How to Empower and Advance Women Who Work in Accounting

Alissa Vickery, Chief Accounting Officer, Senior Vice President of Accounting and Control, FLEETCOR

Commitment 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 support

The 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.

Adopt the Rooney Rule

One of the ways we support diversity & inclusion is by implementing the Rooney Rule: during the hiring process, at least one woman must be a finalist, which creates a more equitable work environment and helps ensure one-quarter of the leadership team are women. Your company could do something similar or even alter this idea and include not only a woman, but one of color. This is a practice at FLEETCOR we have found to be remarkably effective.

Allow flexible work arrangements

The pandemic proved corporate employees can be as productive at home as they are in the office. Arguments exist for both. While it is true camaraderie and collaboration are likelier to happen when meeting face to face, allowing accounting staff to work at home regularly can provide much-needed flexibility, particularly for women caring for children or aging parents.

“Identifying and promoting high-achieving women shows other females they, too, can advance their careers and reach the top – whether a partner, business owner, or another executive role”

The same holds true for flextime. Rather than insisting on a 9-to-5 workday, an earlier or later schedule gives employees wiggle room. Perhaps define core hours as 10 a.m. to 3 p.m. but allow teams to choose when to complete their work. Another idea is to ask employees to be in the office every Monday, Wednesday and Thursday but allow them to work from home the other two days. As a CAO, I appreciate both these options and encourage my team to take advantage of them as well.

Get involved in initiatives to empower women

Consider joining or even forming a group that helps women rise among the ranks of accounting or any profession. This could be Empower Women, #BUILTBYGIRLS, Girl Up or a female-focused organization in your community, such as WATT (Women at the Table) at FLEETCOR.

I enjoy being a founding council member and current president of the Women of UGA, an association aimed at fostering a lifelong commitment to the University of Georgia and its alums to create opportunities for personal and professional growth. Through its mentorship program, seminars, and networking events, me, and my fellow Women of UGA council members instill a spirit of comradery among professional females and invest in the future of UGA’s alumnae and students (future alumnae).

There are so many worthwhile groups. I also enjoy being a group leader for Relay Exchange, a program that provides ways for mothers to connect with their daughters while combining relationship and skill building, leadership training, as well as Bible study.

Mentor, sponsor and provide training to help advance careers

To succeed in accounting, women must have the support of other leaders. Do members of your team have mentors? They should, because mentors provide advice on advancing career paths and can share firsthand experiences on how they succeeded. Sponsors advocate for another person, often by putting their professional reputation on the line.

Further, studies have found the importance of executive education, a blend of advanced learning and management training, which is beneficial for career growth. Providing adequate learning opportunities can help women in accounting move up the ranks and helps employers retain talent.

Promote women to inspire the next generation of accountants

By identifying and promoting high-achieving women, you show other females they, too, can advance their careers and reach the top – whether a partner, business owner or another executive role. Accounting continues to be a male-dominated field, particularly in the upper echelons, but by adopting and implementing the aforementioned tips, your company can help change this.

By providing more leadership opportunities to women, corporate America can get one step closer to fixing the “broken rung” and achieving gender equity in the workplace.