Is DEI Key to Recruiting, Retention & Performance?
More than 75% of job applicants say that a diverse workforce is an important factor when deciding where to work.
Organizations with actionable DEI initiatives show higher productivity, less turnover, and more revenue.
Forward-thinking enterprises must place DEI at the top of their strategic planning, according to statistics compiled by Cigna.com in August 2022.
The global health service company funneled through numerous reports from Deloitte, AARP, Glassdoor, Momentive, McKinsey, BCG, Clear Company, and others and found:
- DEI helps engage employees and increases productivity and retention rates.
- More than 75% of job applicants say that a diverse workforce is an important factor when deciding where to work
- More than half (62%) of workers say they consider DEI to be an important factor in their company’s ability to drive success.
- Companies with diverse and inclusive workforces are 35% more likely to outperform their competitors.
- Diverse leadership teams deliver 19% higher revenue.
Additional research in DEI is also being conducted by the Center for Accounting Transformation, which is examining the DEI journeys of CPA firms and organizations served by CPAs in finance roles.
“Staffing has consistently been an issue in the accounting profession,” said Kiera Speed, an inspiration logistician for the Center. “Research has repeatedly shown DEI initiatives can make an organization more successful by increasing staff performance as well as lowering turnover rates. While there are numerous DEI studies available, very few are specifically related to the accounting profession.”
Speed continued, “Our primary objective is to understand what resources people need to advance the DEI practices in their organizations.”
While the Center’s original DEI survey launched in the summer of 2022, the revised survey is open to continue collecting responses, allowing a more thorough examination of DEI issues.
Results collected to date will be presented at a free webinar on December 13, “The Diversity, Equity and Inclusion Journey in the Accounting Profession: What Research Tells Us.” During the webinar, panelists will discuss the research conducted by the Center, CalCPA, the Institute of Management Accountants, the International Federation of Accountants, and bbr companies, sponsor of a shared research initiative between AAM and CleralyRated. Attendees will take a deeper dive into what resources people need to mature the DEI practices in their organizations and learn from other experts about other DEI-specific research being conducted to help firms accelerate their DEI business practices to create deeper trust and a greater feeling of belonging among their employees.
- Claire Costin, Pamplin School of Business, Assistant Professor; University of Portland
- Stephani Mason, CPA, School of Accountancy & MIS, Assistant Professor; DePaul University
- Bonnie Buol Ruszczyk, Founder & Owner; bbr companies
- Kathy Johnson, CPA, CFF, CGMA, MBA, Vice President Forensic Accounting at J.S. Held LLC Chair, CalCPA Diversity, Equity, and Inclusion Commission
Professionals in the accounting industry are encouraged to complete the 10-minute survey to contribute to the most robust DEI study in the profession, and are additionally encouraged to join the discussion on December 13.