CPD Bites
6 Ways to Improve Diversity and Inclusion in Accounting
The accounting industry is beginning to acknowledge the huge importance of a diverse and inclusive workforce. First and foremost, widening access to the accounting profession is the right and ethical thing to do. But diverse and inclusive teams also bring a range of skills and experience, as well as social and commercial value, to organisations.
Progress in this area is being made, but the accounting industry still has a long way to go. So, what can firms do?
This bite suggests six ways to improve diversity and inclusion in the workplace.
Spend a few minutes working through the bite, then share your thoughts by answering the question posed. Don't forget to log your CPD, so you can watch it clock up over the year.
But before we get started, vote in the poll below and see how your answer compares to that of other users.
Read through the bite, then share your thoughts on the question posed.
But before we get started, vote in the poll below and see how your answer compares to that of other users.
Your vote
"The accounting industry needs to do more to increase diversity and inclusion."
To what extent do you agree?
You can see what you and other users of this bite said.
The accounting profession has a long way to go to improve diversity and inclusion in its workforces, and we can all play our part. Keep scrolling to reveal six suggestions to improve diversity and inclusion in accounting, based on the ICAEW's report "Diversity and the accounting profession".
1. Implement policies
Companies must start by creating diversity and inclusion policies, and developing a strategy to put them into practice. There should be codes of practice to guide employees' attitudes towards diversity, and to help them strive for inclusion and eliminate discrimination. It's essential that these policies focus on all the different aspects of diversity – including ethnicity, disability, class, LGBTQ+, religion and social mobility – not just gender.
Companies should also make sure they are fully accountable. Measuring progress and assessing policy outcomes is key to determining what more can be done.
2. Offer training programmes
Companies should introduce employee training programmes on topics such as equality law, awareness of bias and what counts as discriminatory behaviour, to help communicate the importance of diversity and to foster a respectful and inclusive working environment. However, diversity and inclusivity training are just a starting point.
Employers and management must work hard to ensure diversity training is embedded into workplace culture and practices. This has been found to be more effective than formal training alone.
3. Focus on recruitment
If you insist on hiring candidates based on experience, you will be excluding groups of people who haven't had the same access to opportunities as others, and therefore haven't been able to develop the level of experience you're looking for. To ensure a more inclusive recruitment process, hire people based on their potential, to open up to diverse talent pools.
Companies should also provide diversity training for hiring managers, to eliminate unconscious bias during the interview process.
4. Promote different people
Organisations need to pave the way for people currently underrepresented in accounting to take on more top management positions. Employers could introduce mentorship programmes to provide women and minority groups with guidance and opportunities to help them reach the top jobs.
Business cases for promotion should recognise the overall business case for diversity within the firm. This requires continual reflection on how someone might be contributing to firm success in a way that is different to narrow ideas about merit.
5. Be a part of a network of change
Companies should cultivate relationships and engage with talent communities that support people from diverse backgrounds. By building these networks, organisations can attract diverse candidates.
The ICAEW suggests that collaborative leadership is needed to increase diversity and tackle systemic barriers to change. Companies, no matter how big or small, need to team up to discuss how they can work together to make diversity and inclusion a major focus of the accounting industry.
6. Embrace flexible working
A lack of flexible working can have a huge impact on diversity in the workplace. Many economists explain that gender inequality at work is due, in large part, to the fact that women are still expected to take on the majority of the work to raise and take care of children. Lack of flexible working can also impact, for example, people with disabilities or mental health issues who find it difficult to work long hours in the office five days a week.
Home-working is much more accepted now, but employers should implement official flexible working policies to improve diversity and inclusion and close the gender pay gap.
Take a moment to consider the key advice covered in this bite.
What steps should your organisation take to promote diversity and inclusion in the workplace? What could you do yourself?
Share your answer in the box below, then scroll down to log your CPD:
Share your answer in the box below to complete this bite, then scroll down to see what other users said:
To finish your CPD Bite, answer the question above and share what you've learned. Then you can log your bite, and watch your CPD clock up.
Logging CPD is only available for accountingcpd.net licence holders.
This CPD Bite was written by accountingcpd, based on the ICAEW's report "Diversity and the accounting profession". Did you find it useful? Why not check out our courses now, and you could get 4 more hours of CPD?
Go to coursesDid you find this free bite useful? Want access to our exclusive CPD Bites service, which includes weekly new releases? Use the button below to find out how to become an accountingcpd licence holder now.
Find out more
You need to sign in or register before you can add a contribution.