By: Mary L Bennett, CEC, CIA, MBA The accounting, consulting and legal professions, as well as many other financial services professions, have been working on diversity, equity and inclusion (DEI) challenges and opportunities for decades. Many organizations led the way beginning with a focus on improving gender diversity. Increasingly organizations have moved or are moving to a broader definition of diversity and inclusion defined by gender, ethnicity, age, generation, sexual orientation, neurodiversity, and many more aspects of our differences and similarities as human beings. The business focus on inclusion is driven by the perfect storm of increased demand for Talent which is outpacing the supply. Societal shifts are also pushing DEI change, even in the face of Potential legal risks which are effectively dealt with using appropriate DEI strategy. Below are Some reasons for the gap in the supply and demand of professional talent: 1-Unprecedented retirement numbers 2-High turnover and a shortage of talent in the marketplace 3-Changing demographics not mirrored in these profession; increasing risks of irrelevance of these professions 4-Ambiguity or outright lack of attractiveness of traditional long term career paths in these professions 5-Societal shifts relative to the pandemic such as quality of life and desire for remote work options What are the firms of the future doing to address talent and leadership shortages through their diversity, equity and inclusion (DEI) strategies? 1- Effective firms deeply understand, document and communicate their firm's customized business case for investing resources in the attraction, retention and advancement of those who bring elements of diversity to the firm. All levels of the firm should be considered, especially the leadership ranks. A more inclusive culture includes diversity of thought at the leadership level in order to accomplish truly effective sustainable business strategy into the future. 2-Successful firms use their customized business case as a starting point to accurately diagnose their firm and its evolution toward building a more diverse, equitable, and inclusive organization. Getting clear on commonly used terms and definitions is often one component in the diagnostic process. Understanding the desired future state and why creates a sight line for guidance and course correction. Diversity is a reflection of the actual ranks of the organization along the dimensions of diversity such as gender, ethnicity, age, social identity, etc. Equity is about ensuring everyone has equitable access to opportunity within the culture; equity is not accomplished by treating everyone the same. Inclusiveness is the degree to which the organization successfully integrates and leverages the uniqueness of its employees, hearing all voices, tapping into the diversity of thought they bring. Inclusiveness is also measured by a sense of belonging and the perception of equitable access among ALL employees. Diversity, Equity and Inclusion strategies must include everyone in the organization; majority group members and those from UNDERREPRESENTED groups. This is about all of our similarities and differences and how we HARNESS these to succeed together. Understanding where the organization is in terms of maturity, and therefore readiness for strategy implementation, is essential to avoid significant mis steps. A common example of such a mis step is the attempted implementation of educational programming before the business case and strategic context is solidly in place. In this situation, it is very difficult to obtain buy in from the leadership level and down through the entire organization. The firm may be moving towards outcomes that are not in alignment with where they most need to go from an DEI perspective. Organizations may quickly get confused about why they are undertaking various activities. Understanding where you want to go, why you want to go there and where you are starting from is essential. 3-Firms effective in building greater diversity, equity and inclusion have a defined a targeted set of strategies that align with the evolutionary readiness of their organization. This always begin with effective business case formation, communication plans and tangible diagnostic preparedness. There are many strategies that can be employed, the firm must understand the foundational elements noted above before selecting strategies. This is not a one size fits all strategy. Nuances and specifics matter. Also, There are always resource challenges. it is critical to engage in the strategies that will most effectively move the firm towards it's vision of success relative to business strategy overall. The diagnostic process will help to avoid pitfalls that can take years to recover from, while moving the firm towards tangible progress. Doing the right things, for your organization at the right time in it's evolution. Do not hesitate to contact us at mlbennettconsulting.com for more information. Jill is an African American woman with ten years of experience in
public accounting. She is certified and versatile in the areas of practice in which she might contribute now and in the future. She has deep community roots in the major metropolitan area in which she works and she has shown great promise in promoting the Firm in the market. She has demonstrated ability to target in on very valid and significant business development opportunities. She is liked by her peers and develops the people on her teams. She also plans to leave the Firm and possibly public accounting altogether. What is wrong with this picture? Jill feels as if she works tirelessly to stay connected in the Firm and to expand her network. She has been successful in this regard and is networked and capable of tapping into opportunities. She feels she has to prove herself every day when she walks through the door and again if she is working toward a significant opportunity in the Firm or the market. She feels when she speaks she must work much harder to be heard and to be taken seriously. She feels that her superiors are not connected to her and that she is not on their radar screen. She has observed the favoritism or advocacy circles that drive the assignment of opportunities, promotions and pay increases. She has managed to tap into these organizational circles from time to time, but also notes that she has to assimilate in order to stay connected. She is uncomfortable with the degree of assimilation required. She understands that this assimilation also limits the value she