FIRST FOCUS

Eide Bailly’s initiative to create an environment where women are as likely to succeed as men

It comes as no surprise that the public accounting profession as a whole is male dominated. Top 25 CPA and business advisory firm Eide Bailly LLP took a hard look at their own company and the roles females played within it. Less than 20% of partners were women and those with three to eight years of experience were leaving the profession at an alarming rate. Studies show that if companies have at least three women on their board, the return on investment is 66% higher. As a numbers company, Eide Bailly couldn’t ignore this and many other statistics, so they went to work exploring the core issues which perpetuate male dominance in the workplace.

By Jessi Larson Photography provided by Eide Bailly

They found that unintended biases — or assumptions made due to gender — play a key part in limiting career advancement for deserving females. These unintended biases are present within virtually all of us and the industries in which we work. Common examples are: Not considering a female for a position due to a perceived inability that she will be unable to devote enough time, typically due to motherhood. Also men advocating for other men, not always with intention, but because we naturally gravitate towards those like us. “We need leaders, so if we’re not going to look at an entire group based on gender, the numbers just don’t work out. We’re not selecting talent from the largest pool,” says Partner and First Focus CoOffice Leader, Amber Ferrie. When asked about why the firm decided to take action, Manager and First Focus Co-Office Leader, Brittany Dunn said, “We want to make sure we don’t lose women that are capable, that would be good leaders, and that want this career for themselves.” Eide Bailly has made a commitment: If women want this career the firm is going to give them the tools to succeed.

The First Focus initiative was developed in 2008 as a way to nurture an environment where women are as likely to succeed as men. “We’re not in the business of promoting undeserving females or males; we just need to communicate opportunities to all of our people and create a level playing field,” says Ferrie. The initiative is comprised of two pieces: First Focus Forums and making others in the firm aware of their own unintended biases and eliminating them.

First Focus Forums, targeting Eide Bailly’s females with three to eight years of experience, are held six to eight times per year and provide an opportunity to openly discuss workplace issues associated with gender such as self-promotion, assertiveness, communication, and confidence. High-level females of Eide Bailly facilitate the conversation and share how they’ve overcome gender obstacles in their own careers. The importance of finding female advocates is key. “If you haven’t seen someone else do it before you, it’s hard to see yourself potentially in that role,” says Ferrie.

Educating the rest of the firm is the other piece of the initiative. Employees are encouraged to challenge their typical thought process and unintended biases and explore why they think what they do. “It’s not a male issue, it’s not a female issue. Building a diverse leadership structure is what we need to do to perpetuate Eide Bailly,” says Ferrie. Helping everyone understand the business aspect of the program was paramount to Eide Bailly CEO and Managing Partner, Dave Stende. “From a business case, there is a change in demographic of our clients. There are more women-owned businesses and it creates an opportunity for us to align with the demographic of the community,” says Stende. First Focus is fully supported from the top down. Stende played a key role in introducing the initiative into the firm, “People are engaged and part of it, males and females.”

Since the inception of First Focus, the number of female partners within Eide Bailly has jumped from 20%-26% with the profession average being 18%. Looking to the future, Eide Bailly doesn’t have any specific quota in mind for the initiative. Rather, they are working towards more diverse leadership. “As the program grows, it will most likely evolve into more things,” Partner and Firmwide Chair of the First Focus Initiative Jenni Huotari says. “In the future, there may be a push to understand generations more. Our baby boomers that are retiring are very different than our millennials that are joining the firm. These young people, both male and female, have a different view of what they want out of their career and that might change how public accounting operates. Having these conversations allows us to say diversity of thought is a great idea,” adds Huotari.

Eide Bailly understands their clientele and talent is changing, along with ideas and ways of thinking. Being aware of and adaptable to these shifts is keeping the firm on the cutting edge of the industry. [AWM]