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Advisors' Corner

The Business Case for Diversity

It’s not just a buzzword - here’s how you can better understand the need for diversity in business environments while becoming an advocate for yourself and everyone around you.

Diversity has become increasingly important in recent years – not just as a part of your interconnected and globalized society, but also as a part of your workplace.

Diversity is the variety of people and ideas within a company. Organizations often define the diversity of their people according to unique and/or legally protected differences, such as race, gender, age, disability, sexual orientation, maternity status, and other ‘nonvisible’ qualities and backgrounds.

Inclusion
is the creation of an environment in which people feel involved, respected, valued, and connected – and to which individuals bring their “authentic” selves (their ideas, backgrounds, and perspective) to their work with their colleagues and customers.” - Bersin by Deloitte

The World Economic Forum recognizes the transformative ability of businesses to contribute towards a more open, diverse, and inclusive society as it enables versatility, adaptability, and flexibility. When companies implement initiatives that promote a balanced mix of the fundamental aspects of diversity, they pave the way for employees to challenge assumptions, start necessary conversations, and shape corporate culture to create a more supportive and progressive community. People from diverse backgrounds, nationalities, and cultures bring new perspectives to the table. Each time an employee leaves a fruitful discussion equipped with fresh insights and varying opinions, they become better at solving problems and being more productive. This, in turn, drives employee innovation; from the bustle of global urban centers like New York and Dubai to the ingredients of daily meals, many aspects of life are the product of diversity. It’s been proven that innovation helps companies earn more revenue, which is why so many of them are now shifting additional focus on implementing diversity initiatives.

However, despite the awareness and growth of diverse and inclusive workplace practices and establishment of policies, change is slow. Many issues, such as the gender wage gap, racial discrimination, sexual diversity, intersectionality, and disability require our attention when developing polices and workplace practices. To combat these, you can drive change simply by implementing the below habits in your daily life.

Stay Informed

Whether in your job search or in your day-to-day work, read and understand the diversity goals and vision of your current organization or the ones you are considering applying to. Many companies have webpages and reports outlining exact diversity and inclusion goals and initiatives for the year. These are often aligned with their strategic goals, leading to an overarching view of what the company strives to achieve and how they want to be represented in the community. Take time to assess how this could impact your position, how your position can in turn have an impact on the success of those initiatives, and whether they mirror where you want to be in your own career. Assessing a company’s diversity initiatives can be extremely helpful to you to determine whether or not they are the right fit for you in your job search.

Drive Change

Become a spokesperson for diversity issues even if they aren’t your own! If you see or hear something that you know is inappropriate or is non-inclusive, speak up. 40% of Canadians don’t feel comfortable bringing up issues at work because they worry about lack of support from fellow employees. Remedy this by helping inspire a supportive culture where anyone can feel comfortable speaking up, no matter what their rank or position title is.

Additionally, consider taking part in or starting an Employee Resource Group, participating in a mentoring relationship, helping plan a diversity-related event, or serving on a diversity-related committee. These are all activities that require your time and commitment, but they present valuable opportunities for you to actively engage in the diversity effort while developing yourself personally and professionally

Strive to Improve

Continuously diversify your perspective by learning about the different backgrounds, cultures, ethnicities, and religions that your peers and colleagues represent. Ask some of them to share their favorite customs and practices with you! Familiarize yourself with diversity-related terms so that you can take part in important conversations. Be willing to ask questions, listen to the concerns of those around you, apologize for any errors made, and make positive changes using their feedback.

When implemented effectively, workplace diversity can bring incredible value to you and your organization. We hope this article has inspired you to start taking steps to address common diversity challenges and help foster a supportive and respectful work environment!