Bookkeepers, here’s the ROI – that’s “Return on Intangibles” – of DEIB

As a term that’s spent increasing time in the spotlight over the past few years, “DEIB” (short for “Diversity, Equity, Inclusion, and Belonging”) is likely familiar to you as a concept – but what does it mean for you and your business?

If you’re unsure, you’re definitely not alone! After all, our societal understanding of DEIB is evolving so quickly that it can feel daunting to dip your toes into the current… especially when your feet need to remain firmly planted on the ground in order to keep your business running and your clients’ books in order.

Here’s the thing: investing some time and energy into assessing and improving DEIB within your business is actually one of the smartest ways to create a solid foundation and brighter future!

This National Bookkeeping Week, let’s take a look at some of the simplest ways to get started.

Why is DEIB worth the effort?

Each of the “three C’s” – the core pillars holding up your business – greatly benefit when attention is paid and investments are made in DEIB.

In order to do their best work, your colleagues need to know that they can bring their true, whole selves to work every day. Employees who feel like they need to hide parts of their identity will feel distanced from the rest of the team and from the goals of the business as a whole, whereas staff who are embraced and supported as their authentic selves are more engaged, motivated and creative in their thinking and problem-solving.

And that means only good things for the bottom line, because it manifests as better work for your clients, who are perceptive of your team’s efforts and accordingly far more likely to recommend you to their peers! Your clients themselves will also feel more respected as their authentic selves as well – more on what that looks like below.

Every business is also part of a community where your team and clients work, live and play. Giving back to the community that’s supported you in building your business, whether through donations or volunteering your time and talent, is a win-win and clearly demonstrates your core values to prospective clients or employees.  

From the inside out: DEIB within your team

While the simplest way to create a culture of inclusivity and belonging is to lead by example, it’s important to also cast a critical eye on the employee policies, practices and guidelines currently in place. Assess how long ago they were created and last reviewed – after all, a lot can change in a decade! – and look at opportunities for improvement, inviting the input of the staff you’re aiming to better serve.

• Language: Review internal documents and communications, marketing material, job postings and more for gender inclusivity (ensuring “he” or “she” changes to “they”) and phrases that were once common but are now known to be stereotypical or derogatory – there are many free resources online to help get you up to speed!
• Barriers: Ironically enough, there may be unintentional barriers built into programs designed to help employees – for example, paying back employees for education or training they complete to help them grow in their role but requiring the employees to pay for it upfront (which may not be feasible for them)! Consider adjustments that make these and other benefits more widely available.
• Policies: Aim to take a more flexible position when it comes to your employee policies. For example, bereavement practices differ widely among cultures, both in length and even the definition of “immediate family.” Let compassion be your guide.

As our understanding evolves, so should our practices. Many businesses are developing anti-harassment policies that examine micro-aggressions (which can very quickly erode trust if they remain unchecked) and anti-racism policies that define racism and the steps their team will take to become actively anti-racist. Inclusive communications guidelines are also an excellent way to keep DEIB best practices in the forefront of everyday conversations with each other and with clients.

Overwhelmed? You don’t have to be (and you don’t have to be a DEIB expert, either!). There are plenty of reputable consultants upon whom you can rely to educate yourself and your team, and who can help you make incremental improvements over time.

Patience in relationship-building: DEIB for your clients

While you obviously want to be respectful of your clients’ unique needs, cultural practices and more, it’s also equally important not to make assumptions that a client is part of a specific demographic! After all, you can’t know someone’s race, religion, sexual orientation, abilities or otherwise just by looking at them… so how can you know how to serve them best?

Ultimately, it comes down to remaining flexible and committed to meeting clients where they’re at, which allows you and your team to build trusting relationships as time goes on. Perhaps a client celebrates cultural holidays that require a longer lead-time on projects since they’ll be away from the office. After-work drinks or even a lunch meeting may not be appropriate for clients whose religious practices involve abstaining from alcohol or fasting at certain times of year. Even the social element of a business relationship can differ drastically between generations and ethnic or neurodiverse groups – for some, adhering to a strict schedule and “getting right down to business” can be seen as rude and impersonal; for others, they’d be equally offended by feeling like you’re “wasting their time” with chit-chat.

Like any other relationship, you can only learn and adapt to this by putting in the time and paying attention. Encourage your team to stay flexible (there’s that word again!) and not take differences personally as they go through the process of learning and tailoring their communication and service to their clients’ individual needs. The strength and loyalty of the relationship that ultimately develops will be so worth it!

Looking for opportunities to do the most good: DEIB for your community

There are so many deserving organizations which you can choose to support, and giving is good no matter what… but you’ll find the most reward in connecting with organizations that align with your values as a team and as a business.

This means digging a little deeper with the organizations to find out exactly where your dollars will go (whether to a specific project or group) and engaging in community events to keep a pulse on what’s happening. These events are also a great opportunity to loop in your staff to volunteer together – which is a fantastic, feel-good way to bring your team even closer as they unite in making a positive impact through an organization that means something to them!

In the long term, supporting growth in underserved communities will create opportunities and ultimately lead to more diversity within the staff of businesses like yours, which will in turn allow you to better serve a more diverse population within your clientele. Again: win-win.

DEIB’s “ROI” (that’s “Return on Intangibles”)

While the positive impact of these DEIB improvement efforts may be challenging to measure through traditional means, in the long term they’ll prove themselves to be very much worth your focus. Be courageous in your attempts and gentle with yourself when you make mistakes. Your team, business and community will be so much stronger for it!

Looking to explore other ways Payworks’ team supports bookkeepers like you? Get to know us here: https://www.payworks.ca/solutions/partnerships/bookkeepers.

Number & Sense, the Canadian Professional Bookkeepers of Canada’s quarterly magazine, first published this article in their Q3 2024 issue.