may bring to the Firm. She has come to the conclusion that the energy she is pouring into trying to fit into the organization could be better applied to her work if she was in a more inclusive environment. Her exploration of the Public Accounting marketplace has turned up few options upon deep research. She knows she has many career options. She cannot envision herself on the outside trying to gain access daily for the undefined and long term future. This is a very difficult career path without taking into account the need to break into circles of influence that others do not have to work at to gain access. The sustainability of our Firms is dependent upon attracting, retaining and developing the best talent. A significant portion of this talent is represented by individuals who represent something different then our current partner ranks. Our ability to develop and bring new solutions to new markets is dependent on our success in creating an inclusive culture that supports a very broad level of diversity. Diversity in thought, lifestyle, ethnicity, gender, education, socioeconomic experience and much more. Creating an inclusive culture can be accomplished with targeted effort. How do we attract, retain and develop the individuals who represent the change we need for the future while we continue to work on our culture? What can an organization do now to retain and develop top talent like Jill? One of the most important strategies that an organization can employ is targeted advocacy. In our profession advocacy relationships drive talent development and career navigation. These relationships are a natural part of our organizations and have been so for decades. Advocates not only understand how to navigate through an organization to access key opportunities and networks at the most appropriate junctures of a career but they also use political capital to facilitate these moves for their protégés. Advocates also help the protégés to become visible in ways that individuals cannot do for themselves. These relationships exist and drive our profession. These relationships are essential for election to owner which is one of the ultimate career destinations in our profession. It is critical to note that for individuals who represent something different from the norm, the advocacy relationships do not form as naturally as they do for the majority group. Human beings are drawn to individuals who remind us of ourselves, those we can identify with. This is especially true of advocacy relationships that may form naturally in public accounting Firms. This is significant and an important element in Jill’s story. How can a person like Jill reach the conclusion that the price to pay for success in public accounting is too high? As an experienced partner in a public accounting Firm, I would be the first person to acknowledge the road is long and challenging. We expect to work hard to attain this goal. What is lost on those of us who may represent the majority is that the path is not the same for those who are diverse, those who may represent our future. The path is much harder every day. When we hear that these individuals do not want to do what it takes to succeed we must understand that in significant ways we are asking them to do more then we have had to do. This is true in many Firms for women, minorities, those with different educational or socioeconomic experiences, those with different lifestyles, or those that represent any significant difference that currently requires the individual to suppress in order to assimilate and be accepted. If you are a member of the majority and dominant group, the need to suppress fundamental elements of who you are to succeed may sound like fiction. Those who represent diversity in the ranks of your Firm would assure you that the energy it takes to try to be a fully accepted and engaged member of the Firm is significant. Advocacy relationships must be in place for all of our top talent. If left to chance, the relationships will most likely not be in place for the individuals who represent a critical part of our future because they represent something different. Targeted Advocacy Programs are not difficult to implement. The ripple effect benefit of these programs is immense. One method of shifting culture is to work closely with those individuals who represent the future. Bias is generally unconscious. Bias begins to break down as we gain personal experience interacting with individuals. Both the advocate and the protégé learn from these relationships. Given the unavoidable retirement of the baby boomers -why is there such a resistance to effective succession planning? Because it touches us as human beings in ways we prefer not to think about.
1-Fear Fear of the unknown Fear of becoming irrelevant Fear of retirement and beyond Fear that someone will actually replace us 2-Denial That our current role and responsibility must change That we need to give emerging leaders the opportunity to lead That we have neglected building a plan for the next phase of our lives Significant amounts of compassion, counseling and coaching are essential in effective succession planning programs. Beginning the process with validation and gratitude for the contributions of the current leaders is a good place to start. Dealing with the human element of succession is not a side element of the planning process but the central element that will speed and improve the entire endeavor. The commitment, passion and engagement that have contributed to the organization's success will also hold it back if we do not actively and compassionately recognize it and deal with it creating dignity and appreciation. |
AuthorWelcome to my blog. Thank you for joining me! I am Mary, founder of MLBennett Consulting. The thirty years I have spent working with clients, developing consulting practices, leaders and organizations have led me to strategic outcomes and consistent passions. I am well known in the accounting industry, but also work with professional services firms and corporate clients. I founded the MLBC organization because I am deeply experienced and passionate about the inclusive development of individuals and organizations. I believe our success and sustainability begins with our people and the strategic processes and programs that support their development. Diversity, Equity and Inclusion are critical in building a sustainable organization. I hold an MBA, CIA and multiple coaching certifications. Archives
October 2024
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