The simple fact is that most companies and firms choose to offshore their accounting departments to save money. However, there's a deeper, more strategic reason to utilize an offshore team: enhancing diversity.
Diversity? "Who cares?"
1. Diverse Teams Are Smarter
- "Striving to increase workplace diversity is not an empty slogan — it is a good business decision. A 2015 McKinsey report on 366 public companies found that those in the top quartile for ethnic and racial diversity in management were 35% more likely to have financial returns above their industry mean, and those in the top quartile for gender diversity were 15% more likely to have returns above the industry mean."
- Source: Rock, David, and Heidi Grant. "Why Diverse Teams Are Smarter." Harvard Business Review, November 4, 2016.
2. Diversity Can Drive Innovation
- "Most managers accept that employers benefit from a diverse workforce, but the notion can be hard to prove or quantify, especially when it comes to measuring how diversity impacts the bottom line. However, research shows that diverse teams are more likely to reexamine facts and remain objective. They are also more likely to encourage greater scrutiny of each member’s actions, keeping their joint cognitive resources sharp and vigilant."
- Source: Phillips, Katherine W. "How Diversity Makes Us Smarter." Harvard Business Review, September 18, 2014.
3. The Other Diversity Dividend
- "Companies with higher levels of diversity and inclusion see significant increases in employee engagement, which translates to better performance. Diverse teams bring different perspectives that can lead to more innovative solutions and improved business outcomes."
- Source: Groysberg, Boris, and Katherine Connolly. "The Other Diversity Dividend." Harvard Business Review, July-August 2013.
Accounting departments benefit greatly from diversity. By adding offshore accountants to your US team the overall performance of your department will IMPROVE.