With a decline in recent graduates entering the accounting workforce, the urgency of addressing belonging has never been more pronounced. The new generation values work-life balance and fulfillment over merely securing a job and making a living. The modern ethos is “work to live,” not “live to work.”

Creating a welcoming work environment where individuals can make a difference is increasingly important. Creativity thrives on openness, which includes embracing diversity in all its forms. Different perspectives are crucial in problem-solving, as varied interpretations of the same issue can lead to innovative solutions. Meetings are essential for gathering diverse opinions. And while individuals may move quickly alone, teams achieve greater distances together. In the long run, inclusivity is vital for the accounting profession’s development.

Belonging is driven by the unique backgrounds and experiences of individuals. While bonding with those of similar backgrounds is natural, it can lead to biased decision-making, which is detrimental to building a sustainable team in the long run.

Team Dynamics

What kind of team environment fosters success? A place that nurtures diversity is ideal. Traditionally, accounting focuses on detailed skills. As technology such as AI advances, however, manual tasks may soon be automated, shifting the profession’s focus to needing employees who can also excel in decision-making and process development.

This change necessitates a diverse workforce, as varying backgrounds foster creativity by bringing solutions forward that might not otherwise be heard. Homogeneous groups might make similar decisions, which can stifle business development. New perspectives and ideas are
needed, and a diverse workforce brings unbiased insights and caters to a broader audience.

Strategy: How to Grow a Diverse Accounting Workforce

Growing a diverse accounting workforce starts with hiring the right talent. This doesn’t mean hiring one person from each demographic group, but rather evaluating candidates’ backgrounds holistically. Consider:

• Do you hire someone because they share your values or because they complement your skills?

• Do you offer equal promotion opportunities to all employees, regardless of their cultural background?

Belonging typically brings complementary skill sets and perspectives, benefiting the workforce in the long run, it isn’t solely management’s responsibility. While management plays a crucial role in hiring and promotion, everyone in the workplace impacts belonging through their interactions.

For example, when a new colleague joins, do you invite them to team activities and check in on them? These actions are essential for fostering diversity and inclusion.

Management’s Role in Driving This Change

Management must set the tone, creating a culture that the team can follow. Everyone in the team must nurture a diverse workplace to create a warm environment and foster creativity and maximize each team member’s potential. Management can also set up training to educate employees on belonging, which should not remain just a concept. It’s something that should be put into action. Training and education are the first steps. Leading by example is the second step, followed by evaluation and benchmarking. Management’s role is crucial in each of these steps.

Measuring Success and Continuous Improvements

Management can design metrics and KPIs to measure belonging achievements. However, the effort must be continuous and industry-wide, with a sustainable development game plan being crucial for long-term success. By committing to these strategies, the accounting profession can build a diverse and sustainable workforce that is well-equipped to meet the challenges of the future.