In today’s rapidly evolving business landscape, transparency has taken center stage. This extends beyond salary information or outlining business initiatives; it is a culture where employees gain insights and feedback is exchanged freely. This openness is crucial in celebrating successes and in identifying and addressing areas in need of improvement.

What does transparency entail? Fundamentally, it’s sharing internal operations and decision-making processes with external parties. This openness shows that your business operates without hidden agendas and fosters trust. Besides benefiting clients, transparency helps businesses sustain their credibility. In an era marked by shifting regulations and a competitive market, companies are increasingly viewing transparency as a strategic advantage rather than an obstacle.

And for a profession that is rapidly changing in scope and processes, as well as facing challenges with recruitment and retention, the importance of this mindset can’t be overstated.

In that spirit our January Council meeting had an insightful conversation with various young and emerging professionals about their work experiences that shed light on areas where the profession is getting it right, where tweaks are in order and clear up misconceptions about the up-and-coming generation.

Generational Differences
Doesn’t it seem like each generation thinks the one prior is stuck in its ways and the one behind it “has it easy”? This may be an oversimplification, but there’s no disputing that generations can get their wires crossed when it comes to communication—and perhaps get caught up in stereotypes and assumptions.

“I think the biggest disconnect is this idea that the newer generations don’t have a good work ethic,” said one of our YEP panelists. “I’d rather work really hard for 40 hours than, you know, spend 12-hour days that aren’t as, you know, as productive … it’s more about quality than quantity.”

Another panelist said, “I love the work. I just don’t love so much of it all at once. … I do not see myself working 60, 70, 80 hours a week long term.”

Invest … in People and Culture
“It feels like firms aren’t investing enough in their employees out of fear that they’re going to leave,” said one panelist. “My priority would be supporting employees and investing in them.”

Another panelist stressed the development of “a strong culture. I love coming into the office because I get to hang out with my coworkers, catch up with the partners I work with and it’s exciting, it’s fun, even though busy seasons are hard sometimes.”

Of course, the panel didn’t solve all the challenges facing the profession. But the honest feedback will help on this journey. It’s up to us—as a profession, as firms and as individuals—to be curious, lean in for feedback, continue the conversations and use the information to implement necessary changes.