Research consistently demonstrates that diversity, equity, and inclusion (DEI) has a beneficial impact on organizational performance and culture. For example, inclusive teams are more likely to achieve financial goals, demonstrate high performance, innovation, and agility, and lead to superior business outcomes.
Employees value organizations that prioritize DEI, which correlates with higher employee satisfaction and retention rates.
Despite the evidence, the backlash against workplace inclusion efforts is uncontroversial. 1 in 3 of his DEI professionals will lose their roles in his year of 2022, DEI shrinkage rate will continue into his 2023, many companies will sacrifice his DEI to reduce costs.
A new report from the Massachusetts Society of Certified Public Accountants (MassCPA) emphasizes the need to redouble efforts on DEI within and beyond the accounting industry and urges business leaders to act despite headwinds.
This call to action coincides with another challenge: talent shortages, exacerbated by demographic changes and a shrinking workforce. The report notes that the industry as a whole is “lags behind in its commitment to inclusivity”, with one in 10 accounting professionals leaving the field with inadequate inclusion and equity measures. The study finds that there is a disconnect, highlighting the urgent need for leaders to prioritize DEI efforts.
The report highlights the disparity between leaders’ perceptions of inclusivity and employees’ experiences, and emphasizes the critical importance of leader accountability in promoting DEI. Research shows that 68% of leaders believe they create an empowering environment where people feel a sense of belonging, but only 36% of employees agree with this.
Addressing this gap is important because research shows that a positive culture and caring leadership are critical to organizational success. MassCPA and many in the accounting community are leveraging the early-stage pipeline by providing strong career development and mentorship programs for underrepresented students. As these students enter the workforce, it is important that business leaders incorporate DEI initiatives into the workplace to help solve talent shortages and help businesses succeed.
MassCPA’s report identifies strategies and best practices to ensure continued DEI commitment by companies. Here are five.
– Establish DEI as a business strategy, embed it in every part of your business, and communicate it broadly to drive meaningful change.
– Establish a DEI philosophy that is both human-centered and systems-centered.
– Identify problems and solutions specific to your profession or organization.
– Foster a truly inclusive workplace culture.
– Hold everyone accountable.
Leaders in every industry have an obligation to be inclusive. To leverage her DEI strategy to support employees and improve performance, start by communicating common values that most people can agree on. Diversity means casting a wide talent pool to recruit a representative group of qualified candidates.
Equity means creating systems and processes that allow everyone to do their best. And inclusion is a reminder to create a culture of belonging where all employees can thrive.
Zach Donna is President and CEO of MassCPA. Trish Foster is a DEI strategist and previously served as executive director of the Center for Women and Business at Bentley University.visit masscpas.org/DEIBreport You can learn more.
