3 min read May 2023 — In an interview with Invest:, Jamie Woell, managing partner at RSM, discussed key highlights and milestones for the firm, challenges and opportunities, the use of technology to drive efficiencies and the strategies to recruit and retain talent while continuing to be a top workplace.
What have been some of the recent highlights and milestones for RSM in the Twin Cities?
Last year was great for us, both in terms of our talent and client experience. The two go hand in hand, which allows us to have significant growth, just like the firm across the country. When we are growing, it creates opportunities for our people to develop in their careers and allows us to be first-choice advisers to our clients and prospects. We bring the power of being understood, we acknowledge and understand our client’s challenges, while also finding opportunities around those challenges.
Considering the current landscape, what challenges and opportunities do you see ahead?
There have been talent-related challenges. We are in an unprecedented low unemployment rate environment. Despite the prospect of a recession, employment continues to be strong across the country. Companies are figuring out in which ways they can employ technology to solve business needs. We’ve been providing a lot of solutions in that regard, helping clients be more efficient, quicker and less expensive, while delivering a solution that allows them better customer interactions.
How would you assess the current demand for your services?
Capital markets have been changing in the last several months. Last year, SPACs were a hot topic but they have since cooled off. We do a lot of work with private equity and capital continues to exist in that area. Private equity companies are making acquisitions when it makes sense for them. Likewise, the demand for our technology services complements that; organizations that are doing acquisitions are looking to see how they can add efficiency and effectiveness to their process, which ties right into our solutions.
How are ESG offerings positioned today?
As a firm, we have embraced ESG and the fundamentals around that. We have an ESG initiative within RSM. Secondly, one of the things we’ve found is that the people who are looking to join the firm recognize the importance of ESG. When we talk with candidates, they express interest in understanding how we view ESG and how we work with our clients in regard to them adopting and measuring their ESG results.
Considering the growth and recognition that RSM has as a top workplace, how is the firm strategizing to recruit and retain talent?
We’ve been recognized many years in a row as a Top Workplace by the Star Tribune and we are the only large CPA and consulting firm that has that recognition. We do a firm-wide survey and the result shows that the strong ties and connectedness that we have with our employees continues. Our people state that they feel as if they can bring their whole selves to work and with that, their commitment to their careers and their lives outside the office.They feel like we are supportive of both and that we know those aspects complement each other. We have been focused on developing our people and understanding the balance between the needs of our clients, our team and our employees. Finding the intersection between all of that allows us to deliver on a high-quality experience for both our people and clients.
As a technology provider, how do you use technology and innovation inside your firm?
AI is going to continue to be a driver. It has been here for a while and it is only going to continue to get more prevalent. The investments we are making into technology are unprecedented. Our philosophy is that we want to take the best of existing technology and adopt that for our needs, so in essence, we are not creating the wheel but taking the best products and modifying them for our needs. We are looking to gain efficiencies and effectiveness regarding the services we provide in audit, tax and consulting and provide insights through the use of technology.
Anecdotally, what have you heard as clients’ top concerns and how is RSM helping navigate those?
We’re all hearing about the pending recession. Generally, for us and our clients, we are not seeing it yet. The concern is more for our clients’ customers and how they might be impacted by a slowdown in the economy. Generally, our clients are well-capitalized, and the availability of funds is there. Changes in interest rates have some impact on some clients but most are in a position where they can adjust to changes in the economy. The biggest concern for both us and our clients has to do more with the consumer side and how their needs might impact their purchasing decision.
What is your outlook for the next three to five years?
RSM has had unprecedented growth and we continue to experience that. Our industry will continue to evolve. We have pivoted so much during the pandemic, as business overall did, and we will continue to do so around our current challenges. I feel that we are well positioned to continue to be a go-to firm for the middle-market. We strive to be first choice advisors for our clients, and are well positioned to assist them going forward.
Like other business leaders in the Downtown Minneapolis market, we are still navigating the future of office space. We want to make our offices available to people so they can develop but realize that a hybrid environment has changed how we interact with our teams and our clients. We continue the journey to embrace that change to make it a great experience both for our people and clients.
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