Diversity and Inclusion - Competitive Advantage
In this blog post we discuss the benefits of diversity and inclusion in the workplace as a competitive advantage
Our leaders who leverage inclusion and diversity to develop, motivate and empower people to achieve extraordinary results aren’t acting randomly. They understand that by aligning with leadership strategies and communication practices to ensure a truly collaborative, inclusive and engaging work environment, we can immediately influence :
1. Attraction of top talent – Reflecting to the external and internal employment markets a diverse and inclusive workforce gives capacity to attract, develop and retain talent across all markets.
2. Create alignment with growing and changing customer base - Higher productivity occurs when people of all cultures pull together towards a single inspiring goal. Studies show that the more an organisation’s staff reflects its customer demographics, the better its bottom line because the organisation can better understand and address all their target audience.
3. Employee engagement - Better employee engagement is a significant benefit as employees feel valued and strive to reach their full potential. Organisations that embrace diversity and inclusion tend to have lower absenteeism and turnover, and higher performance.
4. Effective decision making - Better problem-solving comes when different people bring different attitudes and experiences to the table. This avoids groupthink through the benefit of diverse perspectives
All this leads to stronger Financial performance and McKinsey has demonstrated again a strong correlation between higher levels of Inclusion and Diversity and Financial outperformance.
Results indicate: “Companies in the top-quartile for gender diversity on their executive teams were 21% more likely to have above-average profitability than companies in the fourth quartile. For ethnic/cultural diversity, top-quartile companies were 33% more likely to outperform on profitability”
As a business we encourage diversity intelligence and this is about understanding each other and moving beyond simple tolerance to embracing and celebrating the rich dimensions of diversity contained within each individual. The concept encompasses acceptance and respect; it is the exploration of our differences in a safe, positive, and nurturing environment. To achieve the benefits of diversity, people need to be comfortable speaking up and feel heard when they do.
At Hexagon PPM we have a diverse global network of employees located in offices in more than 60 countries around the world. We believe our APAC operations reflect the benefits of this thriving workplace diversity in action, helping us to achieve and sustain our company’s vision for the long run. Our leaders ensure that diversity is an integral part of the business plan, essential to successful projects, programs, products and increased sales. They train themselves and teach their teams that it’s everyone’s responsibility to be respectful, to speak up, to listen and to learn from each other.
Director - Asia Pacific
McKinsey and Co – Delivering through Diversity – Jan 2018 - https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity