It’s time to talk about diversity and inclusion.

 

Why here, on a show about future-proofing our businesses? Well, because the future of this profession depends on it.

 

Some of you may be thinking, “Isn’t that a little dramatic?”

 

Not at all – and for a couple of reasons. But you don’t take our word for it because today we’re talking to Kim Drumgo, the director of diversity and inclusion at the AICPA, who has researched this more than just about anyone else.

 

In This Conversation We Cover:

• Why diversity and inclusion are not synonyms
• The role of belonging in this conversation
• How diversity and inclusion affect the bottom line
• What your organization can start and/or stop doing to foster diversity and inclusion
• How is the accounting and finance professional positioned right now?

 

Does Diversity & Inclusion Really Matter?

 

There are two big reasons that diversity and inclusion matter – and matter a lot.

 

First of all, there’s the right reason: this profession should look like the public that we serve, and every person in this profession deserves the same opportunities as every other person in this profession.

 

A profession that invites the best thinking of everyone – regardless of race, religion, politics, gender, or any other differentiator – stands heads and shoulders above anything else. We are better united than we are apart.

 

Then, there’s also the bottom-line reason – because, let’s face it, most things in this profession come down to money. So what does the bottom line say?

 

As reported by Melissa Suzuno in her article “6 Statistics That Will Convince You to Prioritize Diversity & Inclusion,” the bottom line is saying stuff like this:

 

• 67 percent of job candidates want to join a diverse team. And I’m guessing you want an in when it comes to finding top talent, am I right?
• 57 percent of your current employees want to prioritize diversity.
• Inclusive companies enjoy 2.3 times higher cash flow than their competitors.
• 35 percent of diverse companies outperform homogeneous ones.
• Josh Bersin found that inclusive companies are 1.7 times more likely to be innovation leaders in their market.
• Diverse companies are 70 percent more likely to report that their company has captured a new market.

 

When you listen to the bottom line, it says that having a more diverse and inclusive workforce makes you a business force to be reckoned with.

 

So how does that play out in the accounting and finance world?

 

Well, let’s start with this article from the Journal of Accountancy, written by Lucinda Harper:

 

Research indicates that more diverse and inclusive teams have a larger talent pool in which to find new talent, and they can use that as a recruitment tool for finding more top talent.

 

Diverse and inclusive organizations have access to a wider array of clients, which leads to more revenue. And on top of that, they’re more innovative because they have access to more varied ideas and deep thinking.

 

So there you have it: The business case for diversity and inclusion.

 

Want to help move diversity and inclusion forward in our profession?

 

If you are a finance or accounting professional in Maryland and you’re passionate about helping to move the diversity and inclusion needle, or even if you’re just interested in learning more, the MACPA is building a community around this important issue. We hope you’ll consider joining the conversation.

 

For more information, contact the MACPA’s Chief Operating Officer, Jackie Brown, at [email protected].

 

Resources:

• Learn more at AICPA.org/Diversity
• Connect with Kim on LinkedIn
• The Culture Code: The Secrets of Highly Successful Groups by Daniel Coyle