. It may consist of a voluntary consciousand intentional failure to file a return or makethe payment to the Department, or a volun-tary conscious and intentional attempt to takeany other action to evade or defeat the tax.”[86 Ill. Adm. Code 700.340(b)].

In other words, simply being conscious oraware of the need to file returns and paytaxes is enough to claim a willful failure.Willfulness is also inferred by a taxpayer

paying other bills instead of taxes, likedeciding to pay suppliers instead of incometax withholding when money is tight.

When forming and registering a new busi-ness with the Department, a completedForm REG-1 and any associated schedules isneeded. This form requires the business tolist all owners, officers and employees,along with their contact information andSocial Security numbers, and to identify theperson(s) responsible for filing tax returns

“For the penalty to be assessed, an individual must willfully failto file returns and pay taxes....Simply being conscious or awareof the need to file returns and pay taxes is enough.”

ately contact a tax advisor experienced inthis area. Every effort should be made,however, to provide the Department withdefenses against issuing a personal liabilitypenalty before an assessment is issued.

What’s more, individuals should beprepared to play the finger-pointing gameamongst the other listed persons. This canquickly turn into an “every man for him-self” scenario. Personal liability penaltyassessments can be protested and chal-lenged in the Department’s administrativehearings division.

Be aware that it’s generally too late tocontest the underlying tax liability by thetime the notice is issued. The only defensesare that the person in question is not per-sonally liable for filing returns or paying thetax, or there was no willfulness in not pay-ing the tax.

When registering a business with theIllinois Department of Revenue, rememberthat any owner, officer or employee listedis responsible for letting the Departmentknow if he or she leaves the business. Ifthey don’t, they could be held personallyliable for any business failures.

making your life easier | www.CCFLinfo.org

upcoming events

corporate financeprofessionals

The Illinois CPA Society’s

executive educationUsing Financial Statements to Drive Better BusinessDecisions: Creating Value for Your CompanyMay 24, 2012 | Chicago, IL

executive educationAstute Cash Flow Management: ImprovingCompany ValueSeptember 19, 2012 | Chicago, IL

icpas.org/insight.htm | SPRING 2012 11


difficult (and potentially costly) examina-tion-based credential versus filling out a fewforms and sending in a check?

As a forensic accountant, I urge everyoneto launch a focused information-gatheringinvestigation. The first step is to identify thecredentials relevant to your career. Next,research the organization that provides thecredential and get to know the groups youneed to join. I have had incredible experi-ences meeting people from around theworld through these organizations, and Ihave witnessed radically varying degrees ofresponsiveness and professionalism fromorganization to organization. Call the asso-ciation and speak directly to staff membersto quickly get a feel for how they conductbusiness. If an association doesn’t publishmember lists, ask for several members inyour area with whom you can speak.

Once you have a feel for the organiza-tions, research the processes for obtainingtheir respective credentials. In forensics (justas in all areas of accounting), designationsthat require examinations simply carry moreweight than designations that don’t. Get afull understanding of the investment you willneed to make to pass the exam. We all knowwhat the CPA Exam takes; other credentialscan be almost as difficult to achieve.

Many organizations provide their owntraining and exam “prep course,” which usu-

ally involves a few days out of the office at adistant (and hopefully enticing) locale. Beforewarned, though, that costs may run veryhigh, particularly if you need to pass severalsections. Moreover, keep in mind that you’llneed to maintain a current membership statuswith the organization to carry the credential,and you’ll likely have to complete specificCPE requirements on an annual basis.

Brad is the managing member of TheSargent Consulting Group, LLC., whichspecializes in forensic accounting andfinancial investigation. He is a frequentlecturer, and chair emeritus of theAmerican Board of Forensic Account-ing. A member of the Illinois CPA Soci-ety since 2002, Brad also serves on theSociety’s Board of Directors.

FORENSICS INSIDER

Credential PowerThose little letters are rocket fuel for your career.

By Brad Sargent, CPA/CFF, CFE, CFS, Cr.FA, FABFA

“Kid, the attorneys hire us for ourfinancial knowledge, not for our legal know-ledge. That’s their area of expertise.”

These words from a trusted mentor endedmy short-lived dream of becoming a lawyer.I was a freshly minted CPA, brimming withconfidence and ready to take on the nextchallenge. I had spent two years in litigationsupport and forensics; it seemed that gettingmy law degree and JD was the natural nextstep. My mentor recognized my desire togrow and offered a solution worthy ofSolomon: “Kid, juries love credentials. Whydon’t you add a few letters to the CPA?”

Let me be very clear here. I was 40 yearsold when my mentor called me “kid”—prettymuch daily. I wore this as a badge of honor,even though “The Inspector” called nearlyeveryone “kid.” (We forensics-types can be alittle different.) That said, I immediatelylaunched myself into the pursuit of creden-tials specifically related to my field of choice.

Within one year, I earned three additionaldesignations; two required passing an examand the third was “grandfathered” in, whereyou offer proof of a certain level of educa-tion and experience, as well as alreadyearned credentials, and then pay a small fee.

I soon discovered that I had been under-sold. Not only do juries (and jurists) love cre-dentials, but employers and headhunters do,too. My name soon appeared on variousassociation membership directories and my

phone started ringing off the hook withprospective job opportunities. Credentialsadded not only to my sense of achievement,but also to my personal bottom line.

Since many of today’s organizations offera veritable plethora of credentialing options,how do you know if one credential is as“good” as another, which organization issuperior, and whether you should invest in a

“Not only do juries (and jurists) love credentials, but employersand headhunters do, too....Credentials added not only to mysense of achievement, but also to my personal bottom line.”

But don’t let costs be the be-all-end-all. While many employershave cut back on paying for credentials beyond the CPA, take theinitiative to prepare a great business case, outlining the benefits toyour employer. And be prepared to agree to a specific term ofemployment after achieving the credential.

The last, and possibly most tangible, benefit I should mention isthe impact credentials have on clients. Jane M. McFetridge, Esq. isthe managing partner of the Chicago office of Jackson Lewis LLP.Her practice covers the spectrum of employment litigation, includ-ing both state and federal claims, and individual and class-actionsuits. McFetridge uses accountants as experts on a regular basisand states that, “There’s always a chance that an expert’s creden-tials will be challenged. Passing a difficult examination, such asthe CPA Exam, is proof-positive of technical skill. Additional cre-dentials can help to further identify an individual as an expert in aunique subset.”

Patrick T. Stanton, Esq. serves as leader of Dykema's Business Lit-igation Practice Group, primarily representing businesses involvedin commercial litigation before federal and state courts, as well asalternative dispute resolution organizations such as the AmericanArbitration Association. Like McFetridge, Stanton uses financialexperts on a regular basis.

“In looking for an expert or consultant, I am more concerned withactual experience rather than designations, memberships or affilia-tions,” he says. “However, the CPA credential does factor into thedecision to hire a financial expert.”

Now that a path has been presented, don’t forget to do your part:Pass the exam.


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n Keep an eye on those monthly fixedexpenses that, if unpaid, will be sent tocollections, for example mortgage orcar payments.

n Cancel expenses that don’t carry highcancellation fees, like cable and Netflix.

n Don’t use credit cards to maintain pre-employment standards of living.

n Use emergency funds for emergenciesonly—not to keep up a certain lifestyle.

5. Retirement AccountsYour recently unemployed clients will needto consider how to handle their 401(k),403(b), profit-sharing and/or pension planbenefits. Generally, I recommend that theywait a while before making a benefit elec-tion, however tempting it is to withdrawfrom these accounts.

In many cases, it makes sense to take a dis-tribution or to rollover the funds to an IRA.However, an employer’s qualified plan maybe the best option if the client is between 55and 59½ years of age (because penalty-freewithdrawals may be possible) or if the invest-ment choices are superior to those the clientis likely to select on his or her own. In somecases, clients may benefit from taking CodeSec. 72(t) distributions from their IRAs, whichallow penalty-free withdrawals until the laterof age 59½ or five years after payments begin.

6. Investment PlanningYour client needs to realistically evaluatewhether they’ll need to drawdown on port-folio assets to meet or supplement currentliving expenses. If this is the case, I adviseclients to position those assets more conser-vatively, for example in cash or money mar-ket instruments, or short-term bonds. It’sincredibly important to minimize risk whilemaximizing capital preservation.

When job loss looms, panic is a naturalresponse. Your level-headed financial advice,however, will help clients maintain theirfinancial footing well into the future.

A principal in the financial planningfirm of Reason Financial Advisors,Inc., Mark’s 25-plus years of financeand accounting experience includes13 years in personal financial plan-ning. An ICPAS member since 1982,Mark currently serves in the IA/PFPMember Forum Group and on theStructure & Volunteerism Committee.

RETIREMENT ADVISOR

Job Loss Survival GuideBeing unemployed doesn’t have to mean a total loss of financial security.

By Mark J. Gilbert, CPA/PFS

While recent monthly payroll statisticsgenerally show signs of job market improve-ment, the battle to find positions and man-age talent has taken its toll on job-seekersand employers alike. In fact, if you haven’tcome across a laid off or downsized clientyet, then you probably will soon.

Here, then, are six tips to help you guideyour clients through these challenging times.

1. Professional Skill Set You may not be the first person your clientturns to for emotional support in the after-math of a job loss. But you may be the onlyone to give them a level-headed assessmentof the tax, accounting and personal financialramifications of their present situation. Don’tget caught up in all the emotions circulatingaround. Stay focused on what you do best.

2. Severance & COBRAUnder the terms of the COBRA Act of 1985,clients may remain covered under their for-mer employer’s healthcare plan for as longas 18 months (albeit at the employer’s fullcost plus a 2-percent administrative charge).If laid off or downsized, clients may be eli-gible for severance pay as well as compen-sation for unused vacation and sick time,etc. Make sure clients understand what’savailable to them, and remind them that anyincome is still taxable.

3. Benefit EligibilityWhether it’s helping them complete the ini-tial application or guiding them throughmaintaining regular and extended benefits,clearly explain what they have to do toreceive the maximum benefits available.

4. Budgeting & PlanningYour clients are going to need to cut backtheir expenses and stretch their savings. Tohelp them in this process, Kelley Long, CPA,owner and president of KCL FinancialCoaching in Chicago and a member of theAICPA's National Financial Literacy Com-mission, offers these tips for your clients:

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Public Accounting Act and extends its sun-set to 2023.

The Regulatory Sunset Act requires thatall occupational acts, such as the IllinoisPublic Accounting Act, sunset every 10years to enable the General Assembly toachieve a transparent review and determi-nation on whether the acts should berenewed, updated or terminated. The Illi-nois Public Accounting Act is scheduled tosunset on January 1, 2014.

Over the past two years, Society staff hasworked closely with the ICPAS Board ofDirectors, the Sunset Task Force created tomake recommendations to the Board, andthe Regulation and Legislation Committee.The Society has since shared recommenda-tions with ICPAS members, and has workedcollaboratively with the Illinois Division ofProfessional Regulation and the Independ-ent Accountants Association. GovernmentRelations staff will continue to work withGeneral Assembly members to ensure thePublic Accounting Act sunset is extended.

Another important legislative item is thecreation of an independent tax hearingsagency authorized in the omnibus tax legis-lation signed by the Governor last Decem-ber. House Bill 5192 sponsored by Rep.Michael Zalewski (D-21, Chicago) and Sen-ate Bill 3525 sponsored by Sen. Toi Hutchin-son (D-40, Olympia Fields) provide substan-

tive and procedural details for the creation ofthe independent administrative hearingsagency. This agency has the tax expertise toresolve tax disputes between the Depart-ments of Revenue and Insurance and taxpay-ers prior to requiring the payment of amountsin issue or the posting of a bond.

The ICPAS VP of Government Relations,Marty is a practicing lawyer and mem-ber of the Illinois Bar. Marty previouslyserved as executive assistant attorneygeneral for Illinois Attorneys GeneralLisa Madigan and Jim Ryan, and as director of the Governor's Office ofCitizens Assistance and assistant to theGovernor for Public Affairs, both underGovernor James Edgar.

CAPITOL REPORT

The Change Makers2012 is shaping up to be an action-packed year for CPAs.

By Marty Green, Esq.

The second half of the Spring Session ofthe Illinois General Assembly is well under-way, and there are a number of bills that willinterest CPAs. And while many relate to thetax treatment of estates and net operatinglosses, it’s elsewhere that real interest lies.

