Liesl Leary-Perez, Vice President, Corporate Marketing at Hubilo explains the importance of diversity in the workplace
Why does it make business sense to build inclusive and diverse workplaces?
The business environment of today is a challenging one to navigate. Leaders must find their way around rapidly evolving market trends and adapt to the ‘new normal’ following the pandemic. At a time when one size fits none, strengthening a leadership team with diverse skillsets and backgrounds can generate the momentum needed to implement new go-to-market teams, thereby exceeding client demands across traditional demographic and geographic boundaries.
What are the more general benefits of a more inclusive and diverse corporate team?
Organisations led by diverse teams are able to make better, more thought-out decisions as they have access to a range of different views and insights. With more outside-the-box thinking, it is easier to drive innovation and ultimately outperform competitors and the data shows real business results. According to the Boston Consulting Group, diverse management boosts revenue by 19per cent. McKinsey has also been cited as showing that 43 per cent of companies with diverse boards saw higher profits. And finally, according to a 2020 Glassdoor survey, three out of four workers prefer diverse companies, which is a huge benefit considering how challenging it is to hire workers.
How important is company culture? Why?
A strong, inclusive, and diverse company culture is at the core of any successful business. When a company is built on the foundation of diversity, inclusivity, trust, and the desire to give back, external challenges are much diminished. A truly diverse company culture enables businesses to attract and retain better talent – it’s a win-win. In a culture where everyone feels comfortable and motivated to get involved, share their ideas and contribute, businesses will have more success long term. Working towards a common goal will truly unite every employee of the company leading to further strengthening and achievement of the company vision.
What is the best way for corporate teams to harness rapidly evolving market trends?
Thriving in rapidly evolving market trends requires agility, openness, and adaptability. Teams must be prepared to modify and change the status quo at any given moment to meet ever-changing demands. A successful business moves forward by staying on top of its ever-changing market and choosing the best time to shift from its existing model to a newer one. When you have a strong and diverse leadership team at the heart of a business, this is much easier to do. Corporate teams who monitor market trends and constantly evolve with these will find that they outperform the competition. Furthermore, agile teams who implement hybrid and virtual ways of working allow for everyone’s voice to be heard, which is vital to ensure that new changes are working for everyone.
Recruitment is proving increasingly tricky. How should a company deal with today’s technological advancements and digitalisation?
Recruitment and onboarding are becoming increasingly challenging in this new normal, however, it certainly does not have to be. In the current market, staff shortages are high, and it is harder to attract and retain labour. The mass job exodus that has been termed ‘The Great Resignation’ has affected all industries. However, for businesses the key lies in using this as an opportunity to re-address their team structures and redefine their corporate culture. Thanks to technological advancements and digitalisation and the increased acceptance of remote working structures, organisations have access to a much larger talent pool. Businesses must use this to their advantage and take recruitment strategies