Cultivating Culture: How Purpose-Driven Practices Engage Gen Z and Millennial Talent

The Recruiting Challenge Accounting Can’t Ignore

The accounting profession is at a crossroads. Long valued for its stability and precision, the industry has been facing a serious challenge: attracting and retaining the next generation of talent. Despite increased demand for financial expertise, the number of accounting graduates and CPA candidates continues to decline. Consequently, firms are finding it increasingly difficult to fill roles and keep early-career professionals engaged.

The offer of remote work or attractive starting salaries is no longer sufficient. Today’s emerging professionals, Gen Zs and millennials, are looking for more than a job. They want to belong to organizations that reflect their values, support their growth, and give meaning to work.

This article explores how accounting firms can cultivate a purpose-driven culture that resonates with all team members. From leadership and mentorship to transparency and impact, we break down the practices that matter and provide actionable guidance for firms ready to evolve.

What Gen Z and Millennials Value in the Workplace

To build a culture that attracts younger professionals, leadership must understand what motivates them. While compensation and career security are still important, they are no longer enough. Young professionals place high value on:

1. Purpose and Meaning. They want to know how their work contributes to something bigger. According to Deloitte’s 2024 Gen Z and Millennial Survey, 44% of Gen Z and 40% of millennials have turned down employment opportunities that don’t align with their values. Their lives are full. Their view of work and careers is in stark contrast to how Baby Boomers view work and careers. Work has moved from a ‘must do’ to ‘how can my career help me build a well-rounded, fulfilling life?’
2. Flexibility and Trust. Hybrid and remote work options are no longer a ‘nice to have,’ they are expected. More than logistics or convenience, Gen Z and millennials want to feel trusted to manage their own productivity. Offering flexibility and trust doesn’t mean reduced responsibility or missed deadlines. Hybrid and remote work options mean setting clear expectations and holding people accountable.
3. Continuous Learning. Access to mentorship, coaching, and skill development opportunities is a key retention driver. Young professionals want to grow personally and professionally. Granted, it is more challenging to have spontaneous coaching sessions and conversations that enhance the learning experience. Challenging does not mean insurmountable. Leadership must be deliberate in scheduling one-on-one time to mentor and coach.
4. Transparency and Communication. They expect open, honest dialogue from leadership, including insight into firm strategy, performance, and impact. Historically, firm leadership has generally been reluctant to share specific information with team members until they reach a certain level.
5. Well-Being and Belonging. Workplaces that prioritize and encourage a balanced life for their team members tend to outperform those that do not. Well-being, inclusion, and balance are a result of HR practices and culture, with the biggest queues coming from leadership’s actions. If leadership doesn’t walk the talk, it’s meaningless.
   
   

Embedding Purpose in Firm Culture

Creating a culture that supports these values requires more than an obscure mission statement floating somewhere on the website. It involves embedding purpose into the way your firm operates every day. Here’s how:

1. Define a Clear and Authentic Purpose Statement. Clarify the why behind the what. Why do the services exist? How do the services delivered help clients thrive? How does the firm contribute to its community? How and why is the work important and relevant in the broader business landscape? How does your firm add value?
2. Involve Employees in Strategy. Invite team members to contribute to firm goals and growth initiatives. When employees know their input matters, engagement rises.
3. Lead with Purpose. Encourage firm leaders to consistently communicate the why behind key decisions, investments, and client work. Leadership transparency sets the tone.
4. Align Roles with Impact. Show team members how their work contributes to outcomes that matter, whether helping clients grow, creating job opportunities, or supporting local causes.
5. Celebrate Values in Action. Recognize and reward behaviors that reflect your firm’s mission and values. Share stories internally and externally that show culture in motion.
   
   

Building a Workplace Where People Want to Stay

Mentorship and Career Growth

• Pair every new hire with a mentor who can guide them through firm culture and development.
• Establish career paths that include both technical training and leadership development.
• Approach development with some flexibility to accommodate different ways of learning, personality styles, and goals.

Flexible and Tech-Enabled Work

• Use modern collaboration tools to support remote and hybrid work without losing connection.
• Offer flexibility around hours and location to support diverse lifestyles and work habits.
• Be deliberate in having one-to-one conversations.

Psychological Safety and Well-Being

• Create safe spaces for open feedback and questions without fear of judgment.
• Offer resources for mental health support, including coaching or well-being stipends.
• Pay attention to queues from your team. It is important to understand the tendencies of people when they are stressed.

Purpose-Focused Projects

• Give early-career professionals opportunities to lead or support projects with visible impact, such as community initiatives, pro bono work, or innovation sprints.

Transparent Leadership

• Host regular town halls or Ask Me Anything (AMA) sessions with firm leaders.
• Share firm performance metrics, growth plans, and lessons learned.
  
  

Avoiding the Culture Traps

Overpromising. If your website markets a culture of flexibility or innovation, ensure the day-to-day experience aligns.

Relying on Perks Alone. Free snacks and summer Fridays are nice, but they don’t replace a sense of purpose or opportunity.

Treating Culture as a Campaign. Culture-building is a long-term investment, not a marketing initiative. It requires consistency and genuine leadership.

Measuring the Impact of Culture

• Retention Rates: Are early-career professionals staying longer?
• Employee Engagement: Use surveys to gauge connection to firm purpose and values.
• Internal Referrals: Are employees recommending the firm to peers?
• Offer Acceptance Rates: Are candidates citing culture as a reason for joining?
• Promotion Patterns: Are young professionals progressing into leadership roles?
  
  

Final Thoughts

Accounting firms serious about competing for top talent must do more than offer competitive pay or technical training. They must cultivate a culture that gives work meaning, supports growth, and reflects a clear purpose. Gen Z and millennials are not asking for perfection; they are asking for authenticity, opportunity, and leadership they can believe in.

This shift is not just good for recruitment; it’s good for business. Purpose-driven cultures are more adaptable, more resilient, and more likely to thrive as the profession continues to evolve.

Ready to Build a Culture That Attracts and Retains Top Talent?

At Hollinden, we help accounting and advisory firms develop strategies that turn internal culture into a competitive advantage. Whether you're defining your mission, launching a talent campaign, or reimagining the employee experience, we're here to help.

Learn more about how we support accounting firms:
Visit our Services for Accounting Firms page →

Frequently Asked Questions

Q: Isn’t purpose something only large firms can afford to focus on?

No. Small and mid-sized firms often have an easier time aligning culture with purpose and can move faster to implement meaningful change.

Q: How do we define our firm’s purpose if we’ve never talked about it before?

Start with your founding story. Why was the firm created? What impact do you have or want to have on clients and the community? Interview long-term clients and employees for insight.

Q: How do we avoid culture feeling like a buzzword?

Make it visible in daily operations. Recognize employees who live your values, share stories of client impact, and be transparent about firm decisions.

Q: Can this help with recruitment?

Yes. Candidates want to know what kind of firm they’re joining. Firms with clear culture and purpose tend to see higher offer acceptance rates.

Q: What if some of our leaders are skeptical about focusing on culture?

Share the data. Purpose-driven cultures lead to stronger performance, higher engagement, and longer retention. It’s a business case as much as a values case.