1: Diversity and Inclusion
Diversity and Inclusion are terms built to bridge gaps between different people and put them all in one place. Let's look at some of the industry best pratices and case examples for the same.
The terms diversity and inclusion are always clubbed together but they are non-identical.
Diversity
Diversity refers to the bridging differences in social, racial, cultural, socio-economic backgrounds, geographical locations, age, interests, physical and mental abilities that can make individuals unique. It brings about the concept of bringing together different people in one place.
Inclusion
Inclusion refers to the conscious efforts, behaviors, policies and norms to make every person feel seen, heard and valued with their unique differences. Inclusion is achieved when all members in an organization feel Safe, included and respected. It should include contributions, presence and perspectives of different groups of people that are valued and integrated into an environment.
Why is it important in a workplace?
Diversity and Inclusion in a workplace is an asset to any business or organization :
- It affects financial viability of a company
- It's healthy for company culture
- It improves customer satisfaction
- It opens the door to more mental health conservations
- It enhances leadership and training processes
- It helps boost employee retention
Apart from being an added advantage to the businesses, companies with policies and practices reflecting diversity and inclusion attract a diverse pool of talent from various cultural backgrounds.
So, How can an organization incorporate diversity in the workplace?
- Targeted recruitment efforts
- Diversity training
- Awareness campaigns
- Targeted hiring practices
- Employee resource groups
Industry best practices
The business case for diversity in workplace
1. Disruption and Innovation
If we look at the most innovative, disruptive and prosperous urban centers in the world – New York, Dubai, London and Singapore – they all have one thing in common, diverse people. Singapore makes a great example, with a population of just 5 million it has become one of the most important financial centers in the world. It scores high in diverse education, ease of doing business and has been recognized as word tech - ready nation. This is all because Singapore is highly multicultural.
2. Diversity and business Performance
In the Boston Consulting group study it was found that companies having a robust diverse management teams have 19% higher revenues due to innovation. This finding is significant for tech companies, start-ups and industries where innovation is the key to growth. It shows that diversity is not just a metric to be strived for; it is actually an integral part of a successful revenue-generating business.
3. Women in the Workplace
Gender equality remains a major issue in the corporate world. Despite tech companies and multinationals enabling gender based policies and increasing employment, women still remain significantly underrepresented in the tech corporate pipeline. Research and report have estimated that closing the gender gap would add trillions of value to the global economy. Simply put, companies and societies are more likely to grow and prosper when women gain greater financial independence.
4.Taking a stand for diversity in business
It is important for corporates to step up and advocate for diversity and tolerance on public platforms and raise awareness amongst their contemporaries. A great example is the Nike’s campaign which was not just a marketing exercise, it showed the world that one of America's best-known corporations was willing to stand alongside one man in his battle against racial injustice and intolerance. On the other hand, P&G (Procter & Gamble’s) launched the campaign to fight gender bias “We see Equal Campaign” and work towards equality for all, by employing boys and girls defying gender stereotypes. They have set a target to bring more women employees on board across the globe by 2025.
Case Study : Diversity in Companies
A case of Google
Diversity has a positive impact on prosperity and growth of the firm. Many people are of the opinion that the technology sector is the workplace for only open-minded young generation. Yet Google, as set an example in the diversity sector. Google’s diversity measures have cut across all lines of business giving people a new way of creating a diverse workplace. They have not only started bridging the gender gap among employees but have a multitude of vibrant employees in both large and small sectors to make inclusive practices a new normal inside companies. The employees are not only from different ethnicities and countries but are given radical positions in the company.
A case of IBM
IBM has been a leader in diversity management. In 1995 eight task forces were created around demographic groups. Each task force was assigned to conduct meetings and surveys of employees to arrive at the key factors concerning each particular group. For example, the presence of a male-dominated culture, lack of networking opportunities, and work-life management challenges topped the list of concerns for women. With all these priority lists of issues the company launched various programs to facilitate employee behavioral change, issue redressal, and communicate better with employees. To tackle these challenges, IBM tripled their number of female employees as well as LGBT executives increased sevenfold, and differently- abled employees tripled.
A case of Nike
Nike, a footwear giant, has always been in the limelight in the world of gender, from producing only men centric footwear lines to discrimination lawsuits. However, the company made some very institutional changes very quickly to turn things around by including more women employees, and included equal pay policies. Instituting structural change at a nascent stage has helped the company grow globally.