In today’s interconnected business landscape, people from a variety of cultures, backgrounds, and experiences work together toward achieving common goals. Considering that variety is often termed the “spice of life”, it would be criminal to ignore diversity and inclusivity in the workplace, as it is no longer limited to morality but also has become a strategic imperative for organizations to thrive.
Talking about diversity, it isn’t just about visible differences such as gender, race, and age; but a broader spectrum of perspectives, experiences, and backgrounds that these diverse sets of people bring with them. Creativity blossoms when a diverse group of people collaborate, which holds the key to unlocking an organization’s true potential.
Although, diversity alone isn’t enough as creating an inclusive environment where people from different walks of life can work while feeling equally valued and respected is extremely crucial. Inclusivity is also about ensuring that every individual is provided an equal opportunity to grow, regardless of their gender, age, or ethnicity. This helps the organization foster a motivated workforce that is not only boosting employee morale but also instill a sense of safety and belonging in them.
Women, both globally and domestically, have a significantly higher representation compared to a few years ago. However, there are still moments where the tone-deaf nature of not understanding the problems women face has come to light, underscoring the urgency for change.
Globally, diversity and inclusivity have quickly become the norm; however, in the Indian context, it still seems to be catching up. According to a study by Fortune India and SP Jain Institute of Management, only 1.6% of the Fortune 500 companies in India have women in CEO roles, whereas the number stands at 5% for the Fortune India Next 500 companies.
The Indian subcontinent in itself is very diverse, and several companies have already demonstrated their ability to hire people speaking different languages, and hailing from different corners of the country. However, the one aspect that Indian organizations need to focus is gender diversity.
Women, both globally and domestically, have a significantly higher representation compared to a few years ago. However, there are still moments where the tone-deaf nature of not understanding the problems women face has come to light, underscoring the urgency for change.
Today, many multinational corporations and mature Indian companies have dedicated Diversity & Inclusion functional leads who champion the cause of fostering a diverse workforce. Traditionally, industries such as financial services, consumer sectors, media, pharmaceuticals, healthcare, and IT have exhibited higher diversity levels. However, there is a concerted effort to extend diversity initiatives to newer functions and industries such as supply chain, manufacturing, engineering, and B2B sales.
The changing landscape of education and career aspirations, particularly among women who invested in higher education during the 90s and early 2000s, has also led to a surge in postgraduate degrees in fields like MBA, CA, PhD, and MS. This trend signifies a notable shift towards achieving gender equilibrium in senior leadership roles. Concurrently, societal norms surrounding career progression and relocation are evolving, with men increasingly considering their spouses’ career aspirations in relocation decisions. This shift fosters gender equality and creates a supportive professional environment where both partners can thrive.
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This shift in perspective not only helps a firm attract and retain top domestic talent but also helps in attracting talent from the global pool as well. For instance, since GenZ and Millennials highly value diversity and inclusivity, organizations need to align their structures accordingly to draw their attention. Additionally, several studies have shown that firms prioritizing diversity and inclusion often tend to outperform firms that don’t, both in terms of employee satisfaction and financial performance. Furthermore, a diverse group of people who feel valued and safe, bring different perspectives and drive innovation for organizations, resulting in higher profitability and a better foothold in the market.
A company’s leadership plays an important role in fostering a diverse and inclusive environment, as simply putting together a variety of individuals doesn’t ensure success. Studies conducted by Harvard Business Review have shown that inclusive team leaders perform 20% better than their non-inclusive counterparts. This also had a direct positive impact on employee attendance and morale, which is a win-win situation. Merely implementing company-wide policies isn’t enough asleaders must lead by example, actively championing diversity and inclusion initiatives and holding themselves and others accountable for creating an inclusive environment.
Embracing diversity and inclusion is no longer a mere ethical responsibility, but it is also a strategic necessity in today’s burgeoning business landscape. By implementing these values, businesses can harness the full potential of their workforce and channel it towards achieving success across the value chain. In essence, diversity and inclusion are not just cornerstones of organizational success, but also essential ingredients in leading a world towards a prosperous future.
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