In celebration of International Women’s Day 2023 and the theme of embracing equity, here at Public Practice Recruitment Ltd we’re sharing some insights into the current state of play within accountancy practice and how accountancy firms can make real change to empower all employees.
International Women’s Day (IWD) – Wednesday 8th March 2023 – is an opportunity to celebrate the fantastic work of female employees, especially those working within traditionally male-dominated arenas. It also opens up conversations around what more needs to be done and urges employers to recognise the vital role they play.
Before we can consider the opportunities for equity across the sector, we first need to acknowledge the challenges.
Since 2017, all UK organisations with more than 250 employees are required to report if they have a gender pay gap and by how much. In 2022, about 75% admitted to having a gender pay gap, with men earning on average 10.4% more across all sectors. Whilst the gap is gradually closing, the World Economic Forum has calculated that at the current rate, it will take 132 years to reach full parity.
When it comes to accountancy practice, the figures are even more concerning. The same reporting procedure in 2022 revealed that the UK’s Top 20 accountancy firms have an average gender pay gap of 15-20%.
But equity in the workplace is about more than just equal pay. Opportunities for progression often differ, too. According to ACCA, a fairly even split of male and female junior accountants have entered the profession over the last decade, yet it’s reported that three out of four senior leadership positions are held by men.
Embracing equity is also about realising the diverse perspectives and approaches brought to the workplace by different genders, as well as recognising the varying needs and priorities and understanding how businesses can offer the right support for everyone.
The #embraceequity theme of this year’s International Women’s Day is highlighting the difference between equality and equity, and how equity is the bigger picture that is more inclusive. This powerful graphic created by the Robert Wood Johnson Foundation and used by the IWD campaign illustrates the difference:
What can accountancy firms do to embrace equity this International Women’s Day and beyond?
- Join in with the International Women’s Day campaign
The 2023 International Women’s Day campaign is all about embracing equity and we can all join in by sharing support within our own communities. Strike the IWD #EmbraceEquity pose and share it across social media to show solidarity, whist encouraging others to also spread the word. We all have a part to play, whether we can change policies, challenge stereotypes, or call out bias. Through collective activism, we can create an inclusive world.
- Review pay and benefits
With a significant gender pay gap still present across accountancy practice, employers have a responsibility to ensure male and female employees are being remunerated fairly, based on qualifications, skills, and experience. By law, men and women are to get equal pay for equal work.
When it comes to benefits, a one-size-fits-all approach might not work for everyone. For example, a popular benefit for employees with children is enhanced parental leave. Policies like this should consider modern families and cater for both maternity and paternity allowances. Sick leave or health schemes should also consider genders and offer support for everyone – for example, 83% of menopausal women say their work has been negatively affected due to extreme symptoms.
- Don’t ignore bias
According to research by Lean In, a partner of International Women’s Day, 73% of women experience bias at work. However, less than a third of employees are able to recognise bias when they see it. There are many forms of gender bias that can be found in the workplace, which shouldn’t be brushed under the carpet.
Likeability bias, for example, is the perception that men are assertive, so it feels natural when they lead. On the other hand, we expect women to be caring and motherly, so assertiveness can make them less likeable. Research shows that 66% of female leaders have been labelled as abrasive or similar during performance reviews, compared to just 1% of male leaders.
- Establish clear paths to progression
With females leaving leadership roles across all sectors at an unprecedented rate, more needs to be done to create a culture that supports female leaders and encourages junior female team members to pursue progression to senior roles. Establishing an open relationship between employee and employer is a great way to ensure any concerns are being communicated. Need help with employee retention? See some of our top tips for accountant retention.
As specialist recruiters into accountancy practice across the UK, we know that professional development is a key part of any role for candidates. Career-minded professionals want to know there’s room for progression and setting a defined pathway will ensure all employees are getting a fair shot at progression.
- Set an example to others
Being a progressive employer that champions equity in the workplace not only shows respect and understanding to your employees, but also sets an example to other accountancy firms that need to follow suit. By changing social mindsets and challenging stereotypes, more progressive workplace cultures are being fostered. Here at Public Practice Recruitment Ltd, we’re working with high calibre candidates who are looking for exciting roles with firms that offer an inclusive culture and demonstrate a real passion for nurturing talent across the board.
At Public Practice Recruitment Ltd, we can help you build a job offer that appeals to the best candidates who will strengthen your team and accountancy offering. Whether you have ad hoc job vacancies or need a retained partner who can handle all things accountancy practice recruitment, contact us to find out how we can help.