2012 is an important year in terms of CPAlicensure changes, with Illinois’ transition to aone-tier, license-only state.

Firstly, the Registered CPA title will nolonger be available to new applicants afterJune 30, 2012. All active registrants as of June30, 2012 will be grandfathered, and can berenewed indefinitely.

Secondly, as part of our transition to aone-tier, license-only state, Society staff hasworked closely with the Illinois Departmentof Financial and Professional Regulation toexpand the list of learning opportunities thatmight be claimed for credit for the 120-hourContinuing Professional Education licen-sure requirement.

Beginning with 2015 license renewals,credit can be claimed for attendance at for-mal programs presented by an organizationother than a traditional CPE provider, suchas a human resources seminar presented bya benefits brokerage firm. Credit also maybe claimed for informal activities such asprofessional reading or participation on thetechnical committees of a national or stateCPA association.

Thirdly, the Illinois CPA Society intro-duced legislation to extend the Illinois Pub-lic Accounting Act, which serves as the cen-terpiece of licensure and regulation of Cer-tified Public Accountants and CPA firms.House Bill 5773, sponsored by Rep. RobertRita (D-28, Blue Island), updates the Illinois

Insiders predict that “pensions, Medicaid and the budget willbe the focus of the Spring Session in an attempt to stop fiscalhemorrhaging and unsustainable trends.”


The legislation also revamps and stren-gthens the informal assessment reviewprocess by modeling it after the IRS Confer-ees System. In a nutshell, conferees havegreater authority to settle cases and makedecisions, and can authorize CPAs to repre-sent taxpayers in this informal process byfiling a power of attorney with the Depart-ment of Revenue.

In crafting the tax tribunal legislationthere was extensive discussion on andanalysis of the scope of representation informal hearings by non-attorneys, includ-ing CPAs. There is, however, well-estab-lished Illinois case law that prohibits non-attorneys from representing taxpayers informal hearings before the Illinois Depart-ment of Revenue. Courts repeatedly haveheld that representation of this nature con-stitutes the unauthorized practice of law.

There is broad General Assembly sup-port for this independent tax administra-tive hearings agency. Society GovernmentRelations staff worked closely with the Illi-nois State Chamber of Commerce, the Tax-payers Federation of Illinois and the mem-bers of the General Assembly in drafting

legislation for the new agency that willbenefit taxpayers in resolving disputesboth informally and formally.

Moving along, theoretically this is sup-posed to be a "rules" year for the IllinoisGeneral Assembly, meaning that it typi-cally concentrates on appropriations andfiscal matters only, and legislation shouldrelate to fiscal matters or state governmentemergency operations.

Yet, as I’m writing this column, over11,000 bills have been introduced byboth chambers, while the state’s backlogof unpaid bills swells to $8 billion. Theresult is an insiders’ prediction that pen-sions, Medicaid and the budget will bethe focus of the Spring Session in anattempt to stop fiscal hemorrhaging andunsustainable trends.

What’s more, the General Assembly isfacing changing dynamics, since all of thisis happening during an election year, withincumbent legislators running in newlydrawn legislative districts, and many vet-eran legislators either not appearing on theballot or resigning midway through theircurrent terms.

As a reminder, 2012 is also a licenserenewal year for CPAs and CPA firms.Licensed CPAs are required to complete120 hours of Continuing Professional Edu-cation that includes four hours of ethics.Sole practitioners or firms that performaudits, reviews or examinations of prospec-tive financial statements must also com-plete a peer review as a requirement forlicensure renewal.

We will keep you up-to-date on ourprogress with the Illinois Public AccountingAct extension, the establishment of an inde-pendent tax administrative hearing agency,and any other legislative and regulatoryitems as they develop. Also, stay tuned toyour monthly issue of Capitol Dispatch,which I’m happy to author; you can viewthe latest issue as well as issue archives atwww.icpas.org/CapitolDispatch.

First and foremost, however, rememberthat you are the most effective voices ofthe profession; keep these issues in mindas you interact with legislative incumbentsand candidates, and share your questionsor comments with us.

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C-SUITE

The Contract CFO For today’s C-suite, interim, project-based execs are becoming the rule.

By Kristine Blenkhorn Rodriguez

The beleaguered economy we’re now all toofamiliar with has brought about new rules ofengagement for CFO hiring. “We’re seeingorganizations dividing up projects rather thangiving them all to large accounting and consult-ing firms,” explains Jim Wong, founder of Num-erate Partners, which provides firms with senior-level accounting and finance staffing. “In thisway they’re able to farm out lower-risk projectsat a better price. Companies are looking at sen-ior-level management as a variable cost ratherthan a fixed one.”

These “contract CFOs” might be brought inon an as-needed, project basis, or on an interimbasis, giving organizations the time and tools tofigure out who the right person for the job reallyis. In essence, they rewrite the job description,breaking the cycle of hiring the same type ofperson again and again—whether or not they’reright for the company.

“It’s a form of risk mitigation in senior-levelroles,” says Wong. “The interim pro gives feed-back on what the right structure is and the righttype of person for the role.”

Why the demand for contract CFOs? In part,because of the economic downturn. More seniorfinance execs are without work as a result ofdownsizing. And while we couldn’t find empir-

ical studies to support our anecdotal findings, itseems CFOs aged 50 and up are the primarydemographic for contract-based positions. Manyare among the most highly compensated withintheir firms, perhaps making them the first to getthe pink slip.

Nevertheless, contract executives are laughingall the way to the bank, enjoying greater controlover their work/life balance along the way.

Company ProfileHigh-level contract-based finance executivestend to work for small and middle-market com-panies, generally up to $75 million in revenue.Ralph Hockman, for example, retired as CFO ofa manufacturing company about three yearsago and now works with family owned manu-facturing companies with revenues from $1 mil-lion to $75 million. He says his clients trulyvalue the ability to make the CFO a variablecost since, “They usually have a good cadre ofsolid accountants on staff but not someone whocan look at the more strategic issues with them.”

Wong explains that many companies hiringtemporary senior-level help are held in a pri-vate-equity firm portfolio. The projects andterms he sees are usually no shorter than threemonths and up to two years in length. Many ofthese interim pros are offered the permanent jobpost, he adds.

“We were recently brought into a privatelyheld company in the middle-market space, afamily business,” Wong explains. “The invest-ment banking firm representing them in a saleto a private-equity group asked for an interimCFO during the sale of the company. This familybusiness had a controller but no CFO, and thecontroller had never run the sale of an entity.Our candidate assisted with financial due dili-gence and helped to close the successful sale ofthe company. After the private-equity groupacquired the company, it asked the interim CFOto remain as CFO for the new company.”

More often than not, however, most compa-nies have a reactive versus proactive approachto contract hiring. “Either they’ve been handlingthe CFO function themselves and the businesshas gotten past what they know, or a lender isasking for a CFO because they’re not hitting cer-

tain metrics within a loan,” explains PhilElworth, a partner in B2B CFO®, which pro-vides project-based contract CFOs.

Most see they can’t pay a six-figure salaryand don’t need that much expertise anyway,he adds. So they hire the executive with six-figure salary experience at a fraction of thecost. The executive either trades a highersalary for more flexibility and work/life bal-ance or adds several companies to his or herclient list. Together, those multiple clientsadd up to a full-time job.

Pros and ConsThe advantages for companies hiring con-tract talent are many. For one, as we’vementioned, they get senior-level talentwithout the huge price tag. What’s more,“They can try before they buy,” says Wong.“There are more senior-level candidatesthan there are senior-level opportunitiesright now. In this way, if a company decidesit does need full-time help, it knows thecandidate has the talent it requires becauseit has seen it firsthand.”

For executives, part of the thrill is in thesheer variety of work. “I get to work with anumber of extremely talented CEOs andtechnology experts,” explains contract CFOTom Saftig. “That makes it fun to go to eachnew company. It also spreads your risk. I’vehad companies in the past that have had tocontract a lot. A couple didn’t make it. It’sdisappointing when it occurs, but with mul-tiple clients, you are still making a living.”

True enough, with 59 percent of financeexecutives working for their current em-ployer without an employment contract(according to a 2011 survey by FinancialExecutives International), working for mul-tiple companies on a contract basis seemssecure by comparison.

Downsides do exist, however. For one,highly regulated industries have the chal-lenge of extensive external reporting andoversight. Companies in these niches needsomeone who specializes in their require-ments full time, therefore ensuring quickresponses to any regulatory developments.

What’s more, juggling the demands ofmultiple client schedules can be tricky.“Sometimes it’s a balancing act to keepeverybody happy at crunch time,” saysSaftig. “I had four board meetings in twodays last week. Each client needed finan-cials and forecasts. In December, one of myclients closed a round of financing aroundthe holidays while another was trying to geta round closed.”

Future ForecastIn bottom-line terms every organization canappreciate, contract CFOs have the ability toprovide cost-effective, targeted knowledgeand expertise in a consistently tough andever-evolving marketplace.

“We’ve seen this niche steadily increaseover the last 12 to 15 years,” says Wong,with Hockman adding that, “I don’t see it

going away. Smaller companies won’t returnto the old model. I think they’ll continue touse outside resources to augment staff evenafter the economy improves.”

“I really don’t know what would cause thetrend to recede,” says Saftig. “Unless theworld all of a sudden gets less competitive.”

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CAREER CLIMBING

Going Up!Six fields that could take you to the top of the accounting profession.

By Selena Chavis

green energy industry. The 1603 Program:Payments for Specified Energy Property inLieu of Tax Credits, for example, reim-burses eligible applicants for a portion ofthe cost of installing specified energy pro-perty used in a trade or business or for theproduction of income.

Tax accounting professionals are particu-larly well-suited to this field, since they canleverage new government initiatives andensure companies are up-to-date on cur-rent standards. Employers in this sector areseeking accountants who also have policy-driven backgrounds and technical account-ing experience, preferably in a nationaloffice or Big Four firm.

Salary ranges vary, but according to RHI,more technical roles garner from $120,000to $150,000.

Accounting Information SystemsAccording to the Bureau of Labor Statistics(BLS), accounting and IT represent the twofastest growing job sectors in the UnitedStates. In fact, 22 percent and 30 percentgrowth, respectively, is expected by 2018.

With this in mind, it seems a naturalcourse for an accounting professional look-ing for job security to consider branchinginto the IT field.

Those specializing in accounting infor-mation systems (AIS), in particular, helpcompanies choose or implement the besttechnology and software possible, draw-ing on expertise in general accounting,financial and systems auditing, and con-sulting. Generally, the hunt is on for can-didates with professional services experi-ence in either IT audit or security and pri-vacy, who also hold their CPA and CISSPor CISA certifications.

According to AccountingEDU.org, “AISspecialists focused more on computer sys-tem design...are likely to see higher salariesthan average, (close) to $75,500.”

While many career fields have seensignificant drops in hiring and wages over thepast few years, accounting has remainedrefreshingly buoyant. In particular, profes-sionals point to increased demand for spe-cialized accountants with experience in thefollowing rapidly developing fields.

Forensics The field of forensic accounting representsthe integration of accounting, auditing andinvestigative analysis. And as companiescome under ever-greater scrutiny, and asthe demand for financial accountabilityincreases, we will continue to see a surgein hiring in this field, particularly in consul-tative and business advisory groups, as wellas public accounting firms.

Companies hiring forensic specialists arelooking for accounting professionals with 2to 5 years experience, traditionally with anaudit or advisory background, since taxaudit professionals are essentially a safe-guard for businesses, and experienced in theanalysis of financial records.

Accountants interested in this field shouldconsider obtaining appropriate designationsto complement their CPA credential. TheAICPA offers the CFF, or Certified in Finan-cial Forensics credential, for example, whilethe American College of Forensic ExaminersInternational (ACFEI) offers the CertifiedForensic Accountant (Cr.FA) credential.

According to Robert Half International’s(RHI) salary forecasts, the standard range forforensic accountants is $60,000 up to themid-$90,000s.

Environmental SustainabilityEnvironmental accounting is getting moreand more attention these days. Specifically,environmental accountants assess the imp-act of a company’s environmental footprinton the bottom line and economy.

Recent legislation, in fact, has createdmany new financial incentives for the


AgribusinessThe agribusiness industry currently repre-sents nearly one-fifth of the U.S. grossnational product, and employs close toone-fourth of the U.S. labor force. Amid adifficult economic climate, job growth inthis sector has remained strong, accelerat-ing by 23 percent in 2010, according to the2010 Agribusiness Job Report.

