Generational diversity in accounting

Generating a culture of inclusion and diversity in the workplace leads to benefits for your team and your clients, including top-notch services and increased productivity. 

Generational diversity is one area of DEBI initiatives that is especially important for accounting and finance professionals to understand. Learn more about what generational diversity is, why it’s important for your organization, and how to lead your teams to more effective collaboration. 

What is generational diversity?

Generational diversity in the workplace means that your teams are made up of individuals across a range of ages.

When speaking about DEBI initiatives, we often consider race, ethnic, sexual, or religious diversity. And while these are very important aspects of inclusion, generational diversity is also imperative to a healthy and diverse team. 

Benefits of generational diversity 

Generational diversity is key to a balanced workforce. Individuals of different ages bring with them varying perspectives, approaches to problem solving, and lessons learned along the way. 

• If the whole team is made of budding professionals, you’ll likely miss the insights that can only come from experience. 
• If your team is entirely seasoned, you’ll lack the fresh ideas and new technology that young professionals may bring to the table. 

In the same sense, a broader range of employees allows you to offer services and find solutions that reach a wider client base. 

Challenges facing generational diversity 

Unfortunately, age-based discrimination exists in workplaces across the country. This ageism presents itself when individuals are treated differently because of their age, be it young professionals that aren’t given opportunity or older professionals that are disregarded or forced out of their practice.¹ 

Examples of ageism include: 

• Not hiring because of the candidate’s age 
• Asking for someone’s age when it’s not relevant to the job 
• Verbal harassment or age-based comments 
• Assuming older team members are outdated or less productive 
• Assuming younger team members are unskilled or unreliable² 
   

Generational divides 

Age-based problems within organizations can also present themselves because of generations’ varying priorities. On top of different personalities, management and styles, and power dynamics, generational gaps can lead to rifts in teamwork and productivity. 

Typically, these are the professional values seen in each generation: 

Often, we bring our own filters and biases to the workplace without even being aware of it. When these unconscious biases are in disagreement with those of other team members and other generations, we may get into disagreements that negatively impact productivity and quality of services. 

Generational diversity in accounting 

The accounting and finance industry’s outlook depends on generational diversity. In addition to all the benefits this range of perspective brings to any team, this profession’s future especially relies on a continual intention to create generational diversity. 

The waning accounting pipeline 

According to the AICPA, 75 percent of currently working CPAs will retire within the next 15 years.³ Further, one quarter of firm partners are either at or past retiring age.⁴ 

This aging trend in the profession, combined with the year-over-year decrease in new CPAs,⁵ is leading to an overall older workforce and lack of new talent. 

Promoting generational diversity in accounting 

The waning accounting pipeline is a threat to the well-being of the profession. However, investing in generational diversity can address this issue head-on, directing resources to attract, retain, and develop new talent. 

Initiatives promoting generational diversity in accounting support benefits like: 

• New talent joining the profession 
• Fresh perspectives, services, and solutions  
• Better working relationships among team members of all ages 
• Improved accounting talent pipeline 
   

Learn more 

As a leader within your organization, take the initiative to strengthen your team with the generational diversity that can improve your services, communication, and ability to attract new talent. A great way to enhance your skills in these areas is through continuing professional education. 

Learn more with Becker’s Cultivating a Diverse and Inclusive Workplace CPE certificate and help lead change within your organization (while completing your CPE requirements!). You can also earn unlimited CPE in ethics, diversity, and management areas through Becker's Prime CPE subscription. 

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