Diversity in the workforce is a hot topic right now but if you think that it’s just a trend that will soon die off then think again!
For business leaders, diversity in the workplace really means having a team or teams that are inclusive of a mix of various aspects of diversity.
The United Nations recognises over 30 aspects of diversity but the most commonly cited categories include: diversity in terms of age, cultural background, disabilities, race, religion, gender, and sexual orientation.
Keep in mind that diversity also takes into account the different perspectives, experiences, ideas and prejudices that people bring to the work table…or so to speak.
Research shows that diversity in the workforce can often lead to a more profitable environment but the key is knowing how to make the most of it.
There is not much point in expecting that a diverse team will deliver great financial results if that team feels unsupported, not listened to, isolated and disrespected.
What we know is that where employees report being happier because they are respected and valued, they also tend to be more innovative and productive, and more competitive in their industries.
For leaders to reap the rewards of diversity, they really need to pay attention to who is at the table and if it is lacking diverse representation, then do something about it to create a diverse table.
Leaders need to create conditions where diverse viewpoints are not only represented but that those people also feel they can contribute their ideas and have been listened to. This is where frequent feedback and geniune thank yous can go a long way.
Whilst diversity can be very good for business productivity, research has also shown that it can lead to tensions if diversity is not embraced through equitable strategies and inclusion. So keep that in mind too!
According to McKinsey & Company diversity, equity and inclusion (DEI) is at an inflection point where we are seeing more businesses express intent to improve their credentials and diverse representation but the pace of progress remains painfully slow.
This is something that’s most notable when it comes to gender. The Financy Women’s Index notes that it will take 129 years to close the gender gap in Education and Earnings and that progress has hardly changed over the past decade.
Financy writes about gender financial equality, diversity and inclusion. We also provide the software, Impacter which makes DEI performance easy and accessible for business. We also publish the quarterly Financy Women’s Index report which measures timeframes to equality in Australia. To stay up to date with us, subscribe to our newsletter.
