Baker Tilly Grow Brochure

GROW at Baker Tilly 2013 Report

Growth and Retention Of Women

Baker Tilly’s vision to become America’s Finest Professional Services Firm begins with building the finest team. We have a strong commitment to attracting, developing, rewarding, and retaining the best people. This commitment begins to take shape through firmwide programs and initiatives such as GROW (Growth and Retention of Women).

GROW is designed to uphold Baker Tilly’s core values and emphasize the importance of creating and maintaining a work environment that promotes diversity. Although the primary focus of GROW is to improve the growth and retention of women at Baker Tilly, this platform enhances professional development and work-life programs for all employees.

This inaugural annual report celebrates the many accomplishments of our GROW initiative to date. GROW has led to improved policies such as enhanced parental benefits and flexibility in the workplace guidelines. Just as important, GROW has created opportunities for women to develop professionally through networking events, by acquiring new skills and sharing information, and by giving back to our communities through sponsorships and active memberships in women-focused charities and business associations. Additionally, we applaud the many women at Baker Tilly who have been recognized for their leadership, personal and professional accomplishments, and involvement in their communities. They are role models for all of us.

Finally, we are grateful to the many people who are committed to GROW and work hard to achieve its goals. Going forward on our journey, Baker Tilly continues to build a culture of respect where each individual feels valued and inspired knowing that together we are making a difference.

Tim Christen Chairman and CEO

Kim Herlitzka Principal and GROW Committee Chair

Why GROW? Our values of Integrity, Passion, and Stewardship guide the GROW initiative. It is the right thing to do, for the right reasons, and helps us build the Baker Tilly of tomorrow.

Research by Catalyst, a leading not-for-profit organization with a mission to expand opportunities for women and business, shows that women comprise 46.9 percent of the US labor force, and account for 51.5 percent of the positions in management and professional related occupations.1 Additionally, today 60 percent of college graduates and post-graduates are women.2 However, when it comes to leadership positions the number of women professionals becomes smaller.3 Supported by the 2012 Bureau of Labor statistics, Catalyst results show that women account for only 16.6 percent of board members, 14.3 percent of executive officers, 8.1 percent of top earners, and 4.2 percent of CEOs.

4.2% 8.1% 16.6%

CEOs Top Earners Board Seats

14.3%

Executive Officers

51.5%

Management, Professional, and related Occupations

46.9%

U.S. Labor Force

WOMEN IN BUSINESS

This experience of women is mirrored within the accounting profession. The American Institute of CPAs’ (AICPA) research indicates that the percentage of new CPAs is evenly split between men and women. AICPA research also states that 60.9 percent of all accountants and auditors in the United States are women. Yet, women account for less than 21 percent of partners in US CPA firms.4

Benefits of GROW

It is in the interest of both the profession and Baker Tilly to respond with programs that attract, develop, reward, and retain women in leadership positions, including partnership.

> Reflect a diverse client base: Currently

1

“Catalyst Knowledge Center,” last updated July 1, 2013.

“Education at a Glance 2013,” Organization for Economic Co-operation and Development (OECD) Indicators.

2

3

“Catalyst Knowledge Center,” last updated July 1, 2013.

“2011 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits,” American Institute of CPAs.

4

“Gender Diversity and Corporate Performance,” Credit Suisse Research Institute, August 2012.

5

Sangster, Elissa, “Women on Corporate Boards: The Role of Business Schools for Fundamental Change,” Graduate Management News, a newsletter of the Graduate Management Admission Council, March 2013.

6

“Occupational Outlook Handbook, 2012–13 Edition,” Bureau of Labor Statistics, United States Department of Labor.

7

Lee, Danielle, “When will the profession change? On diversity, accounting’s mission is unaccomplished,” Accounting Today, June 1, 2012.

8

Baysden, Chris, “Demand for accounting grads reaches all-time high,” Journal of Accountancy, June 19, 2013.

9

>P rofitable growth: Research has verified that companies with diverse executive boards enjoy significantly higher earnings and return on equity.5 there are more than ten million majority-owned, privately-held, women-owned firms in the US, employing more than thirteen million people and generating more than $1.9 trillion in sales.6 The accounting firm client demographic will change further with minorities expected to become the US majority in 2042.7

>R educes turnover: Many firms report they are struggling with retention despite progress in hiring under-represented minorities and females.8 At the same time, there is a war for talent making recruiting efforts difficult. Firms are using higher salaries, relocation assistance, and bonuses to attract top candidates.9 Creating an inclusive environment reduces turnover and has a positive bottom line impact.

