Hello, I need help with a discussion post: 4-1 Discussion: Etiquette of Business Communications Read the article linked below, which lists and describes actionable best practices to improve equity and
New Report on DEI in Accounting Profession Lists More than 70 Actionable Practices
A report prepared by three accounting organizations has been released, detailing the results of extensive research about diversity, equity and inclusion (DEI) in the accounting profession. According to Accounting Today, the report includes more than 70 actionable DEI practices with proposed indicators and metrics to measure progress, classifying them into two categories: attract diverse talent, and retain and promote diverse talent. The study, “Diversifying Global Accounting Talent: Actionable Solutions for Progress,” is the result of a collaboration among the Institute of Management Accountants (IMA), the California Society of CPAs (CalCPA) and the International Federation of Accountants (IFAC), along with fintech company World Wide Generation.
In the foreword to the report, the leaders of the three organizations write, “We identified a diversity gap between senior leadership of the profession and the whole of the accounting and finance workforce (i.e., greater diversity across the profession than in leadership positions). We found that many accounting and finance professionals in already underrepresented groups have been leaving employers and the profession altogether due to a lack of good DE&I practices. This raised the need for rethinking. Considering the amount of time, money, and resources that an individual must invest to join the profession, obtain certifications, and navigate a career path, this ultimate outcome—willingness to leave the profession—is cause for concern and attention.” They added, “These research results served as a wake-up call for the profession to take action. We’ve reached a tipping point in which change must be made for the profession to close the gap, not only to survive but to thrive sustainably.”
Among the report’s findings are the following:
• On average, male respondents are more likely to view the profession as equitable and inclusive than females.
• Women report they are not advancing in the profession because of inequity and exclusion.
• A lack of DEI negatively impacts retention of diverse talent within organizations and the profession across the globe.
As a result of these and similar findings, the report states, “The profession is clearly making progress around DE&I, as these developments indicate. Yet still more needs to be done…to coordinate and collaborate with collective purpose and perspective. To unite resources. To join together with a singular vision for the outcome. To work in unison toward a shared vision for the future of the profession, fostering a culture of belonging. That future includes one that is diverse, equitable, and inclusive.”
Appendix A on page 36 then lists an inventory of actionable practices to attract diverse talent. These include the following:
• Implement communication, marketing, and awareness campaigns highlighting the benefits and intellectual rewards of accounting that target persons of underrepresented groups. Identify the key motivations and strongest influencers of target groups in career path selection and tailor messages accordingly.
• Provide scholarships to diverse students from low-income, poverty-stricken, or underprivileged communities or households for accounting collegiate studies—undergraduate and graduate (including doctoral) to eliminate financial need as a barrier to higher education.
• Partner with community colleges and four-year colleges and universities to offer exposure programs for high school and community college students including employer site visits, job shadowing, introduction to accounting courses, career preparation, and interactive practitioner and academic sessions exploring real-world scenarios.
• Encourage diverse staff and allies’ active participation in “diversity recruitment and community outreach endeavors including participation in conferences, committees, or coalitions related to diversity and the reduction of disparities.”
• Institute mandatory training for persons serving on interview panels or candidate search committees. Training objectives can include “unconscious bias and the implications of making judgments on a person...based on details unrelated to job performance and work ethic.”
On page 45, Appendix A lists an inventory of actionable practices to retain and promote diverse talent. These include the following:
• Regularly review demographic diversity of candidates filling the talent pipeline in succession planning efforts
• Transparently report workforce demographic diversity statistics for the institution with comparisons to local population and relevant industry and/or profession statistics.
• Employ a communication plan to transparently share DEI-related actions taken as a result of employee feedback collected through surveys or other forums.
• Hold leaders accountable for progress toward DEI goals by linking leadership performance to specific, measurable DEI indicators.
• Regularly conduct a survey through anonymous data collection to assess the climate and culture of the organization as it relates to DEI (inquiring of perceptions of inclusion and equity in the workplace and among leadership).
• Establish robust, ongoing DEI training programs for leaders.
• Establish formal sponsorship programs aimed at career progression with individual road maps, including multiyear development plans, for advancement of diverse persons.
• Establish mentorship programs aimed at supporting and guiding diverse persons as they navigate performance, interactions, and challenges.
• Incorporate DEI into organizational values and strategic priorities, ensuring alignment to and ownership by the organization broadly.
The report is based on five research studies on DEI in the profession. In February 2021, IMA and CalCPA, with the support of a diverse group of organizations across the profession, released the results of a study of DEI in the U.S. accounting profession. Following that the initial U.S. study, IMA and IFAC jointly sponsored three DEI studies of the accounting profession in Asia-Pacific, Europe and the Mediterranean, and the Middle East and North Africa. The report states, “These four studies included analysis of more than 8,500 online survey responses from current and former accounting professionals and interviews of more than 100 accounting, human resources, and DE&I practitioners and academic.” The report also aggregates regional findings and shares feedback provided through the fifth study, a series of think tank sessions with leaders from each focus region centered around the efficacy of various DEI practices.
