How Can the Accountancy Industry Address Diversity?
12 Nov, 2024
Improving Opportunities for Black Talent in Accountancy
17 Oct, 20231-2 minutes
In this blog, you will learn
- Why it’s important to improve diversity in accountancy.
- Ways to improve opportunities for black talent.
- How to find and apply for the best accountancy jobs.
There is a demand for action to embrace diversity and encourage equality in accountancy and finance practices. Data from a survey by the Association of Accounting Technicians (AAT) revealed that the median ethnicity pay gap declined from 23.9% in 2021 to 23.6% in 2022.
In a bid to accelerate equality, it became mandatory for large companies to publish ethnicity pay reports from April of this year. It is especially important to address this imbalance in the industry because of the critical role these professions play in the UK economy.
To address this important topic, we have compiled a list of ways to improve opportunities for black talent in the accountancy sector.
Why it’s important to improve diversity in the accountancy sector
Demonstrating diversity and inclusivity within the accountancy sector can promote better teamwork and collaboration, improve retention rates and have a greater chance of succeeding in new markets.
Accountants have a moral obligation to be trustworthy, provide guidance and to set a good example. Building partnerships that will be profitable in the future means keeping all options open and considering where your pool talent lies. You need to ensure you are doing enough to help your talent develop by ensuring equal opportunities are available for everyone.
Finally, being moral and empathetic shows a high level of understanding, honesty and trust that allows more people to identify with your practice. Improving opportunities for black talent in the accountancy sector is better for people, better for business and better for society.
How to improve opportunities for black talent in the accountancy sector
In order to address the challenge of the under-representation of black talent and improve opportunities, it’s crucial for practices to prioritise diversity and inclusivity. Meaningful action is needed to redress the balance for black professionals in the workplace and ensure that black professionals are given the fair opportunity to succeed in all organisations.
Strategies to promote diversity and equity
Here are several strategies that can help promote diversity and equity in your accountancy practice and improve opportunities for black talent:
- Make sure your practice has a workplace diversity policy. This isn’t a legal requirement, but it helps to set out your goals and standards when it comes to diversity, and how to achieve and maintain them. The Chartered Institute of Professional Development offers a comprehensive guide to diversity management in the workplace.
- Implement a positive, fair and inclusive culture where diverse perspectives are valued and everyone feels included and respected. Culture is considered to be a tangible asset of a business, therefore embrace improvements in areas of diversity and inclusivity to secure.
- Provide training to HR professionals, recruiters and hiring managers to recognise and reduce unconscious biases in the hiring process to ensure fair candidate evaluations. Actively hire a more diverse workforce and implement proactive recruitment strategies that target a diverse pool of candidates. Multiple perspectives and a diverse interview panel can lead to more impartial hiring decisions and minimise bias.
- Establish mentorship programs that pair black employees with experienced professionals within the organisation. Mentors can provide guidance, support, and career development opportunities.
- Offer leadership development programs tailored to black talent to establish and share best practice for the recruitment, retention and progression of black talent.
- Promote networking events and forums within the organisation where black professionals can connect with colleagues, share experiences, and build supportive relationships. Networking opportunities can maximise the potential of black professionals and provide better visibility within the organisation.
- Aim to narrow or even remove the ethnicity pay gap at your practice. Sizeable differences in wages based on ethnicity represent the standards and beliefs of your practice and can put off a lot of potential employers and even clients.
- Partner with organisations and networks that focus on supporting black professionals in finance and accounting such as the Black Talent Charter.
What is the Black Talent Charter?
The Black Talent Charter strives for equality and equal opportunity for men and women of black heritage who are the most underrepresented ethnic group at senior levels. They aim to increase the number of black people in senior positions in the financial and professional services sectors in the UK.
The Black Talent Charter demands action by firms to ensure that the percentage of black professionals matches the UK working population within 10 years.
In 2021, the Institute of Chartered Accountants in England and Wales (ICAEW) signed Black Talent Charter (BTC), and earlier this year, the UK supreme court signed up to the Black Talent Charter.
By implementing and offering some of these initiatives you can improve opportunities for black talent and address diversity to develop the stability, growth and success of your practice.
Accountancy and finance recruitment
As leaders within accountancy recruitment, we’re proud to support black talent in the accountancy and finance sector and we encourage more opportunities for black Accountants to thrive in the industry.
We understand the challenges which every accountancy practice faces in this day in age. One of the biggest obstacles is providing equal opportunities for everyone to secure your talent and help your firm thrive. That’s where we can help!
With years of experience recruiting in the accountancy sector, we have exclusive access to some of the most qualified and experienced Accountants, Bookkeepers, Audit Managers, Audit Seniors (and more) out there!
Accountancy jobs
If you’re looking for a new accountancy firm to develop your career, we have hundreds of accountancy and finance career opportunities at a number of different practices across the UK.
Browse our job page or upload your CV now to be contacted about upcoming accounting career opportunities. Or why not get in touch with our Management Consultant, Lauren Bailey, to learn more about the options available to you.
Meet Lauren Bailey
Who is Spencer Clarke Group?
Since 2017, we’ve been evolving our approach and commitment to recruitment to create a positive change and match perfect candidates with the perfect job. We are passionate about conducting our business with your best interests in mind by providing the best possible salary, prioritising well being and improving mental health.
From individuals seeking a change or progression in their career to enterprises aiming for unprecedented growth, we're unwavering in our mission to shape a brighter, more fulfilling future for all.
We operate in two sectors:
In eleven specialisms:
Healthcare, Social Care & Nursing
Corporate Functions & Business Support
