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A report by Thomson Reuters and Prime Global, an association of independent accounting firms, has found that women and accountants of color experienced serious challenges as a result of the COVID-19 pandemic. However, the responses were mixed in certain areas, reflecting workplace situations with some nuances. 

More than 300 tax and accounting professionals participated in the survey, and responses were collected in June 2021.

 

Fifty-four percent of accountants of color reported increased work hours, compared to 46 percent of their white peers, and 41 percent of accountants of color took on more responsibility without pay, compared to 30 percent of mostly white accountants. Fifty-six percent of women, compared to 45 percent men, said that the pandemic had at least a slightly negative impact on their wellness.

 

On the other hand, many accounting professionals of color reported more positive experiences with work-life balance, time spent on self-care and engagement in their work. And a higher proportion of female accountants, 36 percent, reported receiving a pandemic bonus and promotion to a senior role as compared to men, 12 percent.

 

With regard to diversity, equity and inclusion (DEI) efforts, the majority of respondents of color and women named the “inconsistency between what the organization says and what it does” as a top two concern. Recruiting was their top concern.

 

The report concluded that managers should be trained in effective leadership for hybrid work. "To do this effectively, micro-skills, such as being self-aware, listening with empathy, acting with curiosity, and demonstrating ongoing awareness of group dynamics (social awareness) are required," the report says. "Leaders and managers have a huge role to play in improving underrepresented accountants’ sense of belonging. Small actions, such as checking in on each team member and inviting those working remotely to offer their perspective first before turning to those in person around the conference table, go a long way to creating an environment where everyone feels welcomed and engaged."

 

The report also urged firm leaders to avoid certain pitfalls. "Don’t appoint a full-time director of DEI and think he or she is the sole individual responsible to improve diversity and inclusion at the firm. Without executive level support, resources, and a willingness of management to get behind sometimes hard-to-swallow recommendations, the appointment is a waste of the firm’s time and financial resources. To improve diversity, there is a need for surgical investments to ensure equal access to opportunity, to improve retention, and for intentional, sustained commitment to change the culture into one where senior underrepresented, up-and-coming leaders will stay for the long term."

Further, the report warned firms not to make public statements about their commitment to DEI "without an inward examination of the current state of diversity at senior levels and a list of proactive actions to improve it." The report observed, "Many companies made public statements supporting Black people and communities in the aftermath of the killing of George Floyd during the summer of 2020, and many organizations donated money to help communities of color. However, these statements and actions will only ring hollow among their employees of color without an inward examination of the demographic make-up of employees at each level and action to improve diverse representation at senior levels."