How Can the Accountancy Industry Address Diversity?
28 Feb, 20251-2 minutes
In this blog, you will learn:
- What diversity within the workplace is
- Why diversity within the accountancy industry is important
- The different ways the accountancy industry can address diversity
- Discover more about the accountancy recruitment services we offer.
The accountancy industry is an essential part of the business world, helping companies to manage their finances, comply with regulations, and make informed decisions.
However, the industry's diversity has been a subject of debate for a while, with concerns raised about its lack of representation of certain groups.
While better practices are developing on the whole, the change of pace has been slow and the profession still has a long way to go to become more diverse.
In our latest blog post, we explore diversity in the accountancy industry, the structural and cultural barriers to career progression for minority groups, and consider strategies on how it can be improved.
What is diversity within the workplace?
Diversity in the workplace refers to the variety of differences between people in an organisation, including differences in race, ethnicity, gender, age, religion, sexual orientation, disability, education, socioeconomic background, and more.
A diverse workforce is one where people with different backgrounds and experiences work together to achieve common goals. This includes promoting inclusion, equity, and fairness for all employees, regardless of their differences.
It’s vital that all workplaces, including practices within the accountancy industry, strive for diversity. According to research by Stonewall, nearly a third of LGBTQ+ employees did not agree they could be themselves at work and of these, 53% have experienced discrimination, such as receiving verbal or physical abuse, or feeling excluded.
It's clear that in 2025, more policies and practices are needed to address diversity and enhance inclusion in the workplace.
Why is diversity within the accountancy industry important?
Diversity within the accountancy industry is important because it fosters a more inclusive and welcoming environment and promotes innovation and creativity. More diversity also helps a business better understand and cater to a diverse customer base, promotes social justice, and ensures legal compliance.
When people from different backgrounds work together, they bring different perspectives and ideas, which can lead to better decision-making, more innovative solutions and increased profitability.
Increasing the number of women in senior and leadership positions could result in high levels of economic growth, enhance business performance and secure long-term economic benefits for practices in the UK
Promoting diversity and inclusion helps to redress imbalances and create more opportunities for underrepresented groups within the accountancy industry. However, to be effective, ‘buy in’ must come from the top and be a core part of the firm's business strategy.
Strengthening diversity and inclusion within a business is an ongoing task and it’s not something which can just be ‘done on the side.’
The different ways the accountancy industry can address diversity
Gender diversity in the accountancy industry
Historically, accountancy has been a male-dominated profession, with women facing significant barriers to entry and progression - the so called ‘glass ceiling.’
In recent years, there has been progress in addressing gender imbalances, with more women entering the industry at all levels. However, the change has been slow and there is still work to be done.
According to the latest report on women in leadership roles, FTSE 350 companies has surpassed their gender target with women in 43% of board positions, however there is still a long way to go.
One area of concern is that according to an Accountancy Age 50+50 firm survey, the number of firms with female leaders within the UK's top 100 has dropped from 20% to 12%. Despite the low and dissapointing number of women in leadership, the percentage of female qualified Accountants does seem to be on the rise.
To address any continuing imbalances, the accountancy industry must continue to promote gender diversity in recruitment, training, and career development, while also tackling unconscious bias and discrimination.
To ensure that policies are followed and training is put into practice through day-to-day behaviour, it requires a collaborative approach from everybody involved, particularly from management.
Ethnic diversity in the accountancy industry
Another area of concern is the lack of ethnic diversity in the accountancy industry.
According to Druthers Search, as of the third quarter of 2024, the unemployment rate among individuals of white ethnicity in the United Kingdom was 3.6%, the lowest compared to many other ethnic groups during the same period. The Pakistani and Bangladeshi, Black, and Asian 'other' ethnic groups experienced higher unemployment rates. In fact, ethnic minority employees hold only 1 in 16 top management positions in the UK.
This lack of diversity is a significant issue, not just from a social justice perspective but also from a business perspective.
