There’s a sense in accounting and financing that it’s all about the numbers and the ability to leverage them successfully.
It seems straightforward.
However, the complexities involved in combining the correct mix of people go beyond these numerical nuts and bolts. In fact, comprising a team that brings the most value to your business is more art than math.
More specifically, ensuring your finance and accounting team employs a diverse roster of talent should be a top priority. Here’s why:
The Value of Diversity
Putting together a finance/accounting staff with too many similar-looking faces with mirroring backgrounds is detrimental to any organization. It’s not an indictment on the employees in question, but business – like the rest of life – is about balance.
Diversifying your team means your organization will benefit from a well-rounded perspective. This is a by-product of having employees of all ages, genders, races, ethnicities, and walks of life. They bring their experiences with them to the various other skills required in accounting and finance.
Breaking away from what’s “familiar” tends to expose you to more knowledge, information, and – therefore – growth opportunities.
This blog will now examine some real-life examples that highlight precisely how diversity pays dividends for your business.
1. Diversity is Conducive to Innovation
Studies indicate a direct correlation between high-skilled immigration and increased innovation and economic performance in cities and regions.
For instance, there’s Singapore—a globally revered financial powerhouse, despite its sparse population of 5 million.
The country is well-known for its multiculturalism, with a healthy mix of Chinese, Malay, and Indian citizens. Beyond that, this tiny south-east Asian nation consists of many different religious groups, such as Buddhists, Christians, Muslims, and Hindus.
Singapore ranks highly in the world for its education, ease of doing business, and technological readiness.
Since it became independent in 1965, Singapore has mandated racial and ethnic integration. This included a measure ensuring every race was forced to live together via quotas. Meaning that everyone was afforded the same opportunities to thrive and grow as professionals.
As proven by Singapore’s international standing and reverence, its diversity is an asset. This notion is patently evident in the country’s finance/accounting sector.
2.Diversity Makes Your Business More Profitable
With diversity, there’s the distinct satisfaction of being equitable, fair, and beneficial to society.
Yet, you’ll quickly learn there’s more to enjoy about diversity when you see the difference it’ll make to your bottom line.
According to the Boston Consulting Group, organizations with more diverse management teams generate 19% higher revenues due to innovation.
Wherever new ideas are integral, the above statistic should be a significant motivator. As financing and accounting grow more immersed in technology, being rooted in innovation becomes a priority.
3. Appealing to Millennials
The time has come where most millennials are inching toward their prime earning years. For further context, 75% of the global workforce will be comprised of millennials by 2025.
These individuals will soon fill the bulk of CEOs, COOs, CTOs, and other executive positions. Thus, right now is the time to start grooming them for these roles. But, first and foremost, you must attract them to your business.
Millennials value diversity, with 47% seeking out diversity and inclusion when examining potential employers.
They also view diversity through a different lens than their older colleagues. They grasp that it’s not just about equality and fairness amongst genders, races, and demos. Instead, it represents melting pots of experiences, perspectives, and backgrounds that drastically bolster a workplace culture.
The Accounting and Finance Industry Needs to Evolve
Accounting and financing, to this day, still lacks diversity as an industry.
To illustrate the above point, it’s worth noting despite the percentage of women in leadership roles doubling since 2003, that number only went up to 20%.
The benefits of changing course and embracing diversity are obvious. The science and research speak for themselves.
At JFSPartners, we’ve specialized in helping great organizations find the exceptional accounting and finance diversity candidates they need to thrive. Contact us today to learn how we can do it for you.