Furthermore, the 2011-2012 Agribusi-

ness HR Review found that more than 95percent of companies experienced an in-crease in salaries during the last 12 months.More than 45 percent of the companiesparticipating in the study indicated thatthey expect to increase their workforceover the next two years.

This industry growth goes hand in handwith a demand for more accountants, andprofessionals looking to the agribusinessindustry can find opportunities with compa-nies ranging from large multinational cor-porations to emerging food manufacturingand input supply firms.

Accounting careers within the agribusi-ness industry may require that professionalssupplement their credentials with course-work in agriculture. In terms of salary, aposition such as grain accountant (respon-

sible for processing grain and product set-tlements, etc.) might expect upwards of$45,000 a year. A grain accounting con-troller with 3 to 5 years experience may gar-ner $50,000 to $80,000.

Manufacturing/ConstructionAs the economy rebounds, RHI has seenhiring in manufacturing and constructionbegin to resurge. And, in fact, manufactur-ing represents the bulk of sectors RHI sup-ports in Illinois, with particular attention totraditional or cost accountants with 2 to 5years experience.

Manufacturing cost accountants are res-ponsible for regular analysis of quarterlygross margins, inventory evaluation, com-pliance with Sarbanes-Oxley Section 404implementation, cost accounting data, costanalysis and profitability, and preparationof weekly, monthly and annual reports.According to RHI, salaries for these profes-sionals range from $60,000 to $90,000.

Construction also has seen an uptick.According to the Robert Half Professional

Employment Report, a net 14 percent ofexecutives in this sector anticipated addingfull-time staff in the first quarter of the year.The greatest demand is for project account-ants with 2 to 5 years of industry experi-

ence. These professionals can expect toearn in the range of $50,000 to $75,000.

Real EstateAlthough the housing market has takenquite a hit nationally, RHI also is seeing jobgrowth for finance and accounting profes-sionals within the real estate industry, par-ticularly among real estate investment firmsand property management companies.

Real estate fund accountants, for exam-ple, focus on accountability for real estateheld in investment funds. They are typi-cally responsible for reporting on transac-tion activity, calculating pricing and distri-bution rates, producing investor analysesand managing client bank accounts.

A property accountant, on the otherhand, is typically responsible for trackingall cash activity for a particular property, aswell as working with property managers toaccurately account for tenant paymentsand analyzing daily cash positions.

Often a bachelor’s degree in account-ing is coupled with public accountingexperience in order to secure this type ofposition. Experience working with realestate clients is an obvious boost.

Salaries in this sector fall in the mid-$50,000 to mid-$80,000 range, dependingon focus and years of experience.

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DIVERSITY

CPA 2040Young minority accounting and finance pros hold the key to the profession’s future.

By Christine Bockelman

To state the facts plainly, for the past severalyears there have been too few college graduatesentering the accounting field and too manyBaby Boomers exiting it. The news isn’t muchbetter looking forward, as the dearth of talent isonly expected to increase.

But the future also holds promise, particularlyin light of the U.S. Census Bureau’s estimate thatby the year 2040, Caucasians will be a minority.

“Diversity is all about talent sustainability,”says Kathy Hannan, national managing partnerfor corporate responsibility and diversity atKPMG. “There’s going to be a huge gap in tal-ent, and this is going to have implications forthe broader market.”

Although firms have long understood it takesmore than a bunch of stereotypical white malesto ensure their success, with their eyes on thepredicted 2040 statistic, many have implemen-ted out-of-the-box programs that are designed tograb the attention of minority youth.

“Law, CSI and medicine, thanks largely toblockbuster television series, all seem moredynamic than accounting,” says Tony Fuller,recruiting manager for the Chicago office ofGrant Thornton. “Kids, and especially minoritykids, are not aware of what accountants really

If you’d like to learn more about diversity andthe CPA profession, or if you’d like to con-tribute to diversity efforts, take advantage ofthese programs and initiatives, developed byor in association with the Illinois CPA Society.

Accounting Firm Diversity Conference:This annual event is hosted by some of thelargest accounting firms in Chicago in part-nership with the ICPAS to increase awarenessof the profession among diverse junior- andsenior-level high school students.

CPA Endowment Fund of Illinois: TheICPAS and CPA Endowment Fund of Illinoissupport initiatives and scholarships that en-courage diverse students to pursue careers inaccounting. In addition to collaborating withlocal chapters of the National Association ofBlack Accountants and Philippine CPAs ofChicago, the ICPAS and Endowment Fund’sMary T. Washington Wylie Opportunity Fundis developing a program designed to increasethe number of African-Americans and otherunderrepresented minorities in the accountingprofession by providing educational, profes-sional and leadership opportunities for newand future CPAs. Further, the Herman J. NealScholarship Program supports African-Amer-ican students in their pursuit of an accountingeducation and the CPA designation.

Outstanding Leadership in Advancing Diversity Award: This annual award recog-nizes an exceptional leader who has made amarked contribution to advancing diversity inthe accounting profession. Nominees typicallyhave 10-plus years of full-time work experienceand are employed in any area of accountingor finance, including public, industry and non-profit. A recently added category, the EmergingLeader Award, recognizes contributions madeby young professionals who typically have four-plus years of full-time work experience.

To learn more visit www.icpas.org.

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do. They think we sit in a room and crank out numbers and pushreports. They don’t understand that it’s a people business.”

Grant Thornton is working to address this misconception by offer-ing job shadowing opportunities and career days to encourageyounger, pre-college students to consider accounting as a career. “Alot of these kids don’t have any role models in accounting,” Fullerexplains. “They have no exposure to the profession. We have to getat them early, convince them it’s a good career choice, and get themmoving towards the needed education and skill sets.”

Grant Thornton also works closely with community colleges,identifying and encouraging students who can transfer to four-yearprograms and into the accounting profession. Community collegesare brimming with talent primed for grooming, says Fuller.

The numbers back up this emphasis. Whereas in 1994 commu-nity college students were about 73 percent white, by 2006 thatpercentage had dropped to 58. Over the same period, the African-American and Hispanic population at community colleges in-creased from 21 to 33 percent.

At KPMG, recruiting efforts are tied to even the youngest gener-ations. In 2007 the firm started its KPMG’s Family for Literacy pro-gram, which works to put books in the hands of lower-incomechildren in kindergarten through 8th grade, many of whom are eth-nically diverse or reside in ethnically diverse neighborhoods. Thefirm encourages its employees to donate not only books, but alsotheir time to help at-risk children and their families learn to read.

“Literacy is tied to financial literacy,” explains Hannan. “We’revery involved in reading because, from a recruitment standpoint,these children are part of the supply chain of talent. We need themto be ready to learn.”

The firm also is working with the National Academy Foundation(NAF) to strengthen high-school accounting education at its Acade-mies of Finance across the country. The NAF works to prime stu-dents for college and careers beyond college by using industry-focused curricula, work-based learning and business partners. TheNAF collaboration is already in place in eight cities, and is beingrolled out in 10 more.

“The next generation of the workforce is still in grammarschool,” says Hannan. “They are far more globally aware via theinternet, and far more networked than we are. They are alreadyaccustomed to a much higher level of diversity than we are.”

KPMG is also working to start junior and high school versionsof the National Association of Black Accountants, the Associationof Latino Professionals in Finance and Accounting, and otherminority-focused accounting organizations. “We are doing all thisunder our corporate responsibility agenda,” says Hannan. “It’s ourresponsibility to ensure that there are more accounting profession-als out there for our clients and also our competition. A competi-tive marketplace benefits all of us.”

“It’s very important that a firm not only remain diverse, but alsoreflects the make-up of society,” says John O'Connor, a Chicago-based partner at Plante Moran and an advisory member of thefirm’s Diversity Council. “You want diversity of thought to solveproblems, not group think.”

Last year, Plante Moran introduced UNITE, a one-day programattended by 24 ethnically diverse college students with the goalof encouraging firm diversity. UNITE introduced the students toPlante Moran and provided them with career guidance. Anotherinitiative, TRACK, is a six-week internship program for academi-cally promising students who are actively involved in multicul-tural organizations.

“We are constantly talking about the statistics and forecasts,”O'Connor explains. “It will take the efforts of the entire professionto help to attract good diverse talent to keep us moving forward.”

The biggest challenge in this recruiting effort will be supply anddemand. “Right now there’s a shortage of African-Americans andLatinos in accounting,” says Fuller. “We need to push the envelopand continue to talk about what we can do to get these numbers up.The work we do only benefits the profession as a whole, but rightnow there are only so many minority candidates to go around.”

Shifting demographics and other workforce realities have madethese changes to recruiting practices a necessity. At the very least,firms need to replace retiring members of the Baby Boomer genera-tion. By 2050, it’s estimated that 1-in-5 Americans will be Boomers.

“We are on the precipice of a major change in the marketplace,”Hannan notes.

What’s good for KPMG, she adds, is good for the industry as awhole. “We are creating shared value. What is good for the enter-prise is good for the broader market.”

And even if the Census Bureau statistics don’t pan out (althoughthere is no reason to think they won’t), the focus on diversity willonly help the profession.

“Casting a wider net in recruiting will only bring in more talent,and bring in more perspectives,” says O’Connor. “People from dif-ferent backgrounds bring different perspectives to a client’s prob-lem. Making a more diverse firm is a better firm.”

Despite uncertainty over what the future holds, there’s no argu-ing that in an increasingly global economy, an increasingly diverseworkforce can only be a good thing.


MARK YOUR CALENDAR!

May 1, 2012 | SpringfieldMay 2, 2012 | Rosemont

GovernmentMay 8, 2012 | Chicago

Estate & Gift Tax May 22, 2012 | Chicago

Employee BenefitsMay 23, 2012 | Chicago

Business Valuation SymposiumJune 7, 2012 | Chicago

Taxation on Real EstateJune 12, 2012 | Chicago

Not-for-Profit Complex and EmergingAccounting and A-133 IssuesJune 2012 | Chicago

Financial Forensic Workshop

2012 Spring/Summer Conferences

2012 is a CPEReporting Year.

Licensed CPAs need 120 hours ofCPE, including 4 hours of EthicsCPE, by September 30, 2012.

www.icpas.org

Education when you want it. | Available 24/7

Earn CPE from the convenience of your computer, anytime day ornight. Choose from a catalog of engaging, interactive HD video coursesyou can access instantly, at a price you can afford.

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NEW from the Illinois CPA Society...

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RETENTION

Money Isn’t EverythingSix things that motivate accounting and finance pros more than a dollar sign.

By Bridget McCrea

Also, switch out project leads to give every-one a chance to serve in a leadership role. Showthem that you’re willing to think outside the boxand to create scenarios for individual success.

“Your employees will be well-rounded,”says Rob Wilson, president at HR outsourcingfirm Employco USA, “and more interested intheir own success and that of the company asa whole.”

2. Recognize the Little Things A public thank you, a blurb posted in the com-pany newsletter, an opportunity to be publiclyacknowledged for one’s expertise…Small ges-tures speak volumes in the midst of a profes-sional landscape where it’s often hard to standout, however hard you work. In fact, accordingto the U.S. Department of Labor, the numberone reason people leave their jobs is a lack ofappreciation. If that’s not a wake-up call, then Idon’t know what is.

Opportunities to recognize employees arelimited only by your imagination and sense ofgregariousness. On the most basic of levels, itmight take the form of an All Staff email to leteveryone know that, hey, we just heard fromour biggest client, and they couldn’t sayenough good things about the work Jane Smithdid on their audit. Or maybe it’s a catered

It’s no secret that companies across all industriesare operating in a very different business envi-ronment today—one that has most of us hanker-ing for the halcyon days of the turn of the cen-tury. Belts have been tightened, and everythingfrom marketing initiatives to employee incen-tives are being hit hard.

Unfortunately, skimping on the latter canpretty much shoot you in the foot. Employeesare, after all, the lifeblood of your enterprise.

So, if you don’t have the benefit of a deepwallet to dig into, how do you keep motivationhigh and turnover low?

1. Get Rid of the Project Lead We also could have called this one “EmpowerYour Employees to Do More.” Think about it.Employees need to be invested in the companyin order to feel, well, invested in the company.If they’re empowered to make decisions andparticipate in important company strategic dev-elopment, then they’re more likely to feel asense of ownership and to make company inter-ests a priority.

