As an investor, one of the first pieces of advice you will hear from your financial advisor is that you should consider diversifying your investment portfolios to mitigate the risks associated with potential volatility of the stock markets. All around us are examples of diversity—the condition of being composed of differing elements—and the benefits associated with diversification (Merriam-Webster, 1828). In fact, a January 2018 report by McKinsey & Company showed that “companies with diverse executive teams were 33% more likely to outperform their competition on profitability” (Hunt, Yee, Prince, & Dixon-Fyle, 2018). Still, diversity within established organizations has long been a difficult concept to translate and weave into organizational culture, much to the detriment of those organizations that are unwilling or slow to address the issue. By and large, it seems that some organizations are only willing to effect policies that target equity, diversity and inclusion after someone has been slighted by the lack of said policies. Being a member of the Black Organization for Leadership Development (BOLD) program for a financial institution has given me insight into how such policies can take shape, and there is definitely a case to be made for implementing diversity policies that are able to evolve over time with the organization and socioeconomic factors. Let us look at three foundational attitudes that organizations can consider when effecting diversity strategies: acceptance, empathy and longevity.
Champion a culture of acceptance.
Employees want to be affiliated with organizations that are willing to cultivate a culture where they can feel themselves. One mistake that employers sometimes make is using a broad-brush approach to creating a diverse and inclusive work culture, but there needs to be focus on the details and an openness to trying different approaches—“different strokes for different folks.” I recall having a coworker who was disabled, but the organization made concessions for him to overcome any sort of accessibility constraints in the workplace. Our perception of him as a coworker was no less than anyone else on our team, and he was a respected member of our team—oftentimes outperforming the rest of us. The beauty in championing a culture of acceptance is showing a willingness to embrace all the differences that we (human beings) have to offer. In taking this step, organizations poise themselves to move away from having too many homogeneous teams, thus setting themselves up for greater success. When employees are able to be their true selves at work, they will be more engaged and satisfied with the work they are doing and feel more attached to the organization.
Empathy goes a long way.
With a culture of acceptance situated, organizations boost heterogeneity which results in operational efficiencies and profits. However, in addition to these results, diversity, equity and inclusion can now truly happen as all parties involved become empathetic of each other’s situation. Armed with emotional intelligence, executives, managers and all employees can commit to adopting an inclusive environment where everyone can lend their voice and be heard. One of the best pieces of advice I received from a manager was that honing my ability to be emotionally intelligent shows a willingness to build sustainable relationships and commit to making diversity and inclusion applicable to each person, not just effecting compliance because a directive is coming from the executives. As these obstacles are overcome and employees feel they have the ability to make an impact on the organization, there is a greater appreciation of belonging.
Keep it going!
Okay, so we have all experienced the annual unconscious bias trainings, but is this really enough? Absolutely not. In addition to pointing out ways in which employees can avoid unconscious biases, there also needs to be behavioral changes that form new habits. Opportunities to enact these behavioral changes can only be presented when organizations measure and are proactive about diversity efforts. Organizations can set measurable diversity goals like conducting appraisals of labor force composition and setting targets that will improve these results over periods of time. Ensuring that these diversity targets are reviewed and communicated on an ongoing basis will demonstrate to employees that the organization is committed to this endeavor for the long haul.
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It was William Cowper, an English poet and hymnodist, who wrote “variety’s the very spice of life, that gives it all its flavor,” hinting to us that if we want to have a fulfilling life, we should have as many enriching experiences as possible. This principle is not only applicable to our personal lives, but also to our professional lives. Therefore, it is up to each of us to ensure that we are a part of the solution to equity, diversity and inclusion issues at our respective organizations. Moving away from the status quo to a more enriching work experience that includes acceptance, empathy and longevity will help ensure that we are continually making strides towards equity, diversity and inclusion. The process of making these changes will take time and effort but will prove worthwhile for all involved.
Reflect on whether you and/or your organization incorporates acceptance and empathy as everyday tools during operations or diversity strategy. In your own experience, are there other fundamental tools you have found to have a positive impact on equity, diversity and inclusion?
References
Hunt, V., Yee, L., Prince, S., & Dixon-Fyle, S. (2018, January 18). Delivering through diversity. Retrieved from McKinsey & Company: https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity
Merriam-Webster. (1828). Definition of diversity. The Merriam-Webster Dictionary. https://www.merriam-webster.com/dictionary/diversity.