The business case of diversity is an imperative, rather than a fancy appendage to a company’s people strategy. The mixed culture, people and processes certainly bring in varied perspectives that bring definite success to anything that a company visualizes. However, how easy is it to accomplish the set agendas and goals, tailoring every effort towards the pivotal aspect of diversity? What must the companies have to bring in an entire set of amalgamated thoughts, processes and most importantly, people from varied backgrounds under one roof of culturally harmonized, goal-oriented ecosystem? Let’s check out the list.
Inclusive Leaders: To Advocate Change
Building a team with shared and focused vision requires the direction of a brilliant leader. Not only that, it must be a leader who sees the value of each and every individual that works for the company. An inclusive leader is a potential individual who drives the change that a company aspires. And as per a report by the Harvard Business Review, teams with inclusive leaders are 17% more likely to report that they are high performing, 20% more likely to say they make high-quality decisions, and 29% more likely to report behaving collaboratively. Overall, every company will require people managers who are genuinely and potentially D&I compliant for the plans to work out well.
Cultural Acceptance: To Embrace Change
An adaptive mentality is the core aspect required to bring in cultural change. The Deloitte Global Human Capital Trends Report that surveyed more than 7000 CEOs and HR leaders from 130 countries consider culture, a potential competitive advantage by 82% of respondents. In a country like India, where strong roots of patriarchy and orthodoxically obedient set of people are still prevalent, changing mindsets of individuals can be a challenging task. Tailoring effective policies and practices as per the requirements, ensuring respect, and value for every individual may require expert advice before anything being implemented. For a nation as diverse as India, chasing diversity for India Inc. is certainly an irony worth mentioning, given the strong and diverse social construct that organically exists.
Financial Investment: To Implement Change
Every business expects strong returns from its investment. Studies have time and again proven that investing in D&I initiatives is one of the best investments a company can reserve its revenue for. The report on Why diversity matters by McKinsey present inspiring statistics that confirms the above statement. Companies in the top quartile recorded higher financial returns for ethnic, racial and gender diversity in management. And investment doesn’t mean fiscal aspects alone but also ensuring the psychological safety of the employees. From bearing infrastructural costs for the benefits of PwD employees to investing in diversity and inclusion training programs, companies have to traverse the full spectrum for growth to be achieved.
Having mentioned the most important base steps towards optimally approaching D&I, it is important to note that, D&I initiatives requires varied perspectives and thought processes given the dynamic nature of it. The potential of India Inc. to absorb diversity as a promising business case is still a matter of potent choice that needs to be addressed and adapted at the earliest possible!