Five Ways to Enhance Diversity, Equity and Inclusion in the Workplace

Diversity, equity and inclusion (DEI) have for year been among the many initiatives for firm and organization leaders. In 2020, leaders increased their focus as well as strategies to address DEI barriers in their workplaces.

Now as the calendar rolls over to 2021, the American Institute of CPAs (AICPA) encourages firms and organizations to maintain their momentum and remain committed to integrating DEI into their talent management processes.

“Inclusion, trust and a sense of belonging are not easy,” said Kimberly Ellison-Taylor, CPA, chair-elect of the AICPA’s National Commission on Diversity and Inclusion. “It is ongoing and requires consistent tone at the top and intention. And because it won’t happen overnight, it absolutely requires commitment.”

To help bring everyone along on the Inclusion journey, here are five areas where firms can concentrate their efforts.

Recognize the business case for DEI

Studies consistently show that diverse organizations outperform less diverse ones. In fact, a recent study by McKinsey and Company found that companies in the top 25% for ethnic and cultural diversity on executive teams were 33 percent more likely to have industry-leading profitability.

Advance women as leaders in the workplace

Women make up roughly half of all new accounting hires, according to the AICPA’s 2019 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits report, but only 23% of partners, meaning many firms are hiring, but not advancing women. This percentage is even lower when ethnic groups are considered. It is important to recognize the talents and value of all women in the workplace and reward them equally through promotion and advancement.

Address inclusivity through unconscious bias and having difficult conversations

Race and bias can be sensitive topics, but we must remain committed to becoming comfortable with being uncomfortable. Proactive, heart-to-heart dialogue is very much needed to listen and learn more about one another. These discussions require us to “suspend our rights to be offended” and “assume positive intent” so that we can have authentic conversations and understand each other’s perspective. Among the four commitments of the CEO Action Pledge for Diversity and Inclusion, which the Association has signed, is to hold difficult conversations to create a culture of inclusivity and open-mindedness.

The AICPA will be holding forums and webcasts to help firms and organizations to address diversity and inclusion issues through difficult conversations within the workplace.

Use the AICPA’s Accounting Inclusion Maturity Model to measure your DEI progress

What isn’t measured, isn’t managed. Accountants know this all too well. The AICPA’s no cost Accounting Inclusion Maturity Model helps firms assess their current diversity and inclusion efforts, identify ways to improve, and measure progress.

Support ethnically diverse students to increase racial and ethnic minority CPAs

Achieving greater diversity depends on a strong pipeline of diverse candidates entering the profession. The AICPA’s Trends report found 59 percent of new accounting graduates and 70 percent of those hired by U.S. CPA firms were white.

The AICPA remains committed to helping the accounting and finance profession become more diverse. This includes several scholarships and programs designed to help increase the number of racial and ethnic minorities by increasing awareness of the accounting profession, encouraging studying accounting and becoming credentialed, as well as encouraging and sponsoring minority CPAs become accounting professors. The AICPA Accounting Scholars Leadership Workshop, will occur in New Orleans, Louisiana, from October 13-15, 2021.

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