Diversity, equity and inclusion is a differentiator in modern workplaces
This month, Deloitte marks the one year anniversary of its $75 million MADE (Making Accounting Diverse and Equitable) commitment to fuel greater diversity in the accounting profession and create more career opportunities.
And along the way, the MADE team has learnt valuable lessons that can serve as best practices for other companies aiming to launch successful DEI initiatives.
At its launch, the MADE initiative aimed to combine both financial support, and the depth of resources an organization of Deloitte’s size can bring to attract diverse individuals into the accounting field.
“The representation of racially and ethnically diverse CPAs in our profession is unacceptably low and bringing these voices to the conversation requires decisive, bold investments.” Lara Abrash, CEO of Deloitte’s US Audit & Assurance business said last year at the launch of the program.
Since then, there has been significant progress. Deloitte kicked off this multi-year, multi-pronged approach with elements including:
- Delivered the Deloitte Academy Accounting Edition to 7,000 high school students around the country;
- Proceeded to awarding scholarships to 40 students across 7 universities that cover the 5th year masters degree to make them CPA-eligible
- Launched Stride CPA readiness program to 30 professionals, giving access to tutors and paid time off to study for the CPA and are currently recruiting the next class
- Launched a leadership development program with Carnegie Mellon supporting 25 mid-career professionals to help get them to the next stage of their careers
Success has taken the main stage but there have also been key learnings emanating from emerging challenges as the program goes through its life cycle. These are valuable pointers for all organizations looking to develop programs for racial parity. Three themes stand out.
1- Commit to a Long-Term, Evolving Strategy:
When we think about diversity, equity and inclusion, real impact will not translate from a one-and-done action. Real growth and change originates from “a long-term strategy of learning, evolving and changing,” Abrash said. MADE’s first year has been, in her words, “the early innings” to a longer, multi-year game plan in creating racial parity.
Organizations must recognize the urgency of action but also fuel this imperative with consistent investment and prioritization of the DEI programs they create.
2- Remain Open to Unanticipated Outcomes and Perspectives:
“We knew coming into this that we had never done it before, so part of what we were going to deal with were unanticipated outcomes or perspectives,” Abrash recognized.
Remaining open to this reality is essential. For example, internal conversations at Deloitte after the MADE launch brought questions on the including individuals that do not belong to the Black or LatinX communities, but are still underrepresented minorities in the accounting profession.
The MADE team reflected on this feedback, evaluated the climate, and realized that the systemic gaps experienced by Black and LatinX communities presented the most significant need — among a plethora of other needs. The accounting profession has a significant gap in the amount of diverse Chartered Public Accountants – less than 1% of CPAs are Black, and only about 3% are Hispanic/LatinX. This analysis reaffirmed the necessity for initiatives like MADE.
An openness to different perspectives stimulates the need to articulate the “why” behind your DEI strategy, and in turn, strengthens the raison d'être of your program.
3- Understand How To Translate Diversity into Inclusion:
One of the main offerings of the MADE program was the creation of an advisory group that convenes racially and ethnically diverse business, academic, and community leaders and brings a vast array of experiences and individual passions to advance equity and inclusion.
Through this variety of voices, Deloitte observed the value of managing diverse input.
“What you find is that when you bring together very deeply experienced people who have lived this, their perspectives about what to do vary differently,” shared Abrash.
Being empathetic of diverse ideas is the bridge to inclusion. “We take every single piece of feedback to heart,” Thalia Smith, the Partner leading MADE, said. Members of the advisory group noted the need to expand the MADE scope to first-generation students. Smith’s team walked the talk, by examining the possibilities, and finding ways to integrate the first-generation demographic to the MADE program.
Taking stock of the diverse perspectives is vital. Because it allows you to process and comprehend common interests as well as differentiated priorities across stakeholders. And at its core, it facilitates the translation of diversity into inclusion.
