Blazing a Trail of Her Own
When Phyllis Malitz, CEO and founder of Phyllis Malitz & Associates, began her career as a CPA in 1976, she was one of a handful of women in the field, and also a working mother. Despite passing the CPA exam on the first sitting, Malitz was turned down for jobs at all of what were then the "Big 8" accounting firms. Malitz finally landed a job that she thought would allow her flexibility to spend time with her children. She was promised Saturdays off to attend her son's gymnastic meets, as long as she put in the hours on Sunday. However, soon after being hired, her employer took back the promise when a coworker complained that Malitz was getting special treatment. Not wanting to sacrifice what was important to her – showing support to her son – Malitz was forced to resign. She sued the firm for discrimination and won the case.
Emboldened by the experience, Malitz decided to start her own firm based on the values important to her: teamwork, flexibility, and keeping a balance between work and life. "I was going to have one of the first accounting firms headed by a woman and sensitive to the needs of women as well as men, with flexible hours and all the benefits," Malitz says. Since she founded her Wilmette, Ill.-based CPA firm in 1986, she's kept her promises.
One way Malitz has done this is by helping her employees fulfill their professional and personal goals. Malitz produced a play directed by office administrator, Ann Marie Kneebone, who is a theater director in her spare time, and helped Kneebone get additional training on software so that she could develop new office procedures and improve efficiencies.
"I have never been given the opportunity to examine my strengths and likes for the purpose of creating a mutually beneficial position in a company – until now," says Kneebone. "Phyllis constantly challenges me with questions like: 'Is this something you would like to do? Would you like more training?' And my favorite: 'Do you know that there are several directions for you to grow?'"
When Malitz sat down with each employee and asked them to list their personal and work goals, Connie Bergstrom said she had always wanted to have season opera tickets. So Malitz bought season tickets to Chicago's Lyric Opera for Bergstrom and her daughter. But it didn't stop there. "I'm used to having a certain degree of autonomy and I wanted to have something to earmark my performance," Bergstrom says. "I wanted to get involved in financial services and auditing. Phyllis has supported me in that quest." The firm paid for Bergstrom's certification classes and she now heads a new division at the company, which provides insurance and financial services. "I am now a registered investment adviser and a licensed representative for insurance and securities," Bergstrom says. "It's a new adventure."
"Phyllis is an unusual leader," says Bergstrom, adding that not only does Malitz recognize and help cultivate employees' goals, she also respects that they are also moms and daughters with needs outside of work. "Phyllis's approach is more humanistic and holistic."
Judy Lazik, an accountant with the firm for 14 years, says that Malitz maintains a supportive work environment that is apparent to clients. "She fosters a support system throughout the firm which permeates from the staff to the clients. It is not unusual for a client to remark on how much fun it is to visit the office. Phyllis makes people feel safe and cared for," Lazik says. "I always look forward to going to work as each day is a new adventure. No two days are alike, and I always feel like I'm learning something new."
Malitz says that you can't have a loyal and productive workforce without having the underpinning values. "You don't get these kinds of people if you don't treat them right along the way," she says.
Aware that during the tax season, from January to April, her employees put in a lot of overtime, Malitz treats them to dinners and massages to lower stress levels. In the off-season, for every three-day holiday between May and October, an extra day is tacked on in appreciation for the staff's hard work. When employees asked if they could work from home, Malitz installed a virtual private network at the office and bought home computers for everyone. "Now anyone can work from home to complete projects," she says.
All of these values have contributed to the firm's very low turnover rate. In fact, many of her initial hires remain with the firm to this day. Despite the economic slowdown that started in 2001, the firm managed to hold onto its clients and increase its profits by 10 percent. Malitz says the higher profits are a direct result of the efficiencies and increased productivity of her staff.
In the end, however, Malitz says her workplace values are not about a better bottom line. "The whole reason to own a company is to make a difference in people's lives," she says, adding that her employees are her most important asset. "People make the difference."
Company: Phyllis Malitz & Associates, Ltd.
Web site: N/A
Industry: Full-service accounting firm
Location: Wilmette, Ill.
Number of employees: 8
Sales: N/A
