Embracing equity with fearless female leaders in Canadian accounting
This International Women’s Day, I’d like to #EmbraceEquity by spotlighting some incredible female accounting leaders that have inspired me over the past couple of years of working in this industry:
In an industry where approximately 45% of the profession identifies as female and yet only 25% of partner-level leaders are female, we still have a long way to go to close the gender gap. These four women are all blazing the trail for the next generation of advisors in their respective firms. I asked each of them for their thoughts on the industry, the impact of hybrid work on equality, and their best advice for up-and-coming female professionals.?
How do you feel about the overall state of gender diversity in the Canadian accounting industry today? Where will we be in 10 years??
Jessica (PWC): We still have work to do for sure but one of the things I'm excited about is the change in how we view leadership. At PwC we unveiled our Trust Roadmap in 2022, highlighting trust as a business imperative. Men and women both demonstrate traits such as vulnerability and empathy, key characteristics in those who build trust. Women often have intrinsic strengths in this area. I believe that in 10 years we will see individuals who have strengths in these areas increasingly in leadership roles.
Daphna (BDO): I am hopeful that in 10 years, we will see more equal representation around the table. Women make up more than 50% of staff level positions, so the population is there. However, they need female role models that they respect to inspire them, to strive for more leadership roles themselves, and to believe that opportunities exist.?They need to hear stories and see moms in leadership roles balance life and work. We need to change the ideology of what a “leader” looks like. We are on a journey, but I am optimistic we will see impactful change.
This year’s global IWD theme is #EmbraceEquity . What does that mean to you personally, and how is your firm doing that today??
Michelle (MNP): Truly embracing equity is knowing, prioritizing and supporting a culture that supports an inclusive environment where women can thrive. As part of our commitment to improving gender equality, MNP is championing women in business through two partnerships – StrikeUP and The Scotiabank Women Initiative. StrikeUP is Canada’s flagship digital conference convening women entrepreneurs and the women entrepreneurship ecosystem, with a united vision of equity and inclusive economic growth through entrepreneurship. This year’s event takes place on March 2, 2023 and MNP is excited to support women in business and create mentorship opportunities. We are also proud to support The Scotiabank Women Initiative?, a comprehensive program to help advance women-owned and women-led businesses through three Pillars: Access to Capital, Mentorship, and Education.
Martha (Grant Thornton): Equity is not equality and to me that means we recognize there are persons that require different resources and opportunities to provide everyone the chance to reach a certain goal and it ripples through decisions that are made with our cloud leadership team. Grant Thornton’s leadership team has championed Leading Inclusively with the mission “to continue to strengthen our culture as an inclusive community?where our people say that?individual differences are valued and that everyone has equitable access to opportunities for?growth and development.” There is a National committee that is built around a diverse set of colleagues at all levels to share advice, perspective, and experience to our Senior Leadership Team and Partnership Board so that the Leading Inclusively strategy evolves and enhances over time.
Our new normal of hybrid work and distributed teams has been a double-edged sword for women so far: while it opens up possibilities for flexible work arrangements to better balance caregiving responsibilities, you can also see how it could lead to an increasing gender equity gap as women disproportionately choose to work from home or exit the workforce altogether. What are your thoughts on how we can make new working norms a net positive for women??
Jessica: The first step is to acknowledge that this is a real challenge of our post-COVID lives. Working moms and parents need flexible arrangements, prioritizing these working practices means we have women, working moms and future leaders on our teams who will bring the diverse perspective we need to thrive. Our economy, technology and work environments are changing like never before. To be agile as businesses we need to look at problems through all lenses. I can tell you that being a parent to 2 small children has influenced the way I see problems and opportunities.
Daphna: Flexibility must be the norm, not the exception. To be effective, leaders must better manage requests for flexible scheduling, make sure that everyone, even remote workers, has access to mentoring and sponsorship, and guarantee that everyone is seen and heard in virtual meetings. It does require effort from both sides for it to be entirely successful. Team members must also put up an effort, speak up, and show up at the office when possible because it is a two-way street. In-office meetings should be well-organized with specific agendas, scheduled at acceptable times to avoid interfering with family obligations (such as school pick-up hours), and offer networking opportunities. This requires purposeful thought, commitment, and a focused effort to ensure that decisions that are made are deliberate and conscious and inclusive of all staff regardless of their work arrangements.?
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Any parting advice for young female accountants reading this today as they think about navigating their own career??
Michelle: Don’t be afraid to advocate for yourself and speak up about your accomplishments and goals. Be confident in your abilities and don’t be afraid to ask for what you want.
Daphna: Embrace flexibility. This profession offers so much flexibility – use it to your advantage.? Throughout my own career this flexibility has been a tremendous help, especially in the years of early motherhood. Yes, the work and hours demanded were still there, but the flexibility I had in the way I organized myself was a lifesaver.
Jessica: Be fearless about being authentic. For example I wear my heart on my sleeve, my team understands that I can cry and make impactful decisions all at the same time. Women have unique strengths that are in demand.
Martha: There are going to be so many different opportunities in the future in accounting that do not exist today which means that there is ample opportunity to learn, grow, and lead. A few years ago, I was given the choice to continue down the traditional path in accounting or focus on opportunities with cloud. To me, choosing to focus my career in cloud has created an opportunity for myself that did not exist 10 years ago and those types of opportunities in accounting will continue to present itself as the industry continues to evolve. I believe that it is an exciting time to start your career in the accounting industry!
Any resources you’d recommend this International Women’s Day??
Michelle: “How Women Rise” by Sally Helgeson is a great book full of practical strategies and advice for women. It is a valuable resource for women who want to advance in their careers as well as for managers and leaders who want to create a more inclusive and supportive workplace for women.??
Jessica: "Dare to Lead" by Brené Brown.
Martha:?"The Broad Experience" and "She Did It Her Way" podcasts
Daphna: “The collective wisdom of high performing women – leadership lessons from The Judy Project”. I received this book a few years ago and found many inspirational and relatable stories from women in leadership roles managing their personal and professional lives.?
I hope you're all feeling as inspired as I am by these words of wisdom. Thank you for sharing your thoughts with our Xero community, and for continuing to advocate for diversity, equity, and inclusion in the accounting profession!
Drop any thoughts, questions, or challenges in the comments below, would love for this to start a dialogue about how we can collectively work to #EmbraceEquity this #IWD2023 .
p.s. a special thank you to Pamela Steer, FCA, FCPA, CFA who shared some stats for this article.