How do you manage this in practical terms?For one, encourage an open, communicativecorporate culture—one in which employeebuy-in isn’t restricted or shaped by hierarchy.Good ideas come from all directions.

lunch in honor of John Jones’ team, whichspearheaded a new system for invoicingthat just saved the firm X hours and X dol-lars. Or, taking things a step further, maybeit’s a matter of boosting an employee’s self-esteem and flexing your in-house trainingmuscle by having a staff member withexpertise in a particular area lead a lunch-hour training session for colleagues.

3. Promote From Within Before you post that job, Wilson recom-mends taking a look around the office to seewho’s prime for promotion. Take a personalapproach to the hunt for the perfect candi-date. Chat with employees and gauge theirlevels of job satisfaction, what makes themtick, and where their true aspirations lie.

This takes work on your part, and a com-mitment to staff development. It means invit-ing members of staff out for coffee or forlunch to get to know them better, and revis-iting personnel files to remind yourself ofemployee backgrounds (yes, they had a lifebefore they joined you). Maybe you didn’trealize that the staff accountant you hiredtwo years ago started off in marketing, forexample. Now your hunt for a new Market-ing Manager just got easier. You have in yourmidst someone uniquely familiar with notonly your industry, but also your company,and what it takes to market your expertise.

“Let people know you are promoting fromwithin. The likelihood that your employeesstart looking for another job will go downsignificantly,” says Wilson, who points outthat nearly 75 percent of working Americansplan to start job hunts in 2012. “Even if youcan’t give out big raises and bonuses youcan show employees that there’s a futurewith your firm.”

4. Reward with a Privilege Working for rewards is not a new concept.Working for rewards that don’t have a dol-lar sign attached to them might be.

As work/life balance becomes more andmore of an issue for a generation of workersthat defines itself far beyond its role back atthe office, awarding flex-time privilegesbecomes an interesting incentive option. Infact, according to the AICPA, free time isone of the most valued commodities formost accounting professionals.

How do you make this type of reward sys-tem work on a day-to-day basis? Perhaps it’sa case of an exemplary employee earningthe privilege to work longer hours Mondaythrough Thursday so they don’t have tocome in on Fridays. Or maybe it’s a matterof a high-performer earning the ability to

work from home one day a week, or twoafternoons a week, and so on. Whateverform it takes, there’s a vast list of creativesolutions that preserve productivity whileboosting morale and improving an employ-ee’s quality of life—and longevity withinyour ranks.

5. Encourage VarietyQuestion: How do you keep your account-ing and finance staff motivated? Answer: Bykeeping their jobs interesting.

Don’t get them stuck in a rut by givingthem the very same projects, year in, yearout. Essentially you’re punishing them for ajob well done by insisting they do the samething over and over again.

Of course, you don’t want to waste allthat knowledge and expertise. And indeed,you don’t have to. That’s what mentoringprograms are for. Experienced employeesare freed from the ho-hum, while less expe-rienced employees feel satisfied that you’reinvesting in their futures. In the meantime,project and client variety keeps things inter-esting, and allows skills to be continuouslyhoned rather than reaching a status quo.

Cross-training is another take on the con-cept. Use it to give employees a break fromtheir usual jobs and test out the waters inanother division. Show employees thatyou’re interested in keeping them happy andengaged in a field where client and projectvariety doesn’t always come naturally.

6. Make Work a Social AffairYou spend the majority of your time withyour co-workers. It’s pretty logical thatyou’ll enjoy that time more with co-work-ers you feel you know well and can con-sider friends as well as colleagues.

For far too many organizations, beingsocial extends only as far as the annual hol-iday party, sequestered somewhere in a con-ference room, eating cake and waiting forthe CEO to make an announcement. Thatreally won’t cut it.

Think more in terms of happy hours, ral-lying employees together to support a cause(maybe a team to take part in a walk sup-porting a cure for cancer, for example), orgetting them together for an after-work soft-ball team, or any number of events that arefun and casual, and where you see the realperson behind the office persona.

Employee incentives are no longer socut-and-dry or simple to assess. While thatposes a challenge for many, it also presentsan opportunity—especially for small busi-nesses hunting for ways to reign in costswhile keeping motivation high.

The Sixteenth Annual

Multistate Tax Institute

June 14, 2012Milwaukee, WI

For program andregistration information,

please email us [email protected]

Deloitte Center for Multistate Taxation

Institute highlights include:

�A nationwide and regional perspective of the year’s most important state and local tax developments by the best in the business, including Frankel, Pomp, Gall, Kulwicki, Nachbar, Wethekam, Rosen, Friedman, and Hardt.

�Expert insight into numerous money saving opportunities.

�Cutting edge planning techniques being used in the nexus area.

�Wisconsin Department of Revenue update on recent changes.



STUDENTS

Go Public Why and how to land your first job in public accounting.

By Sheryl Nance-Nash

accounting, much of the work involves prepar-ing financial statements that are audited byaccounting professionals on the public side."Having experience as an auditor is a big pluswhen you decide to switch and go outside pub-lic accounting," says Moore.

Know, too, that in some states you’re requiredto have auditing experience in order to earn aCPA license. "That alone is a good reason to gointo public accounting," Moore explains. "The(CPA) designation is issued by the governmentand carries a lot of weight. CPAs have the abilityto audit and attest financial statements," he adds.

Once you’re a CPA and you’ve worked inpublic accounting, the options are limitless."What company needs CPAs? All of them—every industry. Whether you like sports, fash-ion, IT, social media…everything has CPAs. Youcan go into any industry you want," says Moore.

There’s no doubt you’ll be in demand. "Witha few years of experience in public accounting,you will have worked in hot areas such as SECreporting, 10k and Sarbanes-Oxley. You're pre-pared. You've worked with different clients anddifferent industries,” says Goff.

In fact, hiring demand is almost back to theall-time high set in 2006-2007, according to theAICPA’s 2011 Trends in the Supply of Account-

ing Graduates and The Demand for Public

Accounting Recruits. "There was a pull back in public accounting

in 2008 and 2009, and even in early 2010; butwe are seeing firms looking to staff up,” saysMike Assaad, Chicago MetroMarket managerfor Robert Half International, which specializesin accounting and finance professional staffing.“They have reached out to us for experiencedhires, but they are also looking for recent grads.We expect there’ll be a healthy job market for2012 grads. Hiring is trending upward."

That demand isn't likely to thin out any timesoon. "Between 2006-2016 the accounting fieldis expected to grow 22 percent," says Moore. Infact, the demand for talent exceeds the supply;there simply aren’t enough people studyingaccounting in college. Right now, there is a

Where you begin is a big factor in decidingwhere you’ll end up. And when it comes tosquare ones, public accounting is an enviableplace to be.

"With public accounting you have the bestopportunity to apply all you've learned inschool, and over time you gain solid knowledgeand experience that makes for a strong founda-tion for your career," says Pat Porter, HR directorfor public accounting firm Rea & Associates.

Much of the work involves auditing organiza-tions to ensure the accuracy of their financialstatements. However, there's more to the jobthan that. “The scope of duties might includetax, consulting, HR management, security andprivacy, and more,” explains Scott Moore, sen-ior manager of college and university initiativeswith the AICPA.

If you're looking for broad exposure, publicaccounting is where you want to be. "You see alot, you're thrown in the fire, you learn quickly,"says Andria Kim Goff, a CPA and senior execu-tive recruiter for Accounting Principals.

Furthermore, if you have an interest in oneday transitioning into the business and industrysector, a background in public accounting willput you at the top of the recruiting list. In private

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shortage of senior manager level to partner level in public account-ing," he explains.

There's good news for job-hunters on the salary front, too.According to Robert Half’s 2012 Salary Guide, salary increases of3.1 to 3.7 percent are expected in 2012 for a variety of publicaccounting positions. "Last year most of our CPA client firms gave10- to 15-percent raises," says Goff.

That said, "Public accounting is very competitive, given the sheernumber of people who are interested in the field. It's the gold stan-dard if you're studying accounting. From day one, from accounting101, the career path is easily identified through public accounting,"says Porter.

One of your first big decisions is which group to target: Small tomid-sized firms or large public accounting firms. Choose wisely;they offer decidedly different experiences.

"The Big Four offer a variety of services, and clients are likely tobe Fortune 500. With a sole proprietor you may be helping the bar-bershop next door or the general contractor down the street. In thesmall firm arena you get involved in almost every function—audit,tax, etc.—versus at a big firm where you most likely will be spe-cialized, say in audit or tax. A small firm will give you a broaderscope of responsibility, unless of course the firm focuses only onone area, say business valuation," Moore explains.

No matter what size your public accounting firm, expect to worka lot of hours, especially during the busy tax season from Januarythrough April. "At the low end you can work 50 to 55 hours or a highof 70 to 75 hours per week, depending on the firm," says Assaad.

The big challenge is how to stand out from the crowd that's just aseager as you are to win that plum position. Here, then, are five tipsto help you land that much sought-after first job in public accounting.

1. Get Involved in the ProfessionJoin accounting organizations and clubs on campus like Beta AlphaPsi, the honor society for accounting students, as well as associa-tions like the AICPA and state CPA associations like the Illinois CPASociety. Not only will you round out your education, but you'll alsohave the opportunity to network with the people who can help youland the job you’re after. What’s more, you’ll have the chance toparticipate on committees and task forces that could put you faceto face with the people in charge.

"Firms are looking for leaders. Who was an officer of theaccounting association club or honor society? They want that high-performing student," says Porter.

2. Get Involved in the CommunityCommunity involvement is a big deal. "They want to see that youunderstand and appreciate giving back," Porter explains.

If you’re passionate about a particular cause, volunteer for anorganization that supports it. Also, take advantage of the publicinterest arms of the professional associations you join. The IllinoisCPA Society, for example, offers a wide range of volunteer oppor-tunities specifically for its members. Examples include the annualCPA Day of Service, the Low-Income Tax Preparation Project andJunior Achievement. (See Volunteer News on page 48.)

3. Score High on Your GPAAcademics are huge. In fact, "The higher the GPA the wider thedoor to opportunity," says Porter. “While you might get into aregional or local firm with a 3.0 GPA, 3.5 is the benchmark for theBig Four, and in reality it may be even closer to 3.7 or 3.8.”

4. Master Your Soft SkillsIn today’s accounting and finance world, academics and technicalknow-how simply aren’t enough. You have to be an effective com-municator. If you're going to be auditing client's statements, youneed to be able to communicate with C-level people and the board.Your written and verbal skills must be stellar.

"The old stereotype of an accountant punching a calculator does-n’t apply to the new world," says Moore. You can’t hide behindclosed doors. You need to be comfortable in any arena.

5. Dip into the Work WorldWithout relevant work experience you may be left behind. Whichis why securing and performing well on an internship is vital.

“By all means, get that internship or two, even if only for a sum-mer or during tax season. Internships often turn into job offers upongraduation,” says Mark Collins, managing director of Chicagorecruiting firm The Mergis Group.

"You want to show that you have developed a work ethic and canwork as part of a team," Porter adds.

The Illinois CPA Society offers the opportunity for its studentmembers to post their resumes on its online Career Center[www.icpas.org/jobs/SearchInterns.aspx]. Employers are then ableto search this database according to the student’s location, intern-ship term and internship type (paid or for credit).

The opportunities in public accounting are plentiful thanks tocomplex legislation and regulations. "With all the new regulationsfirms will continue to increase their hiring of those right out of col-lege, as well as the very experienced. There are also a lot of shoesto be filled from those who left during the downturn," says Assaad.

