Tax & accounting professionals of color found the pandemic and other challenges had negatively impacting their careers, according to our new report
Eighteen months after the start of the pandemic, only one-quarter of accountants found career development and progression challenging compared to their experiences in the pre-pandemic time (before March 2020). However, diving deeper into the data and analyzing it through a race, ethnicity, and gender lens, the picture becomes significantly more nuanced.
Tax & accounting professionals of color found the pandemic and additional stressors around racial injustice and caregiving negatively impacting their careers. More than half of accountants of color (54%) reported increased work hours compared to 46% of their white peers; and 41% of accountants of color took on more responsibility without pay compared to 30% of mostly white accountants.
Thomson Reuters Institute has published a new report, Pandemic Nation Report: A roadmap for accounting firms to expand inclusion of diverse accountants (available for download below) that examines these developments more fully.
Interestingly, according to the paper, many accounting professionals of color did report positive aspects to their well-being. In fact, ethnic minorities reported more positive experiences with work-life balance, times spent on self-care activates, and engagement in their work.
Women experienced more negative outcomes with a few bright spots. More than half (56%) of women compared to 45% of men reported that the pandemic had at least a slightly negative impact on their wellness. On a positive note, a higher percentage of female accountants reported receiving a pandemic bonus and promotion to a senior role as compared to men, 36% and 12%, respectively.
Tax & accounting employers did a good job demonstrating their concern for employees’ well-being, learning, and career development. However, longer term concerns around diversity, equity & inclusion (DEI) issues continue with the majority of those respondents of color and women citing the “inconsistency between what the organization says and what it does” as their second highest concern. The top concern was recruiting.
To address these concerns, the report outlines how tax & accounting employers must take a more targeted approach to increase diversity representation at senior ranks and train managers to adopt a DEI growth mindset to more effectively lead their teams in a hybrid work environment.