To stay competitive in the global economy, successful companies need knowledge capital and high-yielding value propositions, yet the strength of homegrown, diverse talent may be overlooked.
Just look at landed immigrants in Canada with degrees who, having left significant careers, may end up working in a wage bracket far below their capacity but remain under-developed and under-used in the workforce.
Though we may be uncomfortable with it, there are still employment and promotion barriers due to lack of acceptance of diversity. Lack of acceptance of immigrants.
What is the real barrier? Racism? Agism? Intolerance? Conservative business models? The whole concept of diversity refers to the basic differences between people in an organization. It encompasses race, gender, ethnicity, age, education and other backgrounds.
Yet in today’s constantly changing business environment, having a diverse employee base can have a dramatic and profitable impact on an organization’s success and longevity, affecting such areas as innovation, engagement, succession planning and economic growth.
Successful organizations not only embrace diversity and inclusion, but dominate the increasingly competitive global environment. With an agile, diversified workforce, every organization can use a variety of available resources to service its market to its full extent.
In a recent HSBC Business Without Borders initiative, 833 Canadian companies were surveyed.
According to responses, 82% strongly or somewhat agreed that their organization has a multicultural workforce, but only 38% felt that companies generally took advantage of it to do business abroad. Among those employed in a multicultural workplace, just 63% felt their own company leveraged that advantage to conduct business internationally.
But leveraging diversity requires a special talent and skill set.
What do you do, for example, in a company of eight people where there might be intolerant undertones? Employers and managers must always be aware when working to develop a solution to a challenging problem, to include everyone and welcome different viewpoints.
At the opposite end of the spectrum, what do you do in a larger company where people feel almost invisible? Recognize and reward those who cultivate this inclusive atmosphere in their own decision-making process or other workplace behaviour.
Diversity is all about setting the mindset of valuing the differences in people and recognizing the similarities. Once this way of thinking is established, the benefits of cultural diversity in the workplace will naturally develop.
Diversity at work does not only reflect how people perceive themselves but also how they perceive others. Those perceptions can affect their interactions and overall performance.
Establishing a diverse workforce does not just happen; an organization needs a specific strategy with stated goals and metrics as part of the program. It occurs through strong sponsorship and accountability from top leaders and management who are actively and openly engaged in the organization’s diversity agenda. A company needs to establish diversity goals, strategies and practices at every level to ensure they are well embedded with constant checks and balances. Diversity must be driven by the CEO and senior leadership to be supported in the workplace.
Including people with different backgrounds, experiences and cultures can bring a fresh perspective and approach to the table.
By welcoming these different viewpoints and perspectives from employees with diverse areas of expertise and knowledge, employees can feel more engaged with a greater stake in the solution.
Actively engaging new initiatives, programs and plans can also bring a higher level of motivation and a greater sense of ownership in the final outcome of the project or plan.
The concept of developing and accepting diversification is not short term, and neither is the resolution. Those involved in workplace diversification must take a strategic approach, observing and monitoring meaningful actions and behaviours to assist the entire organization toward transformation.
There are no guarantees, but if diversification is ignored, opportunities to engage well-meaning and performing employees may be lost. This could not only affect an organization’s business goals, but might end up directly benefiting a competitor. Managers and employees alike should heed the call to become more actively engaged by taking full advantage of the opportunities presented through diversity, acceptance and inclusion.