Simply put, public accounting is back—and in a big way.

careercenterA benefit of your Illinois CPA Society Membership

Job Listings | Resume PostingsCareer Coaches* | Career Resources

Check out the Career Center today at

www.icpas.org/careerhelp

*fee-based service

help keep your career on track

President’s Pavers

“Thank you for your generosity, thank you for believing in the next generation of CPAs,thank you for believing in our dreams just as much as we do.” - Charlene D. Rhinehart

$50,000 and up Loop Capital

$25,000-$49,999 Ernst & Young LLPKenneth J. Hull & Jacqueline M. HullRobert H. Jenne & Geneva M. Jenne*

$10,000-$24,999 Crowe Horwath LLPDeloitte & Touche LLPIllinois CPA SocietyKPMG LLPEdilberto C. Ortiz & Carmelita M. Ortiz

$5,000-$9,999 Eugene L. Delves*Grant Thornton LLPBrian J. HuntBelverd E. Needles Jr.Sikich LLPErnest R. Wish

$1,000-$4,999 Alverin M. Cornell FoundationTherese M. BobekBP FoundationDaniel W. CadiganKath M. CarterCameron T. ClarkLawrena J. Colombo Joseph L. D’AmicoWayne R. EbersbergerArthur I. FarberWilliam K. FlowersFollett CorporationCarl R. GeorgeWilliam A. Gifford Jr.Lee A. GouldSharon J. GregorThomas W. HaveySheldon P. HolzmanMargaret M. HunnICPAS Women’s Executive CommitteeICPAS Young Professionals Group

James P. JonesKenton J. KlausAnne M. KohlerDavid L. LandsittelRocco J. Martino & Roxanne M. MartinoJames M. MaurerKathryn A. McAlpineLester H. McKeever Jr.L. Denise MoritzAnn Marie Norsk & Michael NorskAnnette M. O’ConnorBeth J. PagnottaFloyd D. PerkinsKenneth R. PosnerMarian PowersBonifacio I. Rodrigo & Leilani N. RodrigoThe Sargent Consulting Group, LLCMichelle M. ScheffkiRonald S. SonenthalScott D. SteffensDuane D. SuitsMyra A. SwickRichard A. ThompsonVincent E. VillinskiMary Ann WebbRay WhittingtonCheryl S. Wilson Lawrence A. Wojcik & Nancy P. WojcikPenelope J. YunkerDonna F. Zarcone

$500-$999 Harvey Coustan & Arlene CoustanAmy K. EgelstonLisa A. HartkopfJohn A. HeppGeralyn R. HurdICPAS O'Hare ChapterJeffrey W. KrolNavigant Consulting - Lending A HandErwin J. OrtizBhaveshri K. PatelGilda B. PriebeKimberly R. Rice

John R. RogersJoyce M. SimonReva B. SteinbergMarites U. Sy

$250-$499 Cameron, Smith & CompanyJennifer L. CavanaughCatherine FaberGary L. Fish Violet R. GoodheartWilliam P. GrafRussell W. HolmgrenElsie A. Kostka Scott W. MartynJudith H. MeguireSara J. MikutaElizabeth A. MurphyMichael D. PakterMichael J. PierceDeborah J. RingerElizabeth B. RoghairDeborah K. RoodRozovics & Wojcicki, P.C.Lawrence H. ShankerGerard A. SwickMonica L. WalkerConnie S. WatkinsThomas W. WinklerThomas L. ZellerRichard E. Ziegler

Up to $249 Anonymous (12) Christiana D. Abbaloa Ernest C. AchtienEvelyn D. Allam Angela T. AllenSolita M. Alvarez Rhoanne C. AndradaElda B. ArriolaBrent A. BaccusVillalyn S. BalugaLisa M. BensonJacqueline Berk BabbJeannine M. BestRona BezmanBasil O. BootonGerald D. BrightonGenevieve B. Burns

M. David Cain Sr.Martrice CaldwellGarry M. Caracas Maceliana D. CaraganMinerva L. CariagaMargaret A. CartierPatricia Casey JoyceJay-R CastanedaBeulah S. Castro Xinqin Chen Susan E. CoatsRhodora R. Credo Edwin P. CzopekJoseph P. DanahyNuthatai De CastroMarc DeFauwMaria M. de Leon Carla S. Denison-BickettBarbara F. DennisonKaty M. DienslakeRaquel B. DinglasanKristoffer D. EvangelistaFruto E. Fabros Regina Falcon Eileen M. FelsonAnne M. FisherLinda H. FormanMary K. FullerRyan GadiaPaula A. GalbraithSandra GentryCarolyn M. GomezMarcia R. GordonRobert L. GrottkeEdward J. HannonHarry S. HeifetzMelinda S. HenbestFrank A. HladikCara C. HoffmanKathy L. HortonCynthia L. HuntPaul V. InserraJim A. IsaacsJohn W. KaiserSusan L. Kane Ronald S. KatchShari L. KatheWendy A. KellyGary E. KemnitzDonald E. KiesoJo Ann L. Klak

Jason B. KleinConstance M. KravitzLloyd J. KurkowskiKristy L. LatorraCecilia F. LazaroCheryl Ann LeeVanLeif Jensen & Associates Ltd.Sara J. LeoneDebra J. LessinLudella Lewis Michael V. Lim Jerome H. LipmanMarcia J. LucasRichelle F. LumakangCatherine L. LynchMichael J. MaffeiChristine M. MakiPhyllis MalitzKarla J. MansfieldRandy MarkowitzLinda M. MartinRobin E. MartinPrincess B. Masaoay Gail L. MathewsGerald T. MaximTerry H. MichaelsAnne M. MieleszukNetzyl J. MirafloresIlaria MocciaroCharlotte MontgomeryG. William MooreBecky A. MummaEdward J. Nadler & Susan NadlerSy Z. NagorskyKari L. Natale Edward T. OdmarkKaren M. OlsonNorelli P. Ople Maria Pia PagtalunanStephen R. PanfilPeggy M. PapaioannouJoseph R. PeraltaR. Bruce Pickens Pier & Associates, Ltd.Ernest G. Potter, Ltd.Kathryn N. PrestonJames G. QuaidRoy D. RaemerDaniel F. RahillJoseph H. Rieber, CPA, Ltd.

Starr M. RobinsonCharlou P. RodriguezPaul John D. RosarioLynn M. RosenArnab RoychowdhuryEpifanio R. Sadural IIIMarvin G. SalaysayJessica A. Samonte Rosario A. SantanaJudith A. SegalAndrea K. SelleyRichard P. ShapiroVivian J. SigueMyron L. SimonRomil T. SisonRosemarie N. SisonBarbara R. SloanKrislyn Anne Songco Laurence A. SophianJohn R. StuckeyKriss Michelle Suarez Abigail E. Sullivan James S. Sullivan Gonzalo U. Sy Kimberley M. SzalkusMichael K. TadlaColleen M. ThompsonYvonne TowersShirley Q. TrinidadJonathan W. TrutterMarie Joyce Uy Kathrina V. Vallarta Heidi C. VerbiscerKenneth P. Vergara Nancy G. WallaceChan-Yu WangMichael N. WenzelJay D. WilenskyJennifer A. WiskusTheresia Wolf-McKenzieKevin V. WydraDoyoung YongNikki Yuen John W. ZickAnthony J. ZordanChristiana Zouzias

Paving the Way for Tomorrow’s CPAsCPA Endowment Fund of Illinois

The Illinois CPA Society and the CPA Endowment Fund of Illinois thank our generous donors for their annual contributionor pledge. Donors provide various scholarship and professional development opportunities for people working to join theaccounting profession and achieve the CPA credential. For additional information or to make a donation, please visitwww.icpas.org/endowment.htm. April 1, 2011-March 31, 2012

Donors who have extended their impact on the profession beyond their lifetime with a planned gift to the CPA Endowment Fund of Illinois are marked with an asterisk. Donors with a multi-year pledge are recognized for thefull amount of their pledge in the first year and for the amount of their pledge installment paid in the remaining years of the pledge. Every attempt was made to acknowledge all donors who have given during this time period.If you note a discrepancy please call (312) 993-0407, ext. 290.

President’s Pavers

“Thank you for your generosity, thank you for believing in the next generation of CPAs,thank you for believing in our dreams just as much as we do.” - Charlene D. Rhinehart

$50,000 and up Loop Capital

$25,000-$49,999 Ernst & Young LLPKenneth J. Hull & Jacqueline M. HullRobert H. Jenne & Geneva M. Jenne*

$10,000-$24,999 Crowe Horwath LLPDeloitte & Touche LLPIllinois CPA SocietyKPMG LLPEdilberto C. Ortiz & Carmelita M. Ortiz

$5,000-$9,999 Eugene L. Delves*Grant Thornton LLPBrian J. HuntBelverd E. Needles Jr.Sikich LLPErnest R. Wish

$1,000-$4,999 Alverin M. Cornell FoundationTherese M. BobekBP FoundationDaniel W. CadiganKath M. CarterCameron T. ClarkLawrena J. Colombo Joseph L. D’AmicoWayne R. EbersbergerArthur I. FarberWilliam K. FlowersFollett CorporationCarl R. GeorgeWilliam A. Gifford Jr.Lee A. GouldSharon J. GregorThomas W. HaveySheldon P. HolzmanMargaret M. HunnICPAS Women’s Executive CommitteeICPAS Young Professionals Group

James P. JonesKenton J. KlausAnne M. KohlerDavid L. LandsittelRocco J. Martino & Roxanne M. MartinoJames M. MaurerKathryn A. McAlpineLester H. McKeever Jr.L. Denise MoritzAnn Marie Norsk & Michael NorskAnnette M. O’ConnorBeth J. PagnottaFloyd D. PerkinsKenneth R. PosnerMarian PowersBonifacio I. Rodrigo & Leilani N. RodrigoThe Sargent Consulting Group, LLCMichelle M. ScheffkiRonald S. SonenthalScott D. SteffensDuane D. SuitsMyra A. SwickRichard A. ThompsonVincent E. VillinskiMary Ann WebbRay WhittingtonCheryl S. Wilson Lawrence A. Wojcik & Nancy P. WojcikPenelope J. YunkerDonna F. Zarcone

$500-$999 Harvey Coustan & Arlene CoustanAmy K. EgelstonLisa A. HartkopfJohn A. HeppGeralyn R. HurdICPAS O'Hare ChapterJeffrey W. KrolNavigant Consulting - Lending A HandErwin J. OrtizBhaveshri K. PatelGilda B. PriebeKimberly R. Rice

John R. RogersJoyce M. SimonReva B. SteinbergMarites U. Sy

$250-$499 Cameron, Smith & CompanyJennifer L. CavanaughCatherine FaberGary L. Fish Violet R. GoodheartWilliam P. GrafRussell W. HolmgrenElsie A. Kostka Scott W. MartynJudith H. MeguireSara J. MikutaElizabeth A. MurphyMichael D. PakterMichael J. PierceDeborah J. RingerElizabeth B. RoghairDeborah K. RoodRozovics & Wojcicki, P.C.Lawrence H. ShankerGerard A. SwickMonica L. WalkerConnie S. WatkinsThomas W. WinklerThomas L. ZellerRichard E. Ziegler

Up to $249 Anonymous (12) Christiana D. Abbaloa Ernest C. AchtienEvelyn D. Allam Angela T. AllenSolita M. Alvarez Rhoanne C. AndradaElda B. ArriolaBrent A. BaccusVillalyn S. BalugaLisa M. BensonJacqueline Berk BabbJeannine M. BestRona BezmanBasil O. BootonGerald D. BrightonGenevieve B. Burns

M. David Cain Sr.Martrice CaldwellGarry M. Caracas Maceliana D. CaraganMinerva L. CariagaMargaret A. CartierPatricia Casey JoyceJay-R CastanedaBeulah S. Castro Xinqin Chen Susan E. CoatsRhodora R. Credo Edwin P. CzopekJoseph P. DanahyNuthatai De CastroMarc DeFauwMaria M. de Leon Carla S. Denison-BickettBarbara F. DennisonKaty M. DienslakeRaquel B. DinglasanKristoffer D. EvangelistaFruto E. Fabros Regina Falcon Eileen M. FelsonAnne M. FisherLinda H. FormanMary K. FullerRyan GadiaPaula A. GalbraithSandra GentryCarolyn M. GomezMarcia R. GordonRobert L. GrottkeEdward J. HannonHarry S. HeifetzMelinda S. HenbestFrank A. HladikCara C. HoffmanKathy L. HortonCynthia L. HuntPaul V. InserraJim A. IsaacsJohn W. KaiserSusan L. Kane Ronald S. KatchShari L. KatheWendy A. KellyGary E. KemnitzDonald E. KiesoJo Ann L. Klak

Jason B. KleinConstance M. KravitzLloyd J. KurkowskiKristy L. LatorraCecilia F. LazaroCheryl Ann LeeVanLeif Jensen & Associates Ltd.Sara J. LeoneDebra J. LessinLudella Lewis Michael V. Lim Jerome H. LipmanMarcia J. LucasRichelle F. LumakangCatherine L. LynchMichael J. MaffeiChristine M. MakiPhyllis MalitzKarla J. MansfieldRandy MarkowitzLinda M. MartinRobin E. MartinPrincess B. Masaoay Gail L. MathewsGerald T. MaximTerry H. MichaelsAnne M. MieleszukNetzyl J. MirafloresIlaria MocciaroCharlotte MontgomeryG. William MooreBecky A. MummaEdward J. Nadler & Susan NadlerSy Z. NagorskyKari L. Natale Edward T. OdmarkKaren M. OlsonNorelli P. Ople Maria Pia PagtalunanStephen R. PanfilPeggy M. PapaioannouJoseph R. PeraltaR. Bruce Pickens Pier & Associates, Ltd.Ernest G. Potter, Ltd.Kathryn N. PrestonJames G. QuaidRoy D. RaemerDaniel F. RahillJoseph H. Rieber, CPA, Ltd.