I do truly feel that my flexible work arrangement has worked out very well for both myself and the firm. The key for me has been mutual flexibility.

Even though I’m technically less than full-time, I am still able to bring a lot of value to the firm and my clients. I have not lost out on career development opportunities, nor am I treated any differently by partners or staff since going on a flexible work arrangement.

— Laura Groppoli, a Senior Manager in the SEC practice within the manufacturing and distribution services group

GROW at Baker Tilly Baker Tilly’s commitment to attracting, developing, rewarding, and retaining women is an important part of our journey to become America’s Finest Professional Services Firm.

We understand that our people make the

GROW began as a task force to understand the firm’s status in attracting, developing, rewarding, and retaining women.

The task force compared the firm to its peers as well as conducted a survey of women at Baker Tilly.

approaches in developing our professionals.

Through its initial research, Baker Tilly discovered that its work-life programs and efforts to develop and retain high-potential women, as compared to other accounting firms, could be stronger. To address this need, Baker Tilly launched GROW.

(Lean In) to help women at all levels network,

The advancement of GROW originates from three primary strategies to support the firm’s vision to become America’s Finest Professional Services Firm: > I ncrease the number of women in firm leadership and partner positions > Increase the retention of women at all levels in the firm > Create an environment without gender boundaries Through a formalized committee of a broad base of stakeholders, GROW has had several accomplishments that have benefited all employees and continues to make Baker Tilly a great place to work.

difference and that leaders must learn to embrace and leverage new and evolving To take advantage of additional opportunities to enhance the employee experience for women at Baker Tilly, we are leveraging LeanIn.org share insights, ask questions related to our profession, and achieve their professional growth goals.

2007 >T ask force is formed and conducts research on attracting, developing, rewarding, and retaining women in the firm. The result of the task force is the formation of GROW > Firm enhances maternity/paternity/adoption leave to align with market trends >G ROW coordinates four professional networking events with more than 200 participants per event

2008 - 2010 > Flexible Work Arrangements policy standardized and released across the firm > I ncreased GROW representation at local offices providing greater opportunities for local networking, professional development, and social events >P rofessional development and networking events increase to approximately 250 people per event

2011 >G ROW Leadership Development Guide is released which provides a process to identify high-performing women and specific learning and development paths > “ Baker Tilly’s Parental Leave Best Practices” is created, a resource developed with insights from Baker Tilly’s working parents to help new parents balance work-life commitments >G ROW Committee launches intranet allowing easy access to a wide array of professional development resources > Three firmwide professional networking events are coordinated by GROW >B aker Tilly recognized as “A Best Accounting Firm for Women” by the American Society of Women Accountants/American Woman’s Society of Certified Public Accountants for the first time

2012 > “Flexibility in the Workplace Guidelines” is distributed firmwide >G ROW Leadership program integrates with Pathways, formally becoming part of Baker Tilly’s learning and development programs >L ocal GROW Professional Development & Networking Champions identified and roles defined >B aker Tilly recognized as “A Best Accounting Firm for Women” by the American Society of Women Accountants/American Woman’s Society of Certified Public Accountants for the second consecutive year

2013 >G ROW Committee collaborates with other Baker Tilly International firms interested in starting a women’s initiative program > Partnership begins with LeanIn.org >B aker Tilly recognized as “A Best Accounting Firm for Women” by the Accounting & Financial Women’s Alliance (formerly American Society of Women Accountants) and the American Woman’s Society of Certified Public Accountants for the third consecutive year

Baker Tilly received recognition as a best accounting firm for women not once, but three times. The best places to work surveys evaluate areas such as compensation, benefits, learning and development opportunities, firm culture, and business outlook. While all these things are important, I think what makes Baker Tilly great is that we live our values every day and create an environment of respect and teamwork.

These recognitions can be attributed to hard work and commitment of the GROW Committee and its advocates. GROW, and other initiatives like it, underscore Baker Tilly’s belief that a diverse workforce is an innovative workforce. — Tim Christen, Baker Tilly Chairman and CEO

Baker Tilly women take honors We applaud the many women at Baker Tilly who have been recognized for their leadership, personal and professional accomplishments, and involvement in their communities. They are role models for all of us.

