Nailport

1
THE ECONOMICS OF OUTRAGEOUS WORK LIFE BALANCE
INITIATIVES
2
About VCC

• Started in 1978 with two partners and one
  employee
  
• TODAY
• 26 Partners
• 200 people in total
• 2nd fastest growing CPA firm in the country (1)
• 58th largest CPA firm in the country (2)
• Largest regional firm in New England (1)

(1) Source Practical Accountant, March 2003
(2) Accounting Today

3
About Our People

• We make them feel important and appreciated
• We give them challenging and rewarding work
• We take away the mundane tasks
• We allow them to balance their personal and
  business lives and achieve work life balance

4
As A Result

• We have professionals who are motivated to
  deliver the most sophisticated and highest level
  of service possible
  
• We have an incredibly low turnover rate
• Recruiting is a lot easier
• We have a lot of fun

5
Economic Justification

• For any professional service firm it ought to be
  easy
  
• Our most important asset is having the right
  people servicing the right clients
  
• We make a markup when the right people service
  the right clients
  
• We lose when the wrong people service any client
• Do what you have to do to keep the right people
  and you will be more profitable
  

6
The Economics of Obvious Work Life Balance
Initiatives

• Flex Time Can we make our normal margins on
  flex time people? If so, why not?
  
• Family Leave Why not? Its better to have an
  experienced person return happy than to leave the
  firm or be forced into a difficult lifestyle
  
• Telecommuting With todays technology, it can
  work to an extent and we can make our normal
  margins, so why not?
  
• Vacation 4 weeks standard, more possible at
  reduced pay
  
• These are easy to monitor, control and measure,
  so why wouldnt we do it?

7
The Economics of Obvious Work Life Balance
Initiatives

• MOST IMPORTANT Everyone needs to live within
  the values of the firm
  
• Stay abreast of professional developments
  learn a lot!
  
• Service the right clients the right way
• Produce outstanding results
• Work as a team
• Have a sense of urgency

8
What are the Less Obvious Work Life Balance
Initiatives

• Establish support positions within the firm so
  that everyone is working at their highest and
  best use
  
• Do whatever you can to make your peoples lives
  more efficient
  
• Provide the best technology tools available
  (fastest laptops, communication devices, software
  tools, network support, technology experts)
  
• Provide convenience benefits
• The Soup to Nuts Tax Preparer
• If you do, people will be happier doing what
  they do, spend less time at it and produce much
  better results.
  
• Here are some of the outrageous things that we
  do . . .
  

9
Outrageous Services - Whatever/Whenever

• CONCIERGE SERVICES
• Errands, transportation to appointments,
  delivery/pick up, car repairs and maintenance,
  etc.
  
• Whatever
• OFFICE SERVICES
• File retrieval, mail, office necessities, etc.
• Conference room set-ups
• Whenever

10
Outrageous Services - Whatever/Whenever
11
Outrageous Facilities - Whatever/Whenever

• WORK/LIFE BALANCE BENEFIT - people are spending
  their time on challenging and rewarding work
  instead of routine tasks
  
• For every hour the firm gains, we estimate that
  our employees families/personal life gains 2
  hours
  

12
Outrageous Snacks

• Free Daytime Energy Sources
• Firm provides daily fresh supply - no cost to
  employee - all year
  
• Bagels and muffins
• Gourmet coffee, including fresh-brewed espresso
  and cappuccino
  
• Soda and juice
• Fresh fruit bananas, apples, oranges, grapes,
  seasonal fruits
  
• Biscotti

13
Outrageous Snacks

• Huge convenience
• Healthy and happy employees
• Atmosphere
• Contributions to VCC Charitable Foundation

14
Outrageous Meals

• The firm has a full-service, in-house kitchen
  staffed by a chef.
  
• Made to order sandwiches, burgers and a salad bar
  are available every day. In addition, each day
  the chef puts out a menu which includes a Soup of
  the Day as well as an Entrée of the Day.
• During busy season, we have a guest chef prepare
  dinner Monday through Thursday and lunch on
  Saturday.
  
• Employees are able to eat together at the tables
  provided.

15
Outrageous Meals
16
Outrageous Meals

• Lower cost to employees, which makes them happy
• Healthy and more interesting food alternatives
  than area lunch spots
  
• During overtime hours, employees get to eat
  together in a team atmosphere
  
• Time savings goes to either client service or
  ability to leave office in time to do something
  else
  

17
Outrageous Daycare

• The firm provides free Saturday daycare
  throughout the busy season as well as one weekend
  a month during the off season.
  
• The daycare is located in a 1,000 sq ft facility
  in our office.
  
• Each day has its own theme, such as Fort
  Building, etc., so the children come prepared
  for the days special activities.

18
Outrageous Daycare

• Employee recruiting and retention benefit
• Work/Life Balance - at home spouses love the "day
  off" so much that they encourage their working
  spouse to work more.
  
• Camaraderie, teamwork - getting to know each
  other
  
• Considering doing this full time

19
Outrageous Support Staff

• Every professional staff person is assigned to an
  administrative assistant. This is a "best use"
  of each employee philosophy.Staff members are
  being utilized to their fullest because they are
  doing the work that they have been specifically
  trained to do.

20
Outrageous Support Staff

• Reduced costs to clients (lower bill rates, same
  task)
  
• Professional staff feel more important
• Professional staff are more motivated by
  performing challenging work instead of routine
  work
  
• Frees up time to have a life

21
(No Transcript)
22
Outrageous Communications Firm Day

• The entire staff is taken off-site for a full day
  of informational and educational sessions.
  
• The feedback from the staff has been that they
  have learned a lot about the Firm and the
  individual members of the Firm in a fun
  environment.

23
Outrageous Communications Firm Day
2 are on workdays, 2 on Saturdays
24
Outrageous Communications

• Allows employees to remain updated and educated
  on the services provided by the Firm
  
• Also lets employees know who in the Firm provides
  which services
  
• Excellent for building a teamwork environment and
  a sense of belonging
  
• Usually includes a session on work/life balance
• Assists with efficiency and therefore work/life
  balance

25
Outrageous Artwork

• Common areas, hallways, individual offices, and
  conference rooms are all adorned with at least
  one piece of contemporary African or Native
  American art.

26
Outrageous Artwork

• Effect on attitude in the office
• Clients are wowed
• Sense of pride in the collection
• Cultural embracement

27
Outrageous Advantage

• The economic advantages are used for
• Higher than average employee pay scale (life is
  a lot easier to balance with more earnings)
  
• Cutting edge technology, which improves
  efficiency. Efficient technology promotes greater
  balance in life
  
• Infrastructure for growth (less stress on legacy
  people)(7 person marketing department, 5 person
  HR department)
  
• Investment in new areas of practice (provides
  challenge and opportunity)
  
• Partner earnings (which allows us to enjoy life
  more too!)
  

28
THE NUMBERS WORK.
29
The (real) Bottom Line
Each benefit can be analyzed individually for a
return on investment. However, its the
intangibles - the things you cant actually put a
dollar value on commitment security
happiness with ones ability to
balance their work with their life
- that add the most to our bottom line. And it
is the entire package that creates the
intangibles.
30
(No Transcript)