Women of Color Struggle to Succeed in Accounting Firms.
[via Catalyst]Â
Workplace experiences of women of color are vastly different from those of white women, white men, and men of color, according to Women of Color in Accounting, the second report in Catalyst’s breakthrough Women of Color in Professional Services Series.
Furthermore, the study finds that these unique experiences should be recognized in order to better engage women of color and offer this crucial employee group greater access to advancement opportunities.
The report develops findings that compare the experiences of women of color with other demographic groups and provides a critical look at “intersectionality,” which this study defines as the juncture between race/ ethnicity and gender as it specifically impacts women of color.
The accounting industry faces increasing talent recruitment and retention demands, and according to the Bureau of Labor Statistics, employment of accountants and auditors is expected to grow faster than average through 2016. More than half the graduates earning accounting degrees are women, and women of color are a critical part of the talent pool for accounting firms. Yet according to this study, barriers for women of color include race-based disadvantages, double standards, and a lack of access to high-visibility engagements. These barriers result in women of color having low satisfaction in their careers, which is a significant predictor of intent to leave their firms.
“The accounting industry has made great strides towards building a more diverse and inclusive workplace. The fact that the ‘big four’ accounting firms supported this study demonstrates a commitment to making their diversity strategies more effective, especially for women of color,” said Ilene H. Lang, President of Catalyst. “Working to further change the white, male, up-and-out culture to one that is more inclusive to women and people of color will not only expand opportunities for women of color in the accounting industry but also allow firms to attract and retain the best and brightest in the field.”
This study offers valuable insights into the unique challenges women of color in accounting experience. These challenges include:
- A lack of similar role models
- Negative stereotyping
- Less likelihood of connecting with others at work
- A lack of development opportunities, specifically with client service assignments
- Diversity practices ineffective in creating a truly inclusive workplace for women of color
“Here’s a case where one size does not fit all,” said Katherine Giscombe, Vice President, Women of Color Research, and the lead author of the report. “If firm leaders do not take note of this intersectionality, then chances are great that their diversity and inclusion practices will be characterized by good intentions, ‘imperfect execution,’ and less than successful results.”
In order to attract and retain women of color, the Catalyst report provides the following suggestions:
- Be mindful of “intersectionality”-it can magnify the single effects of race/ethnicity and gender for women of color.
- Assess how diversity and inclusion practices specifically affect women of color and strengthen them with strong accountability systems.
- Facilitate interactions among women of color and others in the workforce.
- Aggressively open up client access and high-visibility opportunities to women of color.
This landmark Women of Color in Professional Services Series underscores Catalyst’s continuing commitment to studying the unique experiences of women of color in the workplace. Catalyst’s initial research in this area sparked a national dialogue and led businesses to turn their attention to making their work environments more inclusive of all women.
