From The Center for Accounting Transformation
Research shows organizations that embrace all differences come out ahead on every level. To deepen our understanding of DEI journeys of accounting professionals, the Center for Accounting Transformation is currently conducting a worldwide study to identify trends, KPIs, and potential solutions for these efforts. The 10-minute survey can be accessed here
. Be sure and note you heard about the survey from SCACPA so our results can be extracted.
While the accounting profession may be ahead with respect to gender equality—with females representing roughly 60% of the profession—the accounting industry has a very long way to go with respect to diversity. Nearly 80% are white.
That’s according to a study from the University of North Dakota
. The study goes on to explain advantages of incorporating DEI on accounting teams, including:
- 90% of millennial and Gen X job seekers say that a company’s commitment to workplace diversity affects their decision to work there.
- Employees working for organizations with high levels of diversity are 7% more likely to stay with their employers.
- Companies with more diverse leadership teams report 19% higher innovation revenue.
- Diversity of thinking stemming from diversity in accounting can enhance innovation by about 20% while reducing risk by almost 30%.
- Decisions coming from diverse teams deliver 60% better results.
- Companies in the top 25% for executive gender diversity are 21% more likely to experience above-average profitability compared to those in the bottom 25%. Further, companies with ethnically diverse leadership are 33% more likely to be more profitable than their peers.
- Numerous studies show the advantages of embracing DEI into corporate culture, not just financially but also in team performance, loyalty, and morale. Because the accounting profession has long reported staffing as a primary issue, CPAs and accounting leaders must be at the forefront if they expect to not only win talent wars but to survive in the next era of conducting business. The problem many face is not knowing where to start, how to continue, or what KPIs could be used to determine success.
“I believe companies mean well, but aren’t investing in the work in meaningful ways,” said Jina Etienne, CPA, CGMA, principal of Etienne Consulting. “Too often, organizations tap employees from underrepresented groups to lead D&I efforts. But that puts the burden on those groups to convince everyone in the majority that D&I matters, all while trying to find ways to support the minorities with resources, programs, mentoring, and development opportunities—oh, and without extra pay.”
Etienne, who is also serving as the chair of the National Society of Black Certified Public Accountants, continued, “We all have blind spots, which is essentially what bias boils down to—something we are doing or not doing automatically, without conscious intention or thought. Making change in those blind spots is extraordinarily hard and takes conscious effort and strategies that work.”
The Center for Accounting Transformation is currently conducting a study on the DEI journeys of accounting professionals worldwide in an effort to identify trends, KPIs, and potential solutions for these efforts. The South Carolina Association of CPAs is partnering with the Center to understand the needs of our stakeholders.
The 10-minute survey can be accessed here. Be sure and note you heard about the survey from SCACPA so our results can be extracted.