According to a talent survey by the Association of Chartered Certified Accountants (ACCA), a strong diversity and inclusion culture is a critical factor in deciding to work at an organisation.
ACCA's Global Talent Trends Survey 2024 revealed that 78% of the respondents say diversity and inclusion are important amid the continuing talent crunch in the finance sector.
It is noteworthy that inclusion and workforce diversity have been becoming more and more relevant within organisations in terms of development and talent retention, as these factors are turning to be markers for judgment on whether or not a company is forward-looking enough.
As the finance function is among the main departments of any organisation, it is then important for financial leaders to fully understand the importance of giving fair opportunities to all people, regardless of their gender, to maximise growth and competencies.
For Carissa Kell, chief financial officer at Finastra, workforce diversity centres on cultivating diversity of thought by ensuring employees of diverse genders, backgrounds, and experiences are represented at all levels.
"This sets a solid operating foundation that empowers sharing ideas and close collaboration, critical components of competitive advantage in highly innovative sectors."
Carissa Kell
Rising adoption
Kell says she has witnessed the rising adoption of diversity in the workplace in her over 23-year career.
"Diversity, equity, and inclusion (DE&I) are fundamental strategic and cultural considerations within many companies today, including Finastra," she notes. "I think it is safe to say that technology companies have been at the forefront of some of this advancement. In part, this is likely due to an inherent need to continually adapt and innovate, which necessitates bringing the best a company has to offer together to solve complex problems."
Kell says female participation in management has seen notable progress over the years, but concedes that challenges persist, particularly at senior leadership levels.
"While early-career opportunities show promising levels of diversity today, advancing to top roles remains a hurdle," Kell says. "However, with only about 10% of Fortune 500 CEOs being women, it's clear the corporate world must do more to reflect the female workforce accurately."
She adds that efforts to bridge the gender gap should focus on supporting women through significant life challenges, like parenthood and elder care, which often impact career trajectories or cause high-potential female leaders to self-select less demanding roles.
“My experience has been that the finance and accounting function has become quite equitable. In our function, many deliverables are time-constrained, which requires a purposeful mindset to ensure balance and flexibility are considered to allow women to lean into leadership roles as they continue to progress."
Carissa Kell
Career in finance
Kell views her career in finance as exceptionally fulfilling, attributing a large part to the strategic role finance has played in the organisations she has been part of.
"Starting my career in publicly listed Fortune 500 companies allowed me to benefit from exceptional development programs. These experiences nurtured my ability to start viewing the finance function not just through the lens of numbers but as a critical component of overall business performance."
Carissa Kell
Kell says from there, she transitioned into the private equity-backed software industry about seven years ago, which has been a stimulating space to continue growing in – full of new challenges and opportunities in a very dynamic environment.
"More recently, being able to drive a culture that embraces investment for growth, ruthless prioritisation of spend, and a level of ownership and accountability across an organisation on a global scale is incredibly rewarding," she notes.
Kell says this can be partly addressed by building globally diverse teams that allow work to 'follow the sun', improving turnaround times and maintaining continuity around individual life needs.
Women as CFOs
As much as the business world tries to deny it, we see fewer women taking on CFO or senior finance management roles. Kell says there are two key areas to address in this matter.
"First, we need to identify biases in how we traditionally think about the skills and experiences leaders should have to take on additional responsibilities," she opined. "Second, as mentioned before, building a culture that offers flexibility and support that enables women to pursue and excel in more prominent roles confidently is critical."
She looks back to her years in the business, recounting she has always felt that Financial Planning & Analysis (FPA&A) is the best way to learn about a new company and understand the key performance indicators of what makes each unique business successful.
"I have also enjoyed the fast-paced, ever-dynamic environment that often exists in FP&A, as well as senior leadership exposure," she continues.
Kell admits that she is "still very much an FP&A person at heart", which has been a critical differentiator for her as she has progressed in her career.
"Strong FP&A professionals are storytellers who can turn complex data into a compelling argument to enable essential decision-making. It’s an area of the finance organisation that I would encourage all Finance folks to spend some time in," she adds.
Valuable lessons
In her journey towards leadership in finance, she says she went by three key lessons for finance professionals.
"First, finance should be viewed as a strategic partner, not a gatekeeper," she explains. "It's about finding collaborative solutions, not just saying 'no'."
"Second, be a storyteller. Stretch yourself to look beyond just numbers, understand the underlying business drivers and processes and communicate their impact effectively. Being an informed and adept storyteller distinguishes top finance talent, opening doors to leadership opportunities."
"Lastly, lean into discomfort for growth. Seek new challenges and opportunities, even outside of finance, using every role as a stepping stone in your career development. Along the way, communicate your goals to others for support and encouragement. Remember that success is never built in a vacuum; open yourself up to senior leaders, coaches, mentors, and peers to accelerate your journey."
Carissa Kell
