Talent diversity linked to financial performance
When you're hiring an accountant, chances are you're paying the most attention to expertise and personal attributes to determine whether they will benefit your organisation. However, research from Bersin by Deloitte has revealed that the effectiveness of your workforce is also significantly influenced by how diverse it is. As a result, the secret to financial prosperity could be to have an inclusive and varied finance team.
Diversity and inclusiveness driving financial outcomes
According to the report from Bersin, organisations with the most positive financial performance tend to align diversity and inclusiveness with their business goals. The survey found that companies with a mature talent strategy demonstrated a significantly higher mean cash flow over a three year period. For larger organisations it was 2.3 times higher, while smaller businesses showed a cash flow that was around 13 times higher. Bersin's Vice President of HR and Talent Research Stacia Sherman Garr explains that this trend is evident across the top performing companies surveyed.
"Those organisations at Level 4 – considered the most advanced or mature organisations and account for just 10 per cent of all organisations – have targeted, integrated and inclusive talent activities that heavily reinforce the importance of leader growth and a widespread learning culture. But what really differentiates them is their approach to diversity and inclusion," she said.
A study from McKinsey and Company highlights some of the major reasons why diversity affects financial performance, including improving the satisfaction of employees, broadening the talent pool, orientating customers and advancing innovation and decision-making processes.
Strategies for a diverse finance team
In light of this insight, employers should prioritise diversity when looking for new additions to their accounting teams in order to boost their financial stability. Bersin recommends the following steps for achieving diversity:
- Provide leadership development opportunities for individuals across the organisation.
- Start viewing talent as an asset instead of an expense.
- Align a leadership strategy with company objectives to establish an inclusive culture of learning.
"These high-level and broad-based strategies help to reinforce the importance of bringing in people of diverse backgrounds and behaving in inclusive ways," said Ms Garr. "Organisations that built these high-impact diversity and inclusion strategies and practices strive to create a 'conversation' or relationship with employees, which communicates to them that they are fully understood and valued by the organisation. This relationship also encourages employees to contribute their whole range of experiences and perspectives."
To work with a recruitment agency that values diversity, get in touch with Durno recruitment.