56: Diversity and Inclusion in Finance & How to Boost the Momentum

What did you do in 2020 to make a change for the better? Last year, companies were asked to be accountable and actionable about their diversity and inclusion efforts. The results have been mixed. As Derrick Coleman of Creative Financial Staffing has written, “Improving diversity at an organization does not happen overnight. It will take time and effort for companies to make progress and begin building a more diverse workplace.” 

Young professionals and recent grads are eager to see themselves represented in a company’s leadership. Diversity and inclusion initiatives are helping to reshape representation across the accounting world.

 

On today’s episode of the Taxgirl podcast, Kelly is joined by Derrick Coleman to talk about how a diverse workforce is good for both the culture and the bottom line of an organization. Derrick is the Managing Director for Creative Financial Staffing of Los Angeles, where he serves as a practiced leader of GHJ’s recruiting division. CFS specializes in the placement of accounting and finance professionals into temporary and permanent positions across a broad range of industries.

 

Listen to Kelly and Derrick talk about companies’ diversity and inclusion efforts in a post-pandemic world:

• Why is it important to have diversity in the workplace, especially in the world of tax and finance? 
• Research shows that a diverse workforce is more profitable at the end of the day, why don’t we see more companies making more of an effort to improve right now?
• The tax and accounting fields are notoriously resistant to change. Derrick says education is key; companies need to start having open dialogues about these topics, and really listen to their staff.
• As a young professional new to the workforce, there’s such an advantage to seeing yourself and your identity represented in your field. Derrick shares how companies can begin to make representation more of a priority. 
• When hiring, how can professionals learn to look beyond their internal biases, from sharing an alma mater with an applicant, to tackling race and gender biases?
• Search engines, technology, and online recruiting software have already widened the field and can help companies cast a broader net when seeking to hire. But how can firms teach their staff to overcome their biases when it comes to interviews and offers of employment?
• Derrick encourages teams to go through mandatory unconscious bias training, with an emphasis on retention just as much as recruitment. He says firms have to make the effort to mentor and develop diverse professionals on a daily basis, long after they’ve recruited them to the team.
• The demographics numbers regarding who is graduating versus who is managing teams do not match up at all. In other words, it can be hard for new grads to find an influential mentor in their field that looks like them. 
• Diversity and inclusion commitments start with the leadership of the company, Derrick says. And it’s up to the leadership teams to keep the DEI strategy at high priority, and to assign mentors and sponsors throughout their ranks and across all demographics. 
• How can staff members practice being supportive allies once new diverse employees are in place, without putting the pressure onto that new staff member to educate the rest of the team?
• What are Derrick’s recommended resources for companies just getting started with putting diversity and inclusion initiatives into place?
• How can staff members work on speaking up on behalf of creating more diversity equity and inclusion efforts, without causing accidental harm or offense in the meantime? Derrick says that everyone will make mistakes along the way; it’s important to create a safe space and stay dedicated to your own further education into the subject.
• Where does Derrick see diversity and inclusion initiatives going in the future, and how can companies keep expanding upon them for a more diverse and inclusive workplace environment?

 

More about Kelly Phillips Erb:

 

Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links mentioned:

Kelly’s Website – TaxgirlDerrick’s Website -- CF StaffingDerrick’s Team -- GHJ Advisors