Promoting Diversity and Inclusion in the Accounting Sector
Promoting diversity and inclusion in your organization can lead to a range of benefits, regardless of what industry you’re operating in. That said, in the accounting sector, building such a culture is all too often overlooked.
This is why in this article, we’re going to take a look at some of the key benefits that diversity and inclusion can bring, and some of the steps you can take to help your organization catch up.
Benefits of diversity and inclusion in the accounting sector
There are numerous advantages that come with promoting a culture of diversity and inclusion in your organization when you’re operating within the accounting sector.
Enhances creativity and innovation
Employing a diverse workforce means that you can bring together individuals from a variety of backgrounds, all of whom will have different experiences and hold different perspectives.
This diversity means that when complex accounting problems arise, more creative and innovative solutions can be thought up. People from different backgrounds who have undergone varying experiences are more likely to come up with a wider range of solutions to problems—ones that may have otherwise never crossed your mind.
A greater variety of minds contributing ideas can help you to build a culture of continuous improvement, where individuals inform each other with new skills and ways of working.
Improves decision-making and problem-solving
Building a diverse and inclusive workforce brings together individuals who are more likely to consider a wider range of viewpoints and potential outcomes.
This means that when it’s time to make tough decisions, it’s likely that your organization will be able to carry out more comprehensive risk assessments, and a more well-rounded evaluation of the financial data available to you, thanks to the varying viewpoints of those in your team.
Problem-solving is also aided by a diverse and inclusive culture. This diversity in the backgrounds and experiences of your employees means that more angles are considered during the problem-solving process, allowing you to arrive at more innovative and creative solutions to problems.
Expands market reach and client base
Diverse teams are better placed to understand and connect with a wider range of clients and stakeholders. This allows for more tailored, and more effective, communication and services with these clients.
In the globalized and interconnected world of finance, being able to reach a wider range of clients on a more meaningful level is becoming increasingly crucial.
What’s more, accounting professionals who respect and understand different cultures and viewpoints are better equipped to navigate complex international business relationships. This ultimately leads to more success on the global stage.
Increases employee engagement and retention
Firms that prioritize diversity and inclusion are often seen as socially responsible and forward-thinking. This not only enhances their reputation and attractiveness to clients and investors but also improves how they’re viewed by their current and potential employees.
An organization that promotes diversity and inclusivity is more likely to be well-represented by its employees, who feel proud to work for a diverse and inclusive employer. This leads to higher employee engagement rates, which in turn leads to reduced employee churn.
On the other hand, many employees reported leaving a role in the accounting sector due to a lack of diversity, equitable treatment, or inclusion at their workplace.
Diverse and inclusive firms are more likely to make their employees feel valued at work, regardless of their background or personal circumstances. When employees feel valued and included, their job satisfaction and engagement tend to increase. This leads to higher productivity, better teamwork, and a more positive work environment.
How to promote diversity and inclusion in the accounting sector
Here are some of the best ways to help you promote diversity and inclusion in the accounting sector and reap the benefits more quickly.
Provide diversity and inclusion training and education
Providing ongoing training to all employees on diversity and inclusion topics is an important part of building a more diverse and inclusive workplace. This helps create awareness among your existing employees and a shared understanding of the importance of diversity.
Topics such as unconscious bias, cultural competence, and inclusive communication are all good options for study. Educating your employees at every level can help to combat some of the practices that stand in the way of diversity and inclusion.
Often, employees may be carrying out these practices without realizing the negative effects they can have. A little bit of education can go a long way towards changing the way your employees view diversity and inclusion, and the steps they take to promote it.
Gender identity training, sexual orientation training, and disability awareness training are some of the most common examples of diversity training provided by employers. You can use workplace diversity training software such as the one offered by ProProfs to create your own program if you have a specific idea of what your employees need specific training in.
Establish inclusive recruitment and hiring practices
It’s important for all employees to be trained and educated in diversity and inclusion, but this is especially the case for those involved in hiring and recruitment.
