Diversity has always existed throughout history, yet it is surprising how some companies still fail to recognize and embrace it. Human diversity—in gender, culture, ethnicity, and more—is not a problem to be worked around or solved. Instead, it is a beautiful attribute that brings forth different ideas and perspectives. It is not a weakness; it is an advantage that allows us to produce innovations that one mind could not think of.
Given that, to keep your business competitive, it is important to identify which outdated practices need to be abandoned and which need to change—especially when it comes to hiring. If you are still sticking with traditional hiring methods, it is about time to make a change. Because you may not just be missing top talent; you may also be actively slowing down your growth and limiting the essential diversity that could really propel your company forward. Given the pace of change in the field of accounting and finance—and the expectations of modern jobseekers—today’s labor market necessitates a more strategic, data-driven, and inclusive approach to hiring.
There is more to diversity in accounting and finance than simply checking boxes. It is about bringing in different viewpoints, driving innovation, and building a team that is representative of the real world. Strategically and thoughtfully hiring diverse talent is the way to go if you want to increase the success of your team.
Why Diversity Matters
Diverse Teams Make Better Decisions
Research indicates that when it comes to making decisions, diverse teams perform better than their more homogeneous counterparts. Why? Simply because diverse backgrounds result in a variety of perspectives. In the accounting and finance industry—where forecasting, risk management, and critical thinking are needed every single day—a wider range of perspectives results in better-informed, well-rounded decisions.
Innovation Thrives in Inclusive Environments
Nowadays, innovation is powerful, especially considering the rise of fintech, blockchain, and AI-powered analytics. As AI increasingly automates processes, we risk diminishing the ‘human touch’ in our output. Because of this, diverse teams are heavily essential for they challenge outdated thinking and promote new, creative solutions required to succeed.
Improved Client Trust and Engagement
Clients want to collaborate with teams that understand their unique challenges, whether those difficulties relate to cultural sensitivities, language preferences, or market knowledge. A diverse finance team can better connect with a wider client base, leading to stronger relationships and business growth.
Enhanced Employee Satisfaction and Retention
Retention rates are higher in inclusive workplaces. This is because people are more likely to stick around and make significant contributions when they feel heard and seen. In addition, this is particularly important in finance and accounting positions where employee turnover can be expensive and inconvenient.
How to Recruit for Diversity the Right Way
Redefine What “Qualified” Looks Like
It is time to challenge outdated notions of success, which often prioritize prestigious degrees or “Big 4” experience above all else. It could seem a bit dubious, but transferable skills and a fresh viewpoint are just as valuable. By broadening our definition of “qualified”, we can open doors to a more diverse and innovative pool of candidates, therefore, creating environments where unique talents truly flourish.
Be Mindful of Your Job Descriptions
When crafting job advertisements, you really want them to feel welcoming to everyone. Seriously, examine the language being used, then double check it again, as even subtle biases can unintentionally deter great candidates. Be extremely mindful about the tone you are setting. If possible, try to swap out complex technical terms for simple and plain language. This ensures your job ad speaks directly to everyone and thus inviting a broader and more diverse pool of talented professionals to consider joining your team.
Use Structured Interviews
Think about it: if you ask different questions to different people, or if interviewers are just winging it, it is easy for personal opinions to sneak in. That is why you should pose the exact same questions to every single applicant. This makes sure everyone has an equal chance to showcase their skills and experience. You can even utilize a scoring rubric to direct assessments and pose the same questions to each applicant. This directs attention toward their abilities rather than your personal opinions.
Empowering Your Team for Fairer Hiring
You see, awareness is genuinely the first crucial step toward real behavior change. Of course, we all have unconscious biases, that’s why constant training is important. This helps your team become much more attuned to those subtle biases that can unintentionally creep into decisions. From reviewing resumes to conducting interviews and making final selections, they will have the insights to ensure every candidate gets a fair and objective assessment, truly allowing the best talent to shine through.
Ready to Diversify Your Accounting & Finance Team?
Do not let your company miss top talent. Whether you are looking to hire a Senior Accountant, Financial Analyst, or CFO, we can help you source exceptional candidates that would fill the diversity gap your team is missing.
Contact us today to learn how we can support your diversity hiring goals, and help your business thrive with the right people in place!