Studies have shown that diverse teams are more innovative, creative, and better equipped to understand and meet the needs of a diverse customer base.
To address this issue, the accountancy industry must take steps to promote diversity in recruitment, training, and career development and continue to improve the opportunities for black and ethnic minority talent in accountancy.
This may include actively seeking out and supporting candidates from underrepresented groups, providing training and mentoring programs, and implementing policies that promote inclusivity and equality.
LGBTQ+ diversity in the accountancy industry
There is still a need to address the underrepresentation of the LGBTQ+ community within the accountancy industry. According to Stonewall, 39% of LGBTQ+ employees feel the need to hide the fact they are LGBTQ+ at work and over a third of employees have heard discriminatory comments about an LGBTQ+ colleague.
Fostering a workplace culture that is inclusive of all sexual orientations and gender identities requires a concerted effort from leadership and staff alike and we've compiled 7 ways to create a LGBTQ+ inclusive workplace.
To start, the accountancy industry should introduce policies that explicitly prohibit discrimination based on sexual orientation or gender identity, and provide diversity training for all employees.
They can also create affinity groups or employee resource groups for LGBTQ+ staff to offer support and foster a sense of community.
Ultimately, embracing LGBTQ+ diversity in the workplace will benefit not only employees, but also the industry as a whole.
Disability diversity in accountancy
The accountancy profession is generally considered to be an accessible profession for individuals with physical disabilities as it often involves desk-based work with minimal to no mobility requirements, focusing on analytical and mathematical skills.
A growing number of organisations and accountancy practices are implementing policies and programs to support and accommodate individuals with disabilities, such as flexible working arrangements, assistive technology, and disability awareness training.
To further improve disability diversity in the accountancy industry, organisations and accountancy practices must continue to provide support and resources for individuals with disabilities. By tackling the stigma and discrimination that often surrounds disability, you can measure how disability friendly your practice is.
In conclusion, addressing diversity in the UK accountancy industry is crucial for creating an inclusive and welcoming workplace.
By implementing policies and practices that promote equality, diversity, and inclusion, companies can attract and retain top talent, enhance productivity, and improve their reputation.
It’s important for leaders and employees to actively challenge discrimination and stereotyping, and celebrate diversity in all its forms.
Ultimately, the UK accountancy industry must continue to work towards creating an environment where everyone feels valued and respected, regardless of their ethnicity, physical ability, sexual orientation or gender identity.
Discover what Accountancy & Finance professionals are looking for in a job
As a specialist accountancy and finance recruitment agency, we understand how to support accountancy practices and private sector businesses in their mission to attract, engage and retain the best talent.
After conducting extensive research with accountancy and finance professionals, we compiled the What Accountancy & Finance Professionals Are Really Looking for in a Job in 2025 report.
The report delves into the key factors shaping job preferences and expectations within the industry and uncovers topics such as preferred salary, perks, benefits, work flexibility and work culture.
Read the full What Accountancy & Finance Professionals Are Really Looking for in a Job in 2025 report here.
Accountancy recruitment services
As specialist accountancy recruiters, we support practices nationwide with their permanent recruitment needs.
Whether you’re searching for a tax, audit or payroll specialist, we will help you to find whoever you need to make your practice thrive.
If you’re struggling to fill a vacancy, why not get in touch with Management Consultant Lauren Bailey on 01772 954200 to see how we can help?
Accountancy jobs
If you’re searching for your next accountancy job, why not take a look at the latest vacancies, or simply upload your CV to be notified when a relevant position becomes available.
Who is Spencer Clarke Group?
Established in 2017, we’re an award winning and progressive recruitment agency based in the heart of the North West. Our reputation is built on trust, expertise and an unwavering commitment to exceed expectations.
In 2024, we were named Recruitment Agency of the Year at the prestigious Recruiter Awards, an accolade we are extremely proud of.
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