The Pennsylvania Institute of Certified Public Accountants (PICPA) announced on Monday that they have updated their paper, “The Business Case and Toolkit for Diversity in Accounting.” The paper explores the profession’s demographic portrait and provides recommendations on how to build a more diverse workforce.

“If you’re a leader at your firm and diversity isn’t one of your organization’s strategic initiatives, you need to take 15 minutes and read this paper today,” said Julius Green, PICPA president, in a statement. “If you want to succeed in a global marketplace for clients and talent, you need a diverse workforce.”

According to a 2015 McKinsey study, “Companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry means.” Sociologist Cedric Herring also found that companies with the “highest levels of racial diversity” earn “nearly 15 times more sales revenue on average than those with the lowest.”

"Tomorrow’s employees are growing up in a world where diversity is the norm," the paper states. "Today’s students are more inclined to recognize the need for diversity in education: it creates a broader, richer learning environment. Companies that dismiss the importance of diversity will fail to attract the most qualified candidates, both minority and majority."

To read the updated paper visit PICPA's site here.