What social issues impacted the accounting industry the most in 2021 (and what that means for the future)
If 2021 is anything to go by, the reality of 2022 will involve an increase in the presence of social issues across the world. And the accounting industry will not be immune.
A great place to start the year is by asking yourself some tough questions:
What social issues does your accounting firm face?
How do these issues impact your firm, team and clients?
Do you have best practices, policies and procedures to address these issues?
To better-understand your answers to these questions, we asked a panel of accounting leaders about what they’re doing to tackle social issues at their firms, the policies they’re implementing and the changes they’re making.
Here are the biggest social issues impacting the world of accounting, according to the experts.
The challenge of pay equality in distributed teams
With many firms running hybrid, remote, and/ or distributed teams, it can be hard to identify how you should remunerate your employees.
In a classic scenario, you’d likely pay your employees according to the average salary in the industry, geographical location, and level of experience. But what if you have two employees who perform the same work but are located in different countries? How would you remunerate them fairly?
It’s a challenge Joyce Ong, Founder of Tax Nuggets Academy, is currently facing:
According to Steven Byler, President & Co-Founder of GrowthLab Financial Services, it's important to always put people first.
“In our business, it’s all about people. If we don’t have people, we don’t have revenue, we don’t have income. If we lose them, it’s a game stopper,” he said.
Undoubtedly, it’s important to reward your employees. But how can you make it fair for everyone without harming your business? Apart from monetary rewards, there are other means—intrinsic motivators—to remunerate your employees. These can include:
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