Starr M. RobinsonCharlou P. RodriguezPaul John D. RosarioLynn M. RosenArnab RoychowdhuryEpifanio R. Sadural IIIMarvin G. SalaysayJessica A. Samonte Rosario A. SantanaJudith A. SegalAndrea K. SelleyRichard P. ShapiroVivian J. SigueMyron L. SimonRomil T. SisonRosemarie N. SisonBarbara R. SloanKrislyn Anne Songco Laurence A. SophianJohn R. StuckeyKriss Michelle Suarez Abigail E. Sullivan James S. Sullivan Gonzalo U. Sy Kimberley M. SzalkusMichael K. TadlaColleen M. ThompsonYvonne TowersShirley Q. TrinidadJonathan W. TrutterMarie Joyce Uy Kathrina V. Vallarta Heidi C. VerbiscerKenneth P. Vergara Nancy G. WallaceChan-Yu WangMichael N. WenzelJay D. WilenskyJennifer A. WiskusTheresia Wolf-McKenzieKevin V. WydraDoyoung YongNikki Yuen John W. ZickAnthony J. ZordanChristiana Zouzias

Paving the Way for Tomorrow’s CPAsCPA Endowment Fund of Illinois

The Illinois CPA Society and the CPA Endowment Fund of Illinois thank our generous donors for their annual contributionor pledge. Donors provide various scholarship and professional development opportunities for people working to join theaccounting profession and achieve the CPA credential. For additional information or to make a donation, please visitwww.icpas.org/endowment.htm. April 1, 2011-March 31, 2012

Donors who have extended their impact on the profession beyond their lifetime with a planned gift to the CPA Endowment Fund of Illinois are marked with an asterisk. Donors with a multi-year pledge are recognized for thefull amount of their pledge in the first year and for the amount of their pledge installment paid in the remaining years of the pledge. Every attempt was made to acknowledge all donors who have given during this time period.If you note a discrepancy please call (312) 993-0407, ext. 290.


MANAGEMENT

Think Before You InkHow enforceable are non–compete covenants?

By Brian J. Hunt

Metropolitan area, Northern Indiana and South-ern Wisconsin. Reliable has been in business formore than 60 years.

In 1992 Reliable hired Garcia as a technician.Approximately one year later he became a sales-man. In 1997 all employees—including Gar-cia—were required to sign non-compete coven-ants. In 1998 Reliable hired Arredondo as asalesperson, and he too was required to sign anon-compete covenant. Garcia and Arredondoagreed not to compete with Reliable during theiremployment and for one year after terminationanywhere in Illinois, Indiana or Wisconsin. Gar-cia and Arredondo further promised not to solicitany sales or referrals from Reliable customers orreferral sources, or to solicit Reliable employeesto leave the company’s employment.

By April 2004, however, Garcia and Arred-ondo had formed their own concern—High Rise,a company supplying engineering fire alarm andrelated auxiliary systems throughout the ChicagoMetropolitan area. In August 2004 Reliable’sfounder and chairman became concerned thatGarcia and Arredondo were planning to com-pete with Reliable. Both Arredondo and Garciadenied they had any such intention. On Septem-ber 1, 2004 Arredondo resigned from Reliableand, shortly thereafter, Garcia was fired on “sus-picion” of competition.

In December 2004 Reliable filed suit to en-force its non-compete covenants. The trial court,however, refused to enforce the covenants, con-cluding that Reliable failed to prove the exis-tence of a legitimate business interest. In 2011the Illinois Supreme Court returned the case tothe trial court to determine whether Reliable hada legitimate protectable business interest basedon the totality of the circumstances.

Certainly, Reliable should present evidencethat Arredondo and Garcia acquired tradesecrets or proprietary business information dur-ing their employment—secrets and informationto which they otherwise wouldn’t have hadaccess. Reliable also should establish that theinformation was not made available to all em-ployees, and that specific efforts were made to

Non-compete (or, more specifically, non-competition restrictive) covenants are designedto prevent employees from working in a partic-ular industry or geographic area for a specifiedperiod of time—hence the notion of non-com-pete. But signing without considering the con-sequences has its consequences.

How do non-compete covenants work? In the2011 case of Reliable Fire Equipment Co. v.

Arredondo, the Illinois Supreme Court articu-lated a three-pronged test to determine whethera non-compete covenant is enforceable; namely,it must not (1). exceed what is required for the

protection of a legitimate employerinterest; (2). impose undue hardship onthe (former) employee with respect toactivity, geographical area and time;and (3). be injurious to the public.

According to the Court, the employerhas to establish that it has a legitimatebusiness interest worthy of protection.Rather than being based on any rigid,inflexible formula, however, this deter-mination is based on the “totality of thecircumstances.”

The Court further explained that res-traint is usually justified if striving toprevent an employee from appropriat-ing confidential and proprietary tradesecrets and business information orusurping relationships with customersthat are near permanent, and withwhom they wouldn’t have had contactif it weren’t for their employment.

However, no factor is finite. All thecircumstances have to be considered.

Taking a closer look at Reliable Fire

Equipment Co. v. Arredondo, Reliablesells, installs and services fire alarm andfire suppression systems for non-resi-dential buildings, including industrial,commercial and retail businesses, hos-pitals and schools. Reliable’s 100 em-ployees include salespeople, installersand service technicians, and it does themajority of its business in the Chicago

invest in, develop and protect the informa-tion through written agreements andrestricted physical access. What’s more,Reliable should present evidence of itsinvestment in client acquisition and main-tenance, as well as showing that its cus-tomer relationships are near permanent.

By the same token, you have to wonderwhether keeping Arredondo and Garciafrom working in the industry anywhere inIllinois, Indiana or Wisconsin—beyond Re-liable's sales territory—is a case of over-stepping, and whether keeping Arredondoout of work in that industry for one year isreasonable. Furthermore, you’d assumethat the totality of the circumstances would

bear differently against Arredondo, whovoluntarily resigned, versus Garcia, whowas fired on suspicion of competition after12 years in the industry. You also have towonder whether Arredondo and Garciawill be prevented from selling to Reliablecustomers with whom they had no per-sonal contact during their employment.

On the flip side, the Court isn’t likely tolook favorably on an unrestrained effort tohusband an employer's resources for per-sonal gain—scheduling a High Rise salescall while employed at Reliable, for exam-ple. For their part, Arredondo and Garciawould be wise to establish that the industryis marked by an already high degree of

competition, low investment in client ac-quisition and high degree of client turnover,and that Reliable had no confidential infor-mation to protect. For example, a targetclient list of names selected from a phonebook will not, in itself, be deemed confi-dential or proprietary.

The door is open for ingenious employ-ers and employees to frame their circum-stances to best suit their interests. Whichis why both employers and employeesshould think before they ink a non-com-pete agreement. Visit www.icpas.org/insight.htm for a PDF

of the 2011 Reliable Fire Equipment Co. v.

Arredondo case.

2012 | call for nominations

AWARDS WILL BE GIVEN IN TWO CATEGORIES:

experienced leaders• mentoring other professionals• community service• major or unique contributions to the profession• leadership in workplace improvements• authorship of professional articles

emerging leaders• demonstration of leadership• contributions to the profession• creation and implementation of

unique initiatives in the workplace• community service• involvement with her alma mater

The Illinois CPA Society, together with the AICPA, is once again looking for outstanding women who have madesignificant contributions to the accounting profession, their organizations, and to the development ofwomen as leaders.

Candidates must be members of theIllinois CPA Society (ICPAS) andAmerican Institute of Certified PublicAccountants (AICPA).

Not a member? Visit www.icpas.organd/or www.aicpa.org.

Applications must include informationsupporting the individual’squalifications (resume, biography,letters of support, etc.) and can be sentto: Illinois CPA Society, 550 W. Jackson,Suite 900, Chicago, IL 60661-5742,Attn: Kimberly Johnson-Evans, Womento Watch Awards.

For more information, call800.993.0407, ext. 220. or visitwww.icpas.org/womentowatch.htm.

Deadline for submissions is June 25, 2012


What’s in a

NAME?Pretty much everything. By Carolyn Tang Kmet

What do Martha Stewart, Rachel Ray and Oprah Winfreyhave in common? They’ve all turned their names intohousehold brands. Each one of these brands has its

own set of product attributes. Martha Stewart, for example, is syn-onymous with anything related to home and family. Rachel Raystarted out with “EVOO” and then branched into cutlery, cook-ware and even pet food. Oprah Winfrey? Well that brand sellsanything from books to Broadway shows.

Martha, Rachel, Oprah—they’re not just people, they’re brands.


What’s in a

NAME? MY BRAND


Having a strong personal brand is particularly key when huntingfor jobs. “Seventy-seven percent of recruiters now check searchengines and social media sites to find out more information abouta potential candidate,” Wainwright explains. “Nowadays, anyonecan and will search for you online, and it’s imperative you knowwhat they’re going to find. Your Google results have become yourcalling card, so use them to your advantage.”

Perhaps you’re not looking for a job. Perhaps, instead, you’relooking for new clients. Word-of-mouth referrals are great, but mostconsumers will research the referral online before committing. Aquick Google search for "Chicago CPA," for example, returns the sitewww.KarlBlovet.com in the first page of results. Click over to the siteand you’ll see Karl Blovet’s biography and credentials, along with adeep collection of his authored articles, as well as tools that help tobuild a picture of Blovet’s expertise and credibility.

Social media has essentially given a voice to any individual willingto share their thoughts. Twitter, LinkedIn, Facebook, Yelp, Four-square—all are brimming with personal opinions and unsolicitedcommentary. These channels have enabled any and all professionalsto create a persona that can be developed into a personal brand.

Yelp is particularly relevant to CPAs seeking to stand out in poten-tial employers’ and clients’ eyes. The site is driven by consumerreviews of shops, restaurants and services. Search “CPA” on Yelp inChicago, and you’ll see the first result is for Alberto Roman, CPA.He has 17 reviews, and each scores five-out-of-five stars. Here’s anexcerpt from a review written by “Kate P.” from Berwyn: “Bert is verypassionate about numbers, you can tell that just by talking to him.He wasn't afraid to answer any of my questions...and on top of it all,he gave me great financial advice. He even told me that I qualifiedfor a deduction, which I wasn't eligible for last year, but am this year,so whoo hoo!”

While the language may seem flippant, the sentiment is sincere.Furthermore, potential clients are likely to resonate with positivereviews written by your existing clients. And in a day and agewhere soft skills rank as high as technical skills in terms of desir-ability, such commentary bodes well for employers searching fortheir next hot hire.

“The internet and social media have changed the personalbrand game,” says Toby Bloomberg, founder of Diva Marketing.“Social media turned the traditional resume, where we controlledwhat we wanted people to know about us, into a delivery systemof information about ‘regular people.’”

By default, any businessperson who participates in social mediaand therefore creates an online profile must accept that their pri-vate life will become part of their personal brand.

What’s more, says Bloomberg, you need to consider “anotherside of the businessperson’s digital footprint which is just begin-ning to be explored—how an employee’s online reputation andimage impacts the goodwill of the enterprise he or she represents.(This) corporate personal branding is the convergence of corporatebranding and personal branding, based on the alignment of valuessupported by content and social media, for mutual benefit.”

That said, David Langton, co-author of Visual Marketing andpartner at design communications firm Langton Cherubino Group,points out that, “When Martha Stewart is selling items and serv-ices, she actually creates a separate entity from her personal iden-tity. The brand personality must stand for the principles of the serv-ices and the products it represents.”

