june2021 - 24

FEATURE
2021 STATE OF ACCOUNTING STAFFING:
Digital Transformation and Diversity
By Jodi Chavez
" TUMULTUOUS " MIGHT BE an understatement for what we all went through
last year. In fact, 2020 set so many things in motion that in some ways it
seems like we're still playing catch-up, which is why in this article I'll be
revisiting two of them: digital transformation and diversity. Let's look at the
state of these two " D's " in the accounting space, examine the fallout from
2020 and lay out some tips to help organizations succeed on the road ahead.
DIGITAL TRANSFORMATION:
ALIGNING TECH INVESTMENT
WITH DEVELOPMENT INITIATIVES
Along with COVID-19, fast-tracking digital
transformation may have been the theme
of 2020, impacting all industries - and that
doesn't look like it's going to change any time
soon.
In fact, global
investment in digital
transformation projects, which netted out to an
impressive $469.8 billion in 2020 (according to a
recent study published by MarketsAndMarkets.
com), is expected to surpass the $1 trillion mark
by 2025.
The accounting space is in no way immune
from this kind of disruption, of course. Yet at
many organizations, there does seem to be a
lingering sense of ambivalence as well - and
often, it extends all the way to the top of the
chain of command. For example, one study
from AppZen and CFO.com Research found
that while the majority of CFOs say they're fully
open to adopting the latest digital technologies,
82 percent of them are concerned that cultural
factors within their organizations might
stand in the way of their ability to implement
automated technologies, workflows and more.
(Interestingly, nearly the same number - 79
percent - were worried about the impact of
these technologies on their own job security,
according to the same survey.)
With all of that in mind, however, now
might be a good time for accountancies to hit
the pause button on their digital investments
and check in with their workforces. Just think
of it as your overall-digital-readiness audit.
What are your strengths from a human capital
standpoint? What skill areas do you have in
abundance - and what competencies will
you need to cultivate going forward? Finally,
is everyone on the team willing to commit to
upskilling and reskilling where necessary to
make the journey a success?
This last question, in particular, can help
align everyone on your team, while also assuaging
any fears they might have. Needless to say,
it might in turn force you to enhance the reskilling,
upskilling and development programs you
offer to your team - and if so, that's a good
thing. After all, the benefits will be twofold:
* Best-in-class internal reskilling, upskilling and
development programs allow you to proactively
build out competencies for the future based
on resources you already have today. You're
maximizing the value of your human capital,
in a nutshell.
* These programs can be a differentiator for your
employer brand over time as well. Now, in addition
to having stronger team members, recruiting
and hiring just got a little bit easier, too.
This is a smart move on so many levels,
particularly in the accounting space, given the
all-round competitiveness of the hiring market
right now (especially if you're hiring for one
of
today's most in-demand accounting jobs,
https://tinyurl.com/hvtr8xdk). As many organizations
are finding out the hard way, looking
externally every time you need to add a key
competency often amounts to a cost-prohibitive,
time-consuming proposition of late.
DIVERSITY: BUILDING LAYERS OF
ACCOUNTABILITY
Digital transformation aside, what's the state
of diversity at accounting firms in general
24 JUNE 2021 ■ www.CPAPracticeAdvisor.com
today? There was certainly a lot of talk around
enhancing diversity and inclusion (D&I) in the
accounting space last year, but what about
action? Namely, what can accounting firms do
if they're struggling to move the needle?
A few tips from my experience as a human
capital leader:
* Ensure you're starting with an appropriately
diverse talent pool. This sounds obvious, but
you'd be surprised how often the process gets
undermined in these early stages. The right inputs
lead to the right outputs.
* Analyze your end-to-end hiring process and
introduce accountability checks wherever
possible. Having this added level of transparency
during the execution stage is key.
* Hiring diverse talent at the leadership level is
often an important first step. This might sound
counterintuitive, especially if you're looking to
significantly increase the number of employees
from underrepresented groups at your company.
But hiring at the top first, and then working down,
can effectively send the message that you're
serious about your commitment - and from
there, it should help you attract more diverse
hires down the line.
As any industry veteran will tell you, this is
one area where we all need to do better. Women,
and women of color in particular, remain under
represented in the financial services sector,
according to the latest data from McKinsey
(https://tinyurl.com/2ez746j6). However, I remain
optimistic that better hiring processes - and
when needed, working with better-aligned talent
partners - can lead to meaningful change. For
now, I hope the tips and guidance I've shared will
help you deliver on your D&I goals and lead to
more equitable accounting workforces for all. ■
Jodi Chavez oversees the field organization
and provides strategic direction
for Randstad Life Sciences, Randstad
Professionals and Tatum.
http://www.CFO.com https://www.tinyurl.com/2ez746j6 https://www.tinyurl.com/hvtr8xdk http://www.CPAPracticeAdvisor.com
june2021

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