Below are some of the awards women at Baker Tilly have received:

Karen Angell, Partner in the higher education/not-for-profit/governmental services group, and Tammy Barboni, Chief Marketing Officer, have been honorees during the Minneapolis/St. Paul Business Journal annual Women in Business Awards. The Women in Business Awards recognize the Twin Cities’ most influential women for their professional achievements, leadership qualities, and contributions to the broader Twin Cities community.

Monica Modi Dalwadi, Partner in the risk advisory services and internal audit practice, was selected as one of the Top 5 CPAs Under 35 by the Virginia Society of Certified Public Accountants (VSCPA). The Top 5 Under 35 Award recognizes young CPAs who have achieved notable professional and VSCPA accomplishments, and demonstrated dedication to the CPA profession.

Nicki Donlon, Partner in the higher education/not-for-profit/governmental services group, and Rachel Polson, Partner in the commercial services group, have been named as Top Women in Finance by Finance & Commerce, a Twin Cities-based business publication.

The newspaper honors women who are making outstanding contributions to their profession and communities in Minnesota.

Baker Tilly has been named one of the Best Accounting Firms for Women on the Accounting MOVE Project list for three consecutive years. The list is published by Accounting & Financial Women’s Alliance and the American Woman’s Society of Certified Public Accountants (AWSCPA).

Chris Fenske, Partner in the financial services group, was named a recipient of the annual Women of Influence Awards sponsored by The Business Journal Serving Greater Milwaukee. She was among four women honored in the corporate executive category.

Mary Treder Lang, Director of Business Development in the Michigan business unit, received the American Institute of Certified Public Accountants (AICPA) Women to Watch – Emerging Leader Award. The AICPA award highlights the accomplishments of women in the profession.

Jennifer Finger, Senior Manager in the manufacturing and distribution services group, was selected for the Women to Watch – Emerging Leader Award by the Illinois CPA Society’s Women’s Executive Committee and the American Institute of Certified Public Accountants Work/Life and Women’s Initiative Executive Committee for her involvement within the profession, as well as in her community.

Giving back Investing in the future with the intent of leaving everything better is at the heart of Baker Tilly’s values. By encouraging community involvement and charitable activities, our people will be more fulfilled and our communities will be enriched.

Baker Tilly is proud that our people live our core value of Stewardship. The firm actively supports women-focused charities and business associations that advance the careers of professional and executive women, support women’s health issues, and help women and girls live up to their potential. Below are examples of how Baker Tilly’s women give back.

Judy Meguire, Partner, private client group leader, and member of Baker Tilly’s firmwide tax leadership group, serves as a mentor and a board member for Step Up Women’s Network (Step Up). Step Up is a national, not-for-profit membership organization dedicated to connecting and advancing women and girls.

Baker Tilly proudly supports Step Up not only as a corporate sponsor, but also as an event presenter and with hands-on volunteers helping teen girls from under-resourced communities.

Chris Fenske, Partner in the financial services group, credits her mentors at Milwaukee Women inc. (MWi) with inspiring her and pushing her to continue tackling challenges. MWi is a collaborative effort of executive and professional women working to change the face and quality of leadership through the advancement of women. Building on that inspiration, Chris immerses herself in volunteer work.

Chris started her volunteer work on the ProHealth Care Foundation’s board of directors. She also serves on the Milwaukee Women inc. steering committee, was co-chair of the Milwaukee Art Museum’s Friends of Art Bal du Lac, is co-chair of the Milwaukee Art Museum’s Lakefront Festival of the Arts wine garden, is on the YMCA of Central Waukesha County board, and is a member of the United Way of Greater Milwaukee campaign cabinet. In 2014, Chris will chair the Milwaukee Art Museum’s Lakefront Festival of the Arts and co-chair fundraising for ProHealth Care’s new regional cancer center.

Ellen Labita, Partner in the not-for-profit group, serves as an executive board member and treasurer of the North Shore Child and Family Guidance Center. North Shore Child and Family Guidance Center is the pre-eminent not-for-profit children’s mental health agency on Long Island, New York, dedicated to restoring and strengthening the emotional well-being of children and families. Ellen also volunteers with organizations that support women’s initiatives. She is the past president of Girls Inc. of Long Island and is a current fundraising committee member for the Women’s Fund of Long Island (WFLI). WFLI’s mission is to ignite networks that transform the lives of women and girls on Long Island through grant-making, leadership development, education, and philanthropy.