The other benefit of separation of self and brand is the ability toinsulate the brand in the event of negative press. “I don’t buy the‘all publicity is good publicity’ argument for personal brands,” saysLangton. “It’s difficult to be a brand. Real people make mistakesand try things that are not always in the best interests of the mar-keting of a brand. There are plenty of high-profile brand personal-ities, like Tiger Woods and Martha Stewart, who have gotten intotrouble when their personal problems became brand hazards.”

Even so, “You need to be memorable,” says Jim F. Kukral, authorof What is Personal Branding? How to Create a Memorable and

Powerful Brand that Sells You! “If you’re going to brand yourself,you need to stick with it and really believe in it and live it.”

In fact, consistency, clarity and conciseness are the three keysstressed by Susan Graim, president and creative director ofChicago-based PROCEED by Design, a strategic branding anddesign firm. “Focus on spotlighting your essential brand attrib-utes,” she says, “not just in what you say in messaging, but also inhow you convey your activities. It’s too easy to get caught up intangential interests and lose your focus.”

Whatever you do, though, don’t build your brand around atopic you know only a little about. “If you don’t live and breatheit, then you shouldn’t try to be an expert on it. You will only fail,”Kukral warns.

Similarly, “Don’t try to be all things to all people,” says RoshiniRajkumar, a communication and executive career coach and authorof Communicate That! Instead, she says, define your skill set andidentify your audience. Then set about exerting your influence. If,for example, you want to assert yourself as a financial advisor, you

“A personal brand not only makes you stand out from the crowd, but it also helps you toestablish yourself as an expert in your field,” says Steve Wainwright, founder and CEO ofProfiled.com, a free online service that enables business professionals to manage andmonitor their own professional profiles. “People are more inclined to do business with aknown expert than they are with someone they have never heard of before,” he explains.


might start a newsletter positioned to your current clients.Don't necessarily focus on what services you offer. Instead,keep the communication informative and industry focused.Another avenue would be to submit speaker proposals toindustry conferences through your state CPA society and otherprofessional associations. Doing so serves two purposes: Itpositions you as an expert among your peers and it gives youan opportunity to network with other experts in the industry.

Once you’ve identified your brand and target market, thenext step is to create a look and feel—or identity. “Visuals areimportant for a personal brand identity just as they are in acorporate identity,” explains Rajkumar. “Use color, logos,graphics, symbols, etc. to build a brand that best reflects whoyou are and the skill set you are marketing.” Don’t fall intothe trap of thinking such things are superficial and thereforeunimportant. “Color and fonts communicate a subtextualmessage. For example, red suggests power, yellow suggestsfriendship, and a more cursive font is sometimes seen to pro-mote a higher end product or service.”

It takes time to develop a personal brand, and even longerto grow a critical mass of fans. Identify influencers who canhelp to promote your brand. “Build relationships with thoseinfluencers long before you ask for help, so that when youapproach them about amplifying your message they knowwho you are, like and respect you, and are willing to help,”advises Shel Horowitz, a marketing and branding consultantand award-winning author of Guerrilla Marketing Goes Green.

“Don’t try to make a big branding push if you have sevenTwitter followers and a dozen friends on Facebook,” he adds.Instead, start disseminating content in advance, before reach-ing out to key partners and influencers, so that you have a his-tory of contributing worthwhile information. “Definitely don’tget caught up in your ego, or shove promotional messagesdown people’s throats.” In fact, Horowitz recommends thatpersonal brand-builders maintain a 20:1 ratio of informationalto promotional posts on social media sites.

Once your brand is out there, it may become a target forcriticism. Horowitz recommends steering clear of what hecalls “cat fights.” However, negative responses aren’t neces-sarily a bad thing.

“Emotions create reactions. When building a personalbrand, you should think about what you’re doing thatcauses people to pay attention,” Kukral emphasizes. “Youwant to be known. Focus on the people who love you andwhat you do.”


Enhance Your Personal BrandCarlos Flores is co-founder of Chicago-based MangoCreative-Studios.com. He says there are five key elements associated witheffective personal branding:

1. A Professional Profile Picture: A professional photo is a must-have to boost your personal branding efforts. A lot of times, thefirst contact your prospective customers will have with you is yourprofile picture. A good photo will either sell the first appointmentor make them run somewhere else.

2. A Personal Logo: This is not your company’s logo. A personallogo is a wordmark of your name. It will convey the message thatyou’re qualified in your field. Consult with a professional graphicdesigner to ensure that your logo stands out in all the right ways.

3. A Website or Blog: You must have a personal website—www.yourname.com—where you can promote your expertise toboth prospective employers and clients.

4. Social Media: Sites like Facebook, Twitter, YouTube andLinkedIn are a must-have in your personal branding arsenal. Ensure your profiles are complete and include any projects thatyou have undertaken or are currently working on. Share posts orupdates that illustrate your expertise in your given area.

5. Great Service: Exceptional service is the best personal brand-ing tool you have, whether you’re job-hunting or looking to buildyour book of business.

All About Me

Mold today’s top talent into tomorrow’s top leaders.

By Derrick Lilly

The

NEXTYou

Do you have the talent ready to step into key leadershiproles? Have you identified career and developmentopportunities for your most promising employees? Whatabout a clear strategy for the future of your business?


Whether you’re a sole practitioner or the CFO of a large corpora-tion, you likely have a vision of where you want your business togo and how you want it to get there. The same thought has to gointo charting how each role in your organization affects your busi-ness—from the interns all the way up to the executives.

Wiley shares a recent, and common, experience: “I was doingvision planning with a firm and I asked, ‘Who’s going to succeedthe partner who’s planning to be gone within five years?’ One ofthe other partners said, ‘Me.’ So, I sent him to his corner and askedhim to think about the firm 10 years from now; it turns out he toowill be gone before then.”

The lesson: “Start thinking further than two or three years ahead,”Wiley stresses. “Ten years is a good timeframe to start with, andevery following year update the plan for the next 10 years.”

With insight into your business’ future, including which employeesmay be leaving and what roles you’ll need to fill or create, you cankick your staff retention and development efforts into the next gear.

Shape Your Culture“An organizational approach to identifying who is out there, whattheir talents are, what development needs they have, and whatneeds to happen to have people in place to fill key roles is crucialtoday,” says Steve Garrett, principle of Garrett Consulting, special-izing in HR and talent management consulting. “Organizations cancreate environments where employees are truly engaged and ener-gized to advance their careers and grow within the organization.Leadership needs to focus on the relationships they have with theiremployees and let them know that they are valued, are cared about,and will be provided with the resources to develop themselves.”

A culture that fosters communication and professional develop-ment is arguably an organization’s greatest retention and succes-sion tool. Pointing to her experience conducting exit interviews,Wiley explains that, “One of the first things people always tell meis that they left because the organization didn’t make them feelimportant, didn’t care about them and never talked to them.Today’s employees are absolutely fearless when it comes to chang-ing jobs. If you want people to stay with your organization youhave to communicate with them, get them involved in projectsthat use their strengths and make them feel important.

“And possibly more importantly,” she adds, “leaders have tobe accessible. Employees need to be able to ask questions with-out feeling stupid. The biggest thing organizations can do cultur-ally is to give employees lots of opportunities to convey theirideas and communicate.”

Along these same lines, leaders need to be ready and willing tohave open, honest conversations with their staff members to fathomtheir development needs and to plot potential career strategies sothey too have a vision of their futures within your company or firm.

Take Development Deeper “The worst thing is to have star employees decide to leave becausethey’re misinformed or uninformed about where their career couldbe going,” says Jason Vanden Bosch, managing director of CBIZMHM, LLC. “Just like you, they need to have a clear picture in theirminds. Leaders need to make sure their staffs understand whatleadership sees as their strong points, what skills they need to work

on, where they can go, and what it’s going to take to move up inthe organization.”

In terms of training, says Garrett, “Gone are the days when itwas effective to offer a few general programs to everyone in theorganization; you need to tailor to the individual needs of the dif-ferent job functions throughout an organization.”

Garrett, for example, suggests a mix of team training and indi-vidual coaching to foster the growth of critical leadership skills. “Ablend of training and coaching is where the world is going now,”he explains. “Some eLearning for content-driven topics, in-housegroup training where interpersonal skills are in focus, followed upby individual coaching and small-group sustainer sessions is aneffective recipe.”

Adding another layer to the process, Wiley suggests offering anapply-to-attend program where staff members are invited to spellout why they want to be in the program. Management can thenbetter identify staff members with aspirations of advancement.

What’s more, Wiley has “seen a lot of organizations succeed byinitiating career track programs that detail the criteria essential tosucceed at each level of the organization by laying out not onlythe technical abilities, but also the core soft skills and leadershipskills needed to move between levels.

“The rising generations have had so much help and guidancethroughout their lives that now these younger professionals expectsomeone to help guide them to make the right decisions in theworkplace,” Wiley explains. “The truth is they’re smarter, morediverse and well-rounded than we ever were, but they are used toworking in a very collaborative workforce. Leadership is going tohave to help young professionals get to where they need to be.”

Baby Boomers on up might think this all sounds like a lot ofhandholding—something their superiors never did for them. Butthe fact is that up-and-coming talent wants its leaders and organi-zations to ask, “What can we do to better the workplace?” “Whatwould it take to keep you engaged in the organization?” “Whatwould push you to leave?” “What are your career goals?”

“Those kinds of conversations rarely happened for Boomersthroughout their careers, yet as managers they have to learn how toturn around and do that with the younger generations,” Garrettstresses. “The easy rebuttal is, ‘If they’re just going to turn aroundand leave, why put all this time and money into development?’ Mycomeback to that is, ‘If you want them to leave, go ahead.’ Havethat outlook and attitude and you’ll have trouble retaining them.”

Merge Generations Masterfully“When you have work style and value differences between peoplewho are trying to work together, both sides have to compromise orit’s just not going to work,” says Garrett. “The younger generationshave to realize that in order to get the admiration and endorsementof their leaders, they’re going to have to adjust to meet their expec-tations and to work in ways that are seen as valuable to the organi-zation. And the leaders will need to actively and visibly work toengage and retain their younger employees.”

For instance, leaders are overwhelmingly concerned that youngprofessionals are losing the ability to communicate in person withcustomers, clients, peers and leaders, given their emphasis ontechnology today. Reactively, young professionals need to push

“None of us likes to look down the road very far,” says Sandra Wiley, COO of leadership andtalent development consulting firm Boomer Consulting Inc. Unfortunately, that shortsighted-ness is one of the biggest barriers to successful staff development and business continuation.


themselves to keep their in-person communication skills strongif they want to relate well with their leaders.

“On the other hand,” Garrett explains, “today’s leaders needto say to themselves, ‘If I want to retain young professionals, Ihave to realize that the attitudes and expectations of the youngergenerations are in many ways different than mine, and if I don’tadjust to that, nobody will want to work for me.’”

Although, “That doesn’t mean the most successful professionalswith 20, 30 or 40 years of experience have to change everythingthey do to accommodate young recruits,” says Vanden Bosch.”Yes, there are going to be differences, but true professionals adaptto the culture of their organization, and while culture changes overtime, it is shaped by more than one generation.”

If your organization is particularly concerned about the differ-ences and challenges between generations, or simply wants tocultivate a collaborative culture, Wiley offers a grassroots solu-tion: “The more you work together as a team, the more under-standing comes out of it. Consider forming a committee made upof employees representing each generation in the organization totalk about the hard issues. Work/life balance, work ethics, cus-tomer and client service, remote work arrangements, technology,training and development, and succession are all topics thateach generation should address to capture their views on theissues and what they would do to collaborate on solutions.”

Now that you have a clear vision for your organization’s future,your staff development and training programs are tailored, yourorganization’s culture is attracting and retaining the best and

brightest talent and your multi-generational workforce is finallycollaborating, it’s time to identify who will take the reins.

Tap Tomorrow’s Talent“You have to find people who look up and say, ‘Yeah, I could bein that role someday,’” says Vanden Bosch. “Those are the oneswho tend to be the self-starters that are passionate about whatthey do; they get excited and show some emotion when they getmore responsibility or when there’s a new opportunity.”

From this pool of talent, Wiley suggests that leaders next“identify the people that they connect with and then take respon-sibility to help them grow.”

That doesn’t mean turning them into you, however. “That’s anold-fashioned approach to vertical advancement,” says Garrett.“Leaders need to be aware that their employees don’t only desireto move into their shoes, they often desire lateral moves as partof their career plan. It’s not just your shoes they want; it’s abouttrying on different shoes across the organization.”

