More Clients, More Talent, More Revenue
The Business Case and Toolkit for Diversity in Accounting
People are your most valuable business resource.
Diversity presents a tremendous business opportunity, but the accounting profession is slow to act. A 2015 McKinsey study reveals that “companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry means.” According to the AICPA, minorities represent only one in six of professional staff in accounting firms nationwide.
This paper is designed to help you overcome the challenges to diversity — both ideological and logistical — and inspire you to implement or refine your diversity strategy.
Key Sources
PICPA Members
The PICPA consulted partners, managers, staff accountants, and students from organizations across Pennsylvania. In February 2015, the PICPA hosted a round table discussion with more than 20 partners from the Philadelphia area.
AICPA
Howard University School of Business Center for Accounting Education (CAE)
Highlights of the Business Case and Toolkit for Diversity in Accounting
Why
Diversity Matters: The Business Case
Demographics are changing. The link between diversity and revenue is becoming clearer. Other industries have caught on. So should accounting.
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Where We Are Now: The Diversity Landscape
The accounting profession is becoming less diverse, and the college pipeline doesn’t offer an easy solution. You’re legally obligated not to discriminate, but are you making a wholehearted effort to seek diversity?
Race/Ethnicity in Pennsylvania Colleges and Universities
Even though attendees of Pennsylvania’s four-year colleges and universities are disproportionally of the majority, thousands of minorities do attend. If a quarter have given thought to business fields — the most popular areas of study according
to the National Center for Education Statistics — a clear opportunity exists to attract minorities to accounting.
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How You Can Build Diversity in Your Organization: The Toolkit
As Jela Foote, director of advisory services at KPMG in Philadelphia, says, “It’s not how your organization looks, but how it feels.” Numbers should merely be the reflection of an organic strategy. All members of an organization benefit from diversity, and all members of an organization should be included in diversity efforts.
This toolkit gives practical and tips and suggestions on the following:
- Building a Diversity - Focused Culture
- Implementing Your Diversity Strategy
Includes examples of firm collateral - Supporting and Retaining New Hires
- Filling the Talent Pool - Recruitment