Rachel Polson, Partner in the commercial services group, serves as treasurer on the board of the Minnesota High Tech Association (MHTA) Foundation. The MHTA Foundation is a not-for-profit organization that promotes and supports excellence in science, technology, engineering, and math education. Through outreach, the organization educates the public about the importance of a strong technology-based economy.

Rachel also volunteers as both an executive board member and a one-on-one mentor with TeamWomenMN, an organization of professional women who serve as role models and leaders in preparing and aiding women to reach their full potential. TeamWomenMN strives to nurture leadership skills and build self confidence, to expand realms of influence, and continue to develop strong women leaders and mentors. In addition, Rachel is active in her church as a teacher and a member of both the finance and social committees.

Rose Ann Abraham, Senior Manager in the employee benefits audit practice, volunteers as a mentor for Step Up Women’s Network. Rose Ann is also an event committee member for Housing Opportunities for Women (HOW-inc), a not-for-profit that provides supportive housing and individualized support services for women and children in need.

Tina Huisman, Senior Manager in the construction and real estate group, serves on the advisory council for the United Way of Dane County Rosenberry Society. The Rosenberry Society provides resources and opportunities to help young professionals make philanthropic giving a vital and growing part of their careers and lives.

Tina is also a founding member and past co-chair of the UW Carbone Cancer Center Emerging Leadership Board, which is a group of young professionals that support the UW Carbone Cancer Center by volunteering, organizing educational events, and fundraising for the cancer center.

Advancing women leaders Working together across the firm, Baker Tilly is helping women at all levels develop business acumen and leadership skills to advance their careers and fill important roles within the firm.

One of GROW’s objectives is to increase the number of women who hold firm leadership positions, including increasing the number of women partners. By identifying high-performing women and offering development opportunities to gain valuable experience, broaden capabilities, master new skills, and develop proficiency in a variety of areas, Baker Tilly is creating a culture where everyone can reach his or her fullest potential.

Baker Tilly women by level

2008

2011

2012

2013*

*As of June 1, 2013. Includes merger with Holtz Rubenstein Reminick.

60 50

54 54 50

48

48

53

50 50

44

44

47

50 39

% WOMEN

40

32

34

37

30 20 18 19 19

20

12

17 17 16

10 0 Staff/Consultant

Senior/ Exp. Consultant

Manager/ Exp. Manager

Sr. Manager/ Director

Partner

Owner

It was an honor to be promoted to partner at such a family-forward firm. I felt fortunate to have enjoyed a generous maternity leave to spend precious time with my son and was excited to return to a thought-provoking and challenging work environment where my colleagues also value time with their families. — Monica Modi Dalwadi, a Partner in Baker Tilly’s risk advisory services and internal audit practice

The firm’s focus on attracting, developing, rewarding, and retaining the best people for our firm is the driving force behind GROW. The GROW Committee has worked with many people across the firm on programs for flexible work arrangements, networking opportunities, professional development, recruiting, and benefits. These programs benefit all employees and help make Baker Tilly a great place to work.

— Kim Herlitzka, Principal and Chair of Baker Tilly’s GROW Committee

GROW leadership

Professional development

Networking

Career paths

Flexibility

Recruiting

Benefits

Looking forward By living our values of Integrity, Passion, and Stewardship, Baker Tilly has created a remarkable culture. GROW is an example of the firm’s values in action. We are proud of the accomplishments of the GROW initiative and continue to build upon this success.

Since GROW’s inception, it has worked hard to create a culture which helps women reach their fullest potential. Its focus areas of GROW leadership, professional development, career paths, networking and sharing knowledge, flexibility and other employee benefits, and supporting recruitment efforts of talented women have led to an inclusive environment where women feel valued and inspired.

Looking forward, GROW will continue to be an integral part of Baker Tilly. GROW’s work in the professional development of women is expanding. By leveraging outside resources and other

women’s groups, our GROW initiative will continue to bring innovative ideas to support the firm’s vision. Additionally, GROW will work with our regional offices to ensure all women at the firm can take advantage of local networking and professional development opportunities to advance their careers with the firm.

The cycle is complete when we go out into our communities.

Baker Tilly remains committed to working with women-focused charities and business associations that advance the careers of professional and executive women, support women’s health issues, and help women and girls live up to their potential.

GROW continues to be an example of how when we work together, we can make a difference for our people, clients, and communities.

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