Why Leading Millennials is More Effective than Managing Them

March 18, 2019 § Leave a comment

Four years ago, Millennials surpassed Generation X as the largest workforce demographic. While an entire generation cannot be generalized, there are characteristics about this new workforce that remain consistent. One main characteristic is that they would rather be lead than managed.

Things that leaders can do for millennials that are likely to make them want to follow are:

  • Help them progress in their career. They will want their skills to be developed on a regular basis so make sure you are offering training, mentoring, and teaching moments on a regular basis. In a world where information is readily available, learning must be a regular part of the culture.
  • Make their work meaningful. When recruiting, the question or comment I always receive from recent college grads is regarding our community service projects. Millennials want to be a part of something that is bigger than themselves. Help them connect the work they are doing to the effect it is having on the client. They want to make a difference in the lives of others so show them the connection.
  • Collaborate with millennials rather than just giving them orders.
  • The old, “because I said so and I’m the boss” model doesn’t work well with this new workforce. Bring millennials into the brainstorming process so that they can share ideas and feel as though they are contributing, because they are. They have new, innovative ideas that are relative and need to be considered when putting a plan together.
  • Create real connections for them. Setting up social interactions outside of work will help millennials form friendships with co-workers. Having friends at work helps create greater engagement and as a result effects collaboration and teamwork.
  • Let them learn through experience. Bring them into meetings early and often so that they can observe and be a part of the process. This generation grew up playing video games and learned how to progress to the next level by trying over and over again. They want to be a part of what is going on and have an active role, so let them.

In Kouzes and Posner’s book, “The Leadership Challenge,” the authors share that exemplary leaders are able to do five things that produce excellent results. Those five things are:

  • Challenge the process (step out into the unknown)
  • Inspire a shared vision (breathe life into the hopes and dreams of others)
  • Enable others to act (enlist the support of all those needed to make the project a success)
  • Model the way (behavior wins respect rather than titles)
  • Encourage the heart (genuine acts of caring)

Author and speaker, John O’Leary writes, “Focus more on people and you’ll demonstrate leadership, more on results and you’ll perform management.” The results will happen when you focus on people and millennials are looking for leaders to follow rather than managers.

If leaders can find a way to incorporate the things that inspire a millennial to want to follow them, with the things that fulfill them as a worker and person, then they can build a team that will assist them in reaching goals. There is no cookie-cutter recipe that fits all employees but a good rule of thumb for leaders is to start with genuinely caring about the people that they work alongside. If that’s focused on first, the rest will fall into place.

View More: http://alexandbrenda.pass.us/mhcs

Cindy Wubben | Director of Human Resources
CWubben@MHCScpa.com

Wendy Moran Discusses Step 2 of the New Revenue Recognition Guidance

October 1, 2018 § Leave a comment

Our #RevRec series with Wendy Moran, CPA, Assurance Partner continues with a discussion of the second step of the new Revenue Recognition Guidance that is required for all non-public companies for year beginning after December 15, 2018. Check out this video by Wendy where she discusses step two – identifying performance obligations. #MHCSCPA #Assurance

Stay Connected. Stay Informed. A Step Ahead. #MHCSCPA

Wendy Moran Discusses Step 1 of the New Revenue Recognition Guidance

September 27, 2018 § Leave a comment

In our first video of the #RevRec series, Wendy Moran, CPA, Assurance Partner gave an overview of the new Revenue Recognition Guidance that is required for all non-public companies for years beginning after December 15, 2018. This new guidance requires a 5 step analysis of revenue and additional reporting disclosures. Check out this video by Wendy for an in depth discussion of step 1 – identifying the contract with the customer.

 

Stay Connected. Stay Informed. A Step Ahead. #MHCSCPA

Wendy Moran Shares New Revenue Recognition Guidance

September 10, 2018 § Leave a comment

There is new Revenue Recognition Guidance that is effective for all non-public companies for years beginning after December 15, 2018. The new guidance requires significant changes in financial reporting and accounting including a five-step analysis of revenue and additional reporting disclosures.

Check out this video by Wendy Moran, CPA, Assurance Partner for the five steps and a brief overview of each.

Stay Connected. Stay Informed. A Step Ahead. #MHCSCPA

McGowen, Hurst, Clark & Smith, P.C. Promotes Wendy Moran to Partner

September 5, 2018 § Leave a comment

PRESS RELEASE

McGowen, Hurst, Clark & Smith, P.C. Promotes Wendy Moran to Partner

WEST DES MOINES, IOWA (September) – McGowen, Hurst, Clark & Smith, P.C. (MHC&S), a certified public accounting and professional services firm, recently announced the promotion of Wendy Moran, CPA from Director to Partner overseeing Assurance within the company effective immediately. She assumed the role earlier last month and will continue to work from the firm’s West Des Moines office location.

Moran is originally from Woodward, Iowa and graduated from Iowa State University View More: http://alexandbrenda.pass.us/mhcswith her Bachelor’s and Master’s degrees in Accounting. She joined the firm in 2015. With over 15 years of experience, Moran is among a group of eight partners at the firm and will continue to specialize in audits, reviews, agreed-upon procedures and consulting engagements related to financial statements and controls. The firm works with over 5,300 clients that are among several different industries including transportation, non-profit, distribution and contractors that Moran will focus her time.

“Wendy’s professionalism, insight and approach is a perfect fit with our culture of meeting and exceeding client expectations and creating a great work environment for our team members. We look forward to Wendy being part of the MHC&S leadership for many years,” says Dan Schwarz, CPA, Co-Managing Partner.

The firm, MHC&S, was founded in 1946, employs 75 associates within two locations and remote workers. The firm has earned the distinction of being named one of the Best Accounting Firms To Work For in the nation by Accounting Today, Des Moines Business Record’s annual Best of Des Moines Event-Accounting Category, as well as Des Moines Register’s top 100 Workplaces in Iowa in Small Business and Best Company in Iowa for Work/Life balance.

Media Contact: Gina David, Marketing Director at (515) 288-3279 // gdavid@mhcscpa.com

Wendy Moran Press release – September 2018

 

Happy Labor Day!

August 31, 2018 § Leave a comment

Labor Day 2018

Tax Reform Update: Proposed Regulations Released on Qualified Business Income Deduction

August 15, 2018 § Leave a comment

On August 8, the IRS released proposed regulations around the Qualified Business Income Deduction (“QBID”) which allows certain taxpayers to claim a 20% deduction on their qualified business income (“QBI”) from sole proprietorships, S corporations, and partnerships that pass-through income to the owners. All passthrough businesses will qualify for the 20% QBI deduction if taxable income is below $157,500 for single taxpayers and $315,000 for married filing joint taxpayers. The 20% QBI deduction for specified service trade or businesses (addressed below) starts to phase out once taxable income is above these amounts and the deduction is reduced to zero if taxable income reaches $207,500 for single taxpayers and $415,000 married filing joint taxpayers. These regulations provide much needed guidance around the deduction and clear up many questions that arose when the Tax Cuts and Jobs Act was signed into law in December of 2017.

Here are some of the areas where the IRS addressed outstanding questions that many tax professionals had:

  • Aggregation of Activities – A taxpayer is permitted to aggregate activities for purposes of the QBID, but those activities must meet certain tests.
  • Basis of Property – The unadjusted basis of property used for the QBID is determined before any bonus depreciation or Section 179 immediate expensing.
  • Previously Suspended Losses – If a taxpayer carries forward previously suspended losses and uses that against income, those losses are not factored into the QBID.
  • Specified Service Trade or Business – The IRS addressed many of the concerns tax professionals had and defined many of these businesses in detail. Specifically, the IRS gave detail into the following fields that are not eligible for the 20% QBI deduction if the owner’s taxable income exceeds the thresholds mentioned above: health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, investment and investment management, trading, and dealing in securities.
  • W-2 Wages – For purposes of calculating the QBID, wages paid through a common paymaster or Professional Employer Organization (PEO) do count. 
  • 1231 Gains/Losses – To the extent these gains or losses are treated as capital gains or losses on the individual’s return (after netting), they are not included in the QBID. If the 1231 gains or losses are treated as ordinary income/loss, they are included in the QBID.

While these proposed regulations provide many answers to questions, there are still outstanding issues to work through. However, this is a great start that can be used for planning opportunities today. Please contact us to see how we can help you maximize this potential deduction. We will continue to provide communication in future weeks as issues are resolved. 

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