8SEPTEMBER - 2023OPINIONIN MYBy Alissa Vickery, Chief Accounting Officer, Senior Vice President of Accounting and Control, FLEETCORCommitment to gender parity continues to be a challenge across corporate America, including the accounting and finance professions. And while progress is being made to promote women and provide them with leadership/executive roles, females comprise 62 percent of employees working in the accounting field, according to the U.S. Bureau of Labor Statistics, but make up less than one-quarter (23 percent) of partners in CPA firms. Further, the 2019 CPA Firm Gender Survey from the American Institute of Certified Public Accountants (AICPA) found the larger the accounting firm, the less likely a woman's chances of becoming a partner. The talent pipeline remains unbalanced in accounting ­ and truly in many professions. Yet McKinsey & Company found companies in the top quartile for gender diversity on executive teams are 25 percent likelier to be more profitable than organizations in the bottom quartile.So, how can companies attract, retain and advance women to achieve gender parity in accounting ­ at all levels? Following is more background on workplace gender disparity and ideas and initiatives that have helped FLEETCOR attract, retain, and elevate women ­ not only in accounting but in other areas of the company. Women provide extra support ­ but do not always get supportThe Women in the Workplace 2021 study found although women have made great strides, they remain underrepresented and face burnout at higher rates than men, especially since the pandemic. The study conducted by McKinsey & Company and LeanIn.Org also found women of color are underrepresented at every level. Between entry-level and the C-suite, their representation decreases by more than 75 percent. Further, labeled the "broken rung," for every 100 men promoted to manager, just 86 women are promoted.Company profits and share performance can be approximately 50 percent higher when women have significant representation at the top. Women tend to champion racial and gender diversity, mentor and sponsor other women and are likelier to embrace employee-friendly policies and employee wellbeing than their male counterparts. Sadly, however, women often give much more support than they receive.HOW TO EMPOWER AND ADVANCE WOMEN WHO WORK IN ACCOUNTINGAlissa Vickery
< Page 7 | Page 9 >