Leaders may mean well when they tout the economic payoffs of hiring more women and people of color, but there is no research support for the notion that diversifying the workforce automatically improves a company’s performance. This article critiques the popular rhetoric about diversity and revisits an argument the authors made 25 years ago: To fully benefit from increased racial and gender diversity, organizations must adopt a learning orientation and be willing to change the corporate culture and power structure.
Four actions are key for leaders: building trust and creating a workplace where people feel free to express themselves; actively combating bias and systems of oppression; embracing a variety of styles and voices inside the organization; and using employees’ identity-related knowledge and experiences to learn how best to accomplish the firm’s core work. Read more
by Robin J. Ely and David A. Thomas
Source: hbr.org
For financial institutions, “doing good” and “doing well” no longer need to be separate goals. Learn how firms can align purpose and profit to help meet the needs of the underserved market.
The Swiss drugmaker has launched an ambitious diversity and inclusion program that includes funding for historically Black colleges and universities, mentoring, a new clinical trials center and data quality research, among other goals.
The Bank of England and Financial Conduct Authority said increased diversity and inclusion improved how companies were run and how decisions were taken, creating a more innovative industry that offers better products to consumers.