Finding a clone isn’t the be-all-end-all of choosing a directsuccessor. “It’s far better to identify someone with good workethic, good technical skills, and the desire and fortitude to growand learn. Then allow them to use their personal strengths tobecome successful, great leaders, even if they are completely dif-ferent than you,” Wiley advises. “Being able to tune into whatmakes each individual great is what makes a great organizationand leads to great succession.”

ONE: ADP [adp.com]

In business for more than 60 years, ADP is one of the world’s largest business outsource solutionsproviders, offering HR, payroll, tax and benefits administration solutions to approximately 570,000organizations (including nearly 400,000 small businesses) in more than 125 countries.

“ADP offers tremendous flexibility and the systems needed to support businesses as they growand adapt to change,” explains Michael Pires, ADP HR411 executive with ADP’s Small BusinessServices division.

Compliance support is one of the features most important to ADP clients today, says Pires. “Wefind that businesses have a greater awareness and sense of urgency around compliance. Businessesrequire relevant and timely support to manage these demands as efficiently and cost effectively aspossible,” he explains.

Among the company’s offerings is RUN Powered by ADP Payroll for Accountants®, a powerfulonline payroll processing solution that allows accountants and related service providers to offerpayroll processing directly to their clients. ADP also provides a wide range of employer services,including RUN Powered by ADP®, an online payroll service designed specifically for small busi-nesses; ADP HR 411®, which offers a suite of web-based, do-it-yourself HR compliance tools andresources; ADP Mobile Solutions, which allows employees to securely connect with theiremployer’s systems from their phones; ADP Workforce Now, which provides a team of expertsacross the HR spectrum, along with tools to manage payroll, tax, compliance, benefits and HRadministration needs from recruitment to retirement; and ADP Comprehensive Outsourcing Serv-ices, designed for larger companies in need of HR, payroll, time and labor administration, benefits,pre-employment services and talent management.

ADP also provides accountants, banks and franchises with value-added tools and resources, aswell as tailored programs that enable them to offer their clients real-time payroll processing,employee handbooks, an HR helpdesk advisory and compliance support services. By doing so,ADP empowers these professionals and businesses to deepen their client relationships, says Pires.

DIYHRWhen it comes to HR management solutions, self-service sells. Here,

we review 10 innovators in the integrated HR space. By Clare Fitzgerald


TWO: Ultimate Software [ultimatesoftware.com]Unification is the driving force behind Ultimate Software’s solu-tions, says Darlene Marcroft, director of public relations. “Compa-nies need to focus on fundamental efficiencies, and with our uni-fied solutions, things become so much more efficient and accu-rate, so companies can focus on managing and cultivating talentinstead of administration. You’re in control of your information,and you can analyze your data to make much more educated deci-sions about your people.”

The strength of the company’s payroll engine combined with itsHR and benefits technologies makes Ultimate Software stand out,says Marcroft. “All we do is human capital management, so wecan really focus on delivering the most powerful solution for man-aging people.”

That solution is called UltiPro, a unified HR, payroll and talentmanagement tool that allows employers to manage every aspect oftheir workforce—from recruitment to retirement. Through theUltiPro portal, HR and payroll staff, as well as managers and admin-istrators, can complete daily employee administration tasks, admin-ister benefits, manage staff and perform real-time reporting from onecentral location. Managers and executives can access commonlyrequested reports and analyze workforce statistics and trends, whileemployees can retrieve pay and benefits information, find answersto their HR questions and instantly complete routine updates.

A big differentiator for Ultimate is UltiPro’s talent managementtools, says Marcroft, aimed at helping companies recruit and retaina more engaged workforce.

THREE: Paylocity [paylocity.com]Twice named "Service Bureau of the Year" by the Independent Payroll Providers Association (IPPA), Paylocity combines the flex-ibility and control of an in-house package with the time andmoney savings associated with an outsourcing solution. Web Pay,its flagship payroll product, provides payroll and HR managementfunctionality with tools such as a paycheck calculator, pre-processregister and a QuickPay feature that speeds up processing.

Paylocity also offers a suite of Advanced HR features that auto-mate HR functions, including applicant tracking, employment history, benefits, COBRA and leave tracking, OSHA/safety track-ing, time-off requests; date-triggered notifications; performancereviews, company property, and events and skills. Its Web Timeproduct, which integrates seamlessly with Web Pay, is anadvanced online time-and-attendance application that promises toprovide “improved employee productivity, decreased costs,improved data accuracy, lowered leave liability (and) improvedtracking capabilities.”

Paylocity also offers a complete tax-filing service, keeping up-to-date on the latest payroll tax laws and procedures in order to prepareand file state and Federal unemployment tax returns, state and localwithholding tax returns, annual tax reconciliations, and more.

FOUR: Paychex [paychex.com]Paychex currently provides payroll processing, retirement services,insurance and an outsourced HR solution to more than 500,000small to mid-sized businesses nationwide. Paul Davidson, directorof product management, explains that the appeal of integrated HRmanagement solutions lies in their cost and convenience benefits.

“These systems connect everybody and bring common processesand proper documentation so that companies can spend less time

and money on non-strategic functions,” he says. “You get intercon-nectivity across the entire organization.”

The company’s services include payroll processing and taxadministration, employee pay services such as direct deposit andcheck signing, 401(k) plan record-keeping, Section 125 plans, time-and-attendance solutions, and other administrative services. It alsooffers business insurance products, including group health andworkers' compensation, through Paychex Insurance Agency, Inc.

What’s more, Sure Payroll [surepayroll.com] is a wholly ownedsubsidiary of Paychex, targeting small businesses. In addition to itsonline payroll service, the company’s small-business product suiteincludes its SureAdvisor HR™ and compliance resource service,Sure401K™ plan, SurePayroll Insurance and pay-as-you-go work-ers' compensation solutions. SurePayroll also provides private-label and co-branded services to accountants and banking partners.

FIVE: Ceridian [ceridian.com]Ceridian’s solutions take a holistic approach to fulfilling end-to-end administrative functions, including HR, recruiting, payroll,benefits and workforce management. Services include payrollcheck printing, payroll debit cards, tax filing, compliance andcredit services, employee time-tracking, benefits administration,commuter administration and tuition reimbursement services.

What’s more, the cloud-based Ceridian Dayforce WorkforceManagement™ solution (formerly Ceridian InView WorkforceManagement) provides labor scheduling, tracking and analytics,and is designed to help companies reduce labor costs, avoid com-pliance risks and leverage key workforce data to positively drivebusiness performance.

Expanding the service menu even further, the company providescorporate wellness, employee retention and productivity programs,and recruitment and screening services.

“Managers can go into the systems and do what they want todo,” explains Larry Dunivan, senior VP of products and technol-ogy. “And employees can do so much for themselves. Work getsdone on the user’s preferred timetable....Once you have the abilityto do it yourself, no one wants to go back.”

SIX: Howard Simon [hsapayroll.com]Howard Simon & Associates differs from others in the HR manage-ment space in that it started out in retirement-planning consultingand added payroll services later on. CEO Howard Simon says thecompany offers integrated features from 401(k) plans to payroll, allwith the goal of making jobs easier for those in charge of HR.

“Most HR people are doing so many things, and we offer a lotof functionality that takes away the day-to-day administrativetasks,” he says, noting that the company’s products integrate easilywith other HR systems.

Howard Simon’s HSAVision Program, specifically, eliminatesthe challenges of moving information from payroll into retirementplans, and covers virtually all aspects of payroll and retirementplan administration, including census preparation, 401(k) file gen-eration, transmission, online deferral and loan origination, taxcredit processing, workers’ compensation, 125 administration,unemployment management and COBRA administration.

SEVEN: NuView Systems, Inc. [nuviewinc.com]CEO Shafiq Lokhandwala explains that NuView’s solution “enablescorporate HR to focus on outcomes and strategy versus spendingsignificant time on the task of managing employee data.”



Employers have the total solution: recruiting, onboarding, openenrollment, payroll, compensation planning, performance man-agement and more.

“The NuViewHR solution is very comprehensive and comparesto the functionality typically associated with an ERP,” he adds. “Sonot only are you managing who you have and what they’re paid,but you also have the capacity to ask how they are performingagainst their respective goals or objectives.”

NuView’s Human Capital Management (HR) solution includesHR, benefits administration, self-service, recruiting, compensation,training, performance management, succession, time entry, report-ing, metrics and payroll. It is available in 19 languages, with multi-ple currencies, and has been deployed globally in 47 countries.

Lokhandwala also stresses the cost-effective nature of such sys-tems. “Having everything in one place removes the technologydebt,” he says. “You take away the costs of interfacing varioussystems. Putting all of the HR pieces together is a huge value-addfor organizations.”

EIGHT: NorthgateArinso [ngahr.com]At Global HR services provider NorthgateArinso, “We push theadministrative tasks aside so HR can focus on talent management,reporting, and training and learning activities—all of the placeswhere HR makes a real difference,” says Michael Custers, VP ofmarketing. “Our solutions allow management to identify where itsworkforce can be improved.”

Custers explains that the company typically works with largeremployers to support key HR areas such as workforce administra-tion, payroll, benefits, recruitment, learning and talent manage-ment across a large global workforce. The company’s systems

allow clients to stay on top of tax codes and legislation in foreigncountries—an otherwise cumbersome process for organizationsthat don’t have a large HR presence in the field.

Integrated systems, he contends, are indispensable to informa-tion-sharing. “What you get is information and data being sharedinstead of being locked up in silos. All of the data points associatedwith employees, from their performance, skills, training, compensa-tion and payroll information, can be replicated correctly when youhave an integrated solution. Employee records become intertwined,and HR and reporting is simplified. If you have everything stored indifferent systems, it becomes a very complex system to maintain.”

NINE: PrimePay [primepay.com]According to PrimePay, one of the nation’s largest privately heldpayroll, tax, HR, insurance and benefit services providers, HR pro-fessionals spend 60 percent of their time on HR tasks that areuniquely administrative in nature. To cut down on that time thecompany developed PrimePay HR3, a web-based HR and benefit

management system that integrates the administration of HR, pay-roll and benefits into one online solution for organizations with 50to 500 employees. The goal is for HR and payroll to “speak” to oneanother and therefore to avoid manual data entry into different sys-tems, which then streamlines workflow processes.

When small to mid-sized businesses give their employees self-service access to a variety of routine tasks, the number of admin-istrative requests HR professionals need to handle is drasticallyreduced. With PrimePay HR3, employees can manage their per-sonal information, enroll in benefits, access company documents,request time off and view their pay statements—all online.

Steve Jackson, VP of benefit services, cites compliance as a par-ticularly burdensome area for HR. “More and more demands arebeing placed on organizations in terms of what compliance infor-mation HR must report to the government. Employers need to keeptrack of so much legislation, and our systems make it easier forcompanies to keep up,” he says, citing healthcare reform as oneexample. “The ability to capture and store data is so critical, andhaving HR and benefits integrated with payroll is hugely importantto staying compliant with changing regulations.”

TEN: PerfectSoftware [perfectsoftware.com]PerfectSoftware was founded as an HR consulting firm back in1984. Then, in 1989, it released its proprietary HR managementsolution, followed by its first payroll services solution in 2005.One of the earliest HR adapters of cloud-based solutions, Perfect-Software offered its first hosted versions in 2002.

Today, PerfectSoftware’s human capital management softwaresuite provides business process administration functionality acrossHR, benefits, payroll and talent management. Its features include

integrated and highly configurable modules, single sign-on access,an intuitive user interface and advanced reporting and analytics.

Having started as a third-party reseller of HR products, Perfect-Software knows the value of the integrated systems it now offers.“We used to sell many different HR-related products, and usershad to constantly re-enter data in each of their systems,” says CEOMike Gabriele. “Having a single integrated solution reduces theamount of information to manage and improves the accuracy ofthat information.”

Gabriele also draws attention to the sheer volume of data thatHR professionals need to manage, noting that the ratio of HR pro-fessionals to employees is typically about 1 to 100. “When youthink about all of the transactional events with one employee—from adding skills to changing benefits—it’s a huge amount of datato manage,” he explains.

“HR people aren’t systems people,” he adds. “That’s why theyreally need the support of their vendor.”


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INSIGHT Magazine - Spring 2012 - Career Special Issue

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