Over recent decades, conversations around diversity have come into sharper focus. Organisations have taken active steps to ensure that it is at least being considered, if not yet incorporated into their corporate mission and value statements.
Traditionally, diversity in the workplace meant that people were well represented across genders, religions, ages, ethnicities and abilities. At its core is the idea that everyone is unique and should be respected for their differences.
Today, diversity is viewed as a key driver of business growth, helping organisations produce 19% more revenue and outperform their less diverse counterparts by 35%.
Gender diversity on boards helps organizations perform better, improving comprehension of consumer behaviour and needs. Firms with strong female representation are also reported to perform better by 25%. And, according to the ACCA 2023 Global Talent Trends Report, women tend to feel less overwhelmed by the pace of technology impacting their jobs. Since we are celebrating Women’s Month, these findings are a timely reminder of the power of women to drive meaningful impact.
In addition to financial gains, there are other significant benefits that a diverse team brings to the table beyond equality, especially for accounting firms. Let’s have a look at how diversity can strengthen a firm’s overall business performance.
Win the war for talent
With skills shortages experienced across industries including accounting, organisations have adopted a variety of initiatives to attract and retain highly skilled workers. An innovative approach would be to focus on D&I (diversity and inclusivity) efforts, according to Damien Howard, executive vice president of social ventures at Per Scholas.
“If you’re talking about winning the war for talent, a diverse and inclusive culture is a magnet for top talent, and ultimately results in higher retention and employee satisfaction,” says Damien.
A recent PwC study reveals that millennials make up 50% of the global workforce and they put a higher value on diversity. A 2020 workplace survey from Glassdoor revealed that 76% of job seekers tend to pay attention to whether their prospective employers include a diverse workforce or have a strong position on diversity before they join a company.
Incorporating diversity into your recruitment strategy will make your firm more appealing to a wider range of talented individuals who can bring high quality work and optimise your team’s capacity. More importantly, having a diverse team allows your team members to be exposed to new skills and different sets of best practices and approaches to work.
Innovative solutions and productive work environment
Recruiting diverse talent means your firm will have a larger pool of ideas, perspectives, skills sets and experiences to draw from. When organisations establish a culture in which everyone feels empowered to share their view, they unlock
s novel solutions that are not based on the same cultural voice.
Culturally diverse teams are also more creative than their homogeneous counterparts since they digest information more carefully, think differently, and see problems from multiple angles. In contrast, homogeneous groups have the tendency to ‘group think,’ which discourages critical thinking and encourages conformity, according to a Harvard Business Review report.
Diversity also fosters a culture of mutual respect and understanding. When your team members are given the opportunity to learn from each other, they become more appreciative of the unique contributions each person brings to the table. This can lead to a more harmonious and productive work environment with team members feeling valued and included.
Increase employee satisfaction and retention
It makes good business sense to identify what motivates employees to stay, especially when Quiet Quitting and The Great Resignation trends look set to continue. The broader consequences of this quitting wave could sink not just your firm’s workforce but also its bottom line.
The 2022 PwC’s Global Workforce Hopes and Fears report, which surveyed over 52,000 workers in 44 countries, cites job fulfillment, work-life balance , and the opportunity to be one’s authentic self as among the top motivators for retention or job change.
These factors are all directly linked to diversity. When your firm employs a globally diverse team, it translates to a work environment that is more accepting of people with inherent differences. As a result, team members feel more empowered to be truly themselves at work and are motivated to reach their full potential.
A larger client base
Accounting firms serve communities and clients across the globe. By having team members who can relate to and understand the needs of different client groups, firms can provide a more tailored and effective service.
As reported by CPA Journal, “Diverse teams are better equipped for new business opportunities because of their broader market knowledge, foreign language skills, and cultural sensitivity.” This presents new opportunities for your firm to grow and connect with potential clients who also come from different backgrounds.
Build a diverse team with global talent solutions
A diverse work environment will allow you to have a significant advantage as well as the ability to deal with the different nuances within a global marketplace. As a global talent solutions provider, TOA Global understands that diversity is integral to business success. That’s why our culture enables your elite global team members to perform at their best no matter who they are and where they work from.
Just as importantly, we continue to advance gender equality to ensure all team members are given equal opportunities to reach their full potential and be more confident to pursue their goals.
This year’s Harmony Week feels particularly more meaningful since we recently reached a significant milestone. Our team grew to over 3,400 team members and this inspires us even more to amplify our culture of belonging. We celebrate different cultures that make up our organisation and ensure our global team members are empowered to thrive. By breaking down cultural barriers, we enable them to perform at their best no matter who they are and who they work with.
We make every effort to ensure they have:
- Facilities and resources that help them build skills for success.
- Education opportunities that allow them to thrive when they start working for top international accounting firms.
- The ability to work collaboratively with local teams to achieve best results.
- The capacity to help you grow and strengthen your business.
- The right skills set to help you respond to the unique needs of your diverse clients.
For over nine years, TOA Global has helped more than 1,000 firms to grow and scale their businesses faster by leveraging diverse skills sets. If you’re ready to gain the tremendous benefits that our elite global teams can bring to your firm, watch our clients’ testimonials here and get in touch with us today. You will also receive a Free Accounting Outsourcing Strategy for your firm.
Interested to know the different tasks you can easily delegate to a global team? Download our Free Outsourcing Checklist For Accountants here – free of charge!