There is no blueprint for cultivating a female-friendly workplace, as the top firms on Accounting Today's 2023 Best Firms for Women list emphasize, but as practices across the profession attempt to sketch out a better culture for attracting, retaining and advancing women, lessons can be learned from their successfully laid out plans.
The Best Firms for Women are drawn from Accounting Today's larger Best Firms to Work For list, which is ranked largely on the basis of in-depth employee surveys. What singles these firms out as women-forward organizations are the positive responses to the surveys from their female employees (along with other criteria, see p. 19).
The No. 1 Best Firm for Women, Canfield, Ohio-based Packer Thomas, is not only new to this ranking, but to the overall Best Firms to Work For list, where is resides in the Midsized Firm Category (50-249 employees). Of the firm's 50-person staff, 26 are women and 15% of its senior management team is female.
Meanwhile, Laurel, Maryland-based Bormel, Grice & Huyett has not only retained its Best Firm designation from last year, it also remains among the top three Best Firms for Women, attaining the second overall ranking in 2023 and ranking first among those in the Small Firm Category (15-49 employees). BGH's 28-person firm breaks down to 16 women and 12 men, and the senior management ranks are split fifty-fifty between the genders.
The No. 3 Best Firm for Women, also in the Small Firm Category with 40 staff, is Phoenix-based Metz & Associates. The firm employs a majority of women, at 30, and the executive management team is 40% female, 60% male.
According to the 2021 American Institute of CPAs Trends report, women make up 44% of all professional staff at accounting firms across the country, as well as 46% of CPAs on staff, and 39% of partners — so while the profession has made strides in increasing the numbers of women staff and partners over the years, the gender disparity remains.
We spoke to a selection of the 2023 Best Firms for Women — the top three ranked firms — to gain insight into how they are successfully fostering a workplace of inclusion for women.
Women in your firm responded very positively to the Best Firms employee survey. What would you say that's based on?
Adrian Jack (digital marketing and operations manager, Metz & Associates): While we don't explicitly lay out benefits to women, we tailor our rewards and benefits offering to our team members. Last year we had two women out for maternity leave and one decided to return to work early, less than two months after her little girl was born. Our other team member maximized the time away and was welcomed back to our team four months later with an enhanced benefit package.
Kimberly Murphy and Cindy Wollet (principals, Packer Thomas): The firm recognizes that some of their top talent is in the women of the firm. In order to retain that talent, the firm learned early on the need to provide the flexibility that many women need or want to pursue raising families or to pursue other passions that are important to them. That flexible and supportive environment has fostered and grown the women of the firm. The women leadership of the firm are now in a position to mentor and support the young women of the firm and further perpetuate the culture of the firm.
April Miller (principal, BGH): Our firm's staff and leadership include many successful, competent women. We ask these top professionals to mentor our new employees both professionally and within our industry. We take great pride in watching our respected female leadership nurture the next generation of female leaders. We believe this strong example attracts talented, admirable women into the profession and onto our team.
Jack: One of our core values is to build a positive team spirit and family environment, and we feel that the women, but also the men, in our firm are able to feel as though their careers are not in jeopardy when the time comes to grow their families if they wish to do so. Furthermore, we have brought on women returning to work after stepping away to grow their families. ….
We have financially supported sabbaticals, after a particularly hectic "busy season." And within the past year, we have paid for three women team members, and one man, travels across the world to scratch their travel itch and expand their horizons. With these tailored performance rewards, paired with our flexible remote work policy and unlimited PTO, we feel as though we are incredibly differentiated from others in our industry, especially for firms of our size. We are quite proud of the culture we have with our team and we're lucky women are such a huge component of our team.
Do you have any specific strategies for recruiting women? For retaining them?
Murphy and Wollet: The firm leadership has always strived to be supportive of women in the firm. The firm has encouraged an open, friendly environment where both men and women of different generations and backgrounds are welcomed and treated with mutual respect.
Miller: Diversity, equity and inclusion are very recognizable in our firm culture. We offer our employees opportunities for leadership roles, pay equity, career advancement and work-life balance.
Jack: We do not have anything laid out specific to women. We hire based on qualifications and experience; it just works out that there are incredibly talented and qualified women, just as there are men.
How has your firm handled the shift to more remote and flexible work models?
Murphy and Wollet: The firm was already ahead of the curve before this shift, but the shift only served to enhance the flexible nature of our culture.
Miller: The pandemic normalized the remote and hybrid work solutions. We believe these work models are here to stay and have incorporated this flexibility into our operations. We are committed to providing our employees with as many options as possible to help achieve an effective work-life balance.
What have been your biggest challenges and successes in recruiting and advancing women amid the talent shortage?
Murphy and Wollet: Our biggest challenges are similar to the challenges that many other firms face. There has been a decreasing number of individuals entering the accounting profession in recent years. Our successes can be attributed to our relationships with local universities and to our firm's reputation for treating people with respect. We also strive to maintain an open and ongoing dialogue with our female staff to ensure that their needs and concerns are being addressed.
Miller: We invite potential employees to experience our firm culture firsthand. We encourage interested candidates to talk to our female firm partners and managers about their experience with the firm, the opportunities available, and the support they receive here.
What do you do to promote women and attain more of a gender balance in leadership?
Miller: Over 50% of our firm's leadership positions are held by women. Our diverse, multigenerational workforce is evidence of our strong commitment to bias-free hiring and nondiscriminatory practices.
Murphy and Wollet: Most women in the firm will have the ability to blaze their own trail — whether that means the need for flexibility due to raising a family or other outside interests, or if it means fast-tracking their career to optimize their advancement.
Jack: Promotions are most often a discussion in our reviews where we are uncovering our team members' interests in career progression. Sometimes that means they don't want to do what it is they're currently doing, maybe a role change or even a profession change. When a team member expresses interest in a leadership position, we make a path to get there. There simply aren't any objections: If you want it and you demonstrate the skill set, aptitude and willingness to do the work, you get there.
We have also found that upon promotion, we need to check in and see if it was the right fit; it's not for everyone. We have had women and men leaders step up and step down, allowing for other team members to transition into a better fit role. No one is fixed in any one position. We truly feel that our success is dependent upon each of our team member's happiness. Our interests and motivations change and we are a company that embraces that.
How can other accounting firms join the ranks of the Best Firms for Women?
Miller: Recognize and invest in your employees. Create an inspiring atmosphere where every employee has a voice, mentor support, opportunities for career development, and is part of a people-centered work environment.
Murphy and Wollet: Be open-minded to new ways of working. Be flexible. Be supportive. Listen to what the women of your firm are communicating to you.
How will you keep up your status as a Best Firm for Women?
Murphy and Wollet: The firm will continue to foster the same cultural values it always has and will continue to adapt and change as necessary as the next generation of women leaders emerge.
Miller: Our firm's success relies upon our professional staff, which is made up of both men and women from different cultures and diverse backgrounds. We thrive on communication, equity and inclusion, and we work very hard to maintain a creative, flexible environment [where] we can all do our best work.
Jack: Encourage the women in your firm to share their opinions and then listen ... If they are speaking, listen … I'd also suggest you take notes. AT
