Monday, May 8, 2017

Leveraging diversity and inclusion for corporate growth - GUARDIAN

by Osayi Alile
Originally published: May 8, 2017

According to a February 2015 McKinsey Report, companies with gender, ethnic and racial diversity are at least 15 percent more likely to experience greater financial returns – above their national industry medians. This is because they understand the significant relationship between profit and diversity. These forward-looking organisations also realise that it is often not enough to employ from the minority, but that they must be able to manage the minority’s interest vis-à-vis the majorities. They also realise that it is important to give everyone equal chances of rising within the organisational hierarchy and with equal decision-making rights.

Today, recruitment into various departments brings together a blend of employees from different cultures, generations, backgrounds, races, genders, religions, and with varying needs, thinking styles, among many others. Although organisations stand to gain a lot from this diversity when various experiences are brought together to advance their corporate course, it does not come on a platter. Organisations and their employees must consciously seek ways to capitalise on the diversity within the workforce to improve employee capabilities and advance the organisation.