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Diversity & Inclusion: 5 Lessons from Top Global Companies
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Diversity & Inclusion
There is a significant relationship between competitive profit gains and diversity.
Companies with gender, ethnic and racial diversity are at least 15 percent more likely to experience above-average financial returns.
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5 Lessons for Managing D&I
- Recognize the Shift in Global Understanding of D&I. Diverse thinkers come from a variety of different backgrounds.
- Build an Inclusive Environment. All people are encouraged to draw upon their unique experiences, perspectives and backgrounds to advance business goals.
- Use Multiple Practices and Measures. Have solutions in place to monitor and retain a talented and diverse workforce.
- Ensure Leaders Model Diversity and Inclusion. It sets the tone for the rest of the organization to follow suit.
Recognize the Connection Between Innovation and D&I. Diversity and inclusion increase innovation and reduce business risk.
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Cognitive Diversity
The concept of cognitive diversity focuses on diversity of thinking and is composed of four dimensions:
- Perspectives. People represent situations in different ways
- Interpretations. Through diverse interpretations, teams can discover multiple resolutions.
- Heuristics. People resolve issues in different ways.
- Predictive models. Some analyze, and others look for a story. Both are useful for discovering workplace solutions.
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Allowing Ideas To Safely Flourish
Take a moment to consider if your employees and team members are coming to you with new ideas and innovations.
To create a sense of security where employees will feel safe to share their i...
Increased Diversity
Companies with increased growth are 72% more likely to have high diversity in their organization.
Use Learning & Development (L&D) training to raise awareness about the current state of diversity and inclusion in your work environment.
Agility Breeds Sustainability
Up to 70% of trainees forget what they learn within 24 hours after training. However, it does not have to be the case for your employees.
An effective leader will implement and integrate an agile training infrastructure into their daily operations that can change quickly to keep up with the pace of innovation.
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Why diversity matters.
Diverse Companies with a wide range of employees enjoy broader skill sets, experiences, and points of view.
How to Increase Diversity and Boost Performance
- Develop an equal opportunity policy.
Be transparent about hiring criteria.
Improve retention of minority workers.
Analyze problems and adapt. Train managers to spot their biases and avoid communicating in ways that unconsciously deter minority candidates.
Implement workplace flexibility.
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"It’s hard to have a conversation about systemic injustices. One, [diversity-related topics] are hard to ..."
Oscar Holmes - PhD Rutgers School
Advance Diversity Awareness for thoughtful leaders.
Challenge: Expose Biases too hidden to be seen.
Innovation: An identity survey with easily visible results.
Lesson: More than one social identity is examined at the same time and allows becoming aware of issues related to diversity and privilege.
How to bring the Identity survey to life
- Do not overestimate your own competency. Life experience alone is not enough to become a diversity expert.
- Broaden students’ perspective on privilege. A broad spectrum of topics that can reveal differences.
Demonstrate authenticity — and grace. Making cultural faux pas is an opportunity for teaching and showing grace.
Focus on solutions. Awareness encourages motivation toward solutions.