It’s safe to say that diversity, equity and inclusion have historically not been priorities at most accounting firms. But that’s changed a lot over the past year — more firms than ever are really focusing on DE&I, which is long overdue. The profession recognizes a need for improvement and many firm leaders are proactively seeking out what steps to take.
To understand why diversity is important, it’s helpful to first understand where we’ve been and how the world around us is changing, according to CT Mobley, a division vice president at ADP who is responsible for helping the company’s sales division form partnerships with clients who represent minority, disabled, veteran, LGBTQ+, and women-owned businesses. In a recent conversation, Mobley made a point to say that DE&I affects everyone in some way — there are just certain situations where you have to adapt.
Preparing for what’s next
Mobley mentioned a Pew Research study that examines the common age of white people versus minorities. Essentially, the study found that the common age of white people is substantially higher than the common age of minorities. The demographics are changing, but that’s the backdrop.
Next, you have to look at how peoples’ views change as the world changes around them. The same study estimated that within several decades, minorities will outpace non-Hispanic whites in terms of births. Your children and grandchildren will grow up in a much more diverse world that is more interconnected than the one Baby Boomers grew up in.
These shifts can help prepare us for what’s next, Mobley said. These are the next-generation business owners. And guess what? They don’t look like the business owners of today, and definitely not the business owners of the past.
DE&I is important because as demographics change, those populations are given access to the same opportunities as other business owners and executives. If firm and company leaders aren't careful, minority employees won’t see the path they want to take at their company, so they’ll go out and forge their own. This entrepreneurial spirit is awesome, and there has actually been a big uptick in small businesses opening since COVID-19 first hit the U.S., but it also means that accounting firms and other businesses are losing out on talent because minorities are limited in their opportunities.
And, as Mobley pointed out, more diversity also comes with better productivity and profitability. So for the “numbers people" out there, it’s also good for business.
Be aware and present
“I'm a sales guy,” Mobley said. “I certainly believe that in order to go into a new audience, you have to be able to identify with, relate to, and/or mirror the person across the table from you.”
Instead of just waiting for minority staff members to come walking through your firm's doors, it’s better to take a more proactive approach. One of the things that CPA firms can do now is to create that engagement early on to show that there are different career paths.
“Be vocal about trying to talk to that target audience, have a willingness to show support and be an ally,” said Mobley.
A lot of folks may get anxious about being in these diverse spaces. They feel like they need to be an expert, but that’s not the case at all. Align with the experts. The National Association of Black Accountants is one of these expert organizations. Find something at the local level, too — the local Black or Hispanic chamber of commerce, or the Accounting and Financial Women’s Association are just some examples. Firms that are located near historically Black colleges and universities also have opportunities to engage with their business schools. Being present in these organizations, as well as being supportive, opens your door to better talent and diversity, in addition to better understanding.
If you're thinking, “This sounds great, but I'm fine, my firm is fine, I don’t really need to take action on this,” remember that in business, there are winners and losers. Sounds trite, but it’s the truth. With diversity, Mobley explained, as time goes on, talent will gravitate toward firms that look like them. There are a number of firms already losing talent for this very reason.
There are so many more opportunities to connect with people of diverse backgrounds than ever before, so there’s really no excuse for not doing something. It comes back to the communication strategy.
“Understand how a newer demographic is going to communicate,” said Mobley. “There’s a way they want to talk [and] … it is about being aware of what’s happening.”
“For anyone who feels like they're struggling in this moment, I would tell you that it's a new conversation for [most] of us,” Mobley said. “And there's a little bit of discomfort in it, probably. But that discomfort brings growth, and we're excited about that growth potential and excited to help create sustainable pathways for new businesses that are happening out there.”
Let’s continue to have uncomfortable conversations and proactively find diverse organizations to learn from and support. Together, we can make accounting a more diverse, inclusive profession.