Implementing practices that attract and retain a diverse talent pool will help you to reap the benefits of a diverse and inclusive workforce. To achieve this, you should review and revise job descriptions and qualifications, ensuring they are inclusive and not unintentionally excluding certain groups.
Using diverse interview panels can also help in reducing any unconscious bias amongst your hiring teams. HR software such as Sage, can help recruiters to better track their hiring processes and then manage goals and training objectives. This will help to make sure your diversity and inclusion ethos continues to be a core value within your organization.
Similarly, there are specific diversity and inclusion software, such as EDGE Empower, that provide organizations with data-led strategies and roadmaps that can be incorporated into into your hiring and recruitment processes.
Steps should also be taken to consider employees with different requirements at every stage of the hiring process. This should continue once an employee is onboarded within your organization. For example, have you considered how accessible your work outings are for any of your employees with disabilities?
Create mentorship and sponsorship programs
Mentorship and sponsorship programs are a great way to make sure that employees from underrepresented populations are receiving the same guidance and support as their contemporaries.
These programs provide a way to uplift the accomplishments and abilities of employees from a variety of ethnicities, gender identities, sexual orientations, and religions.
Another way to foster mentorship and sponsorship within your organization is to establish Employee Resource Groups (ERGs). Establishing ERGs that cater to various demographics (e.g., people with disabilities, gender, race, ethnicity, LGBTQ+, etc.) helps to provide a platform for networking, support, and advocacy within the organization.
Diversity and inclusion practices should be embraced at every level of your organization. Senior leadership should actively champion diversity and inclusion initiatives, as this will set the tone for the entire organization. Clear and visible support from the top demonstrates the importance of these efforts, ensuring that employees at every level get on board.
Implement flexible work arrangements and family-friendly policies
Offering flexible work arrangements that accommodate diverse needs, such as parental responsibilities, religious observances, and disabilities, helps you to create an inclusive environment where all employees can thrive.
Even seemingly small improvements to your organization’s flexible work arrangements can make a big difference, making you more attractive as an employer and widening the talent pool available.
For example, making it possible for your employees to access their payslips online can help to reduce the stress of a remote working arrangement. As an added bonus, payroll software can help you to save time, eliminate the risk of errors, and streamline all your payroll processes.
Giving employees access to vital documents, files, and other resources online through the use of specialist software means that they can do their job from a location that suits their specific circumstances.
accommodatingthe needs of not only your employees, but their families too, goes a long way towards improving employee engagement and retention, and indicates to potential future hires that having a family won’t present a hindrance to their career progression within your organization.
Promote diverse leadership and representation
You should work to actively promote diversity in leadership positions where possible. It’s important to encourage and support the advancement of underrepresented individuals within the organization, inspiring and empowering them to strive for leadership positions.
This guarantees that underrepresented individuals feel valued within your organization and see a leadership position as a possible reality for them. This encourages them to do their best work in an effort to achieve these goals.
It also indicates to potential employees outside the organization that being from an underrepresented community will not be a barrier to their progression within your organization, making you more attractive as a prospective employer for top talent.
It’s also important to highlight and celebrate events such as cultural heritage months, diversity milestones, and achievements of individuals from diverse backgrounds. Celebrating these at every level of your organization highlights your commitment to diversity and inclusion.
Takeaway
Promoting a culture of diversity and inclusion in your accounting firm will lead to a range of benefits for your employees, your customers, and your organization as a whole.
You can improve your reputation and make yourself a more attractive prospect for employees and stakeholders. You’ll increase the variety in the talent pool within your organization, giving you access to more creative problem-solving methods, and opening up new and exciting opportunities.
To build a diverse and inclusive workplace, you should make sure that members of your organization at every level understand the importance of the endeavor. Provide training and education to your existing employees, and apply inclusive recruitment practices.
Adequately mentor your employees from underrepresented backgrounds, and help them to strive for top positions. Do this, and you’ll be watching your employees, and your business as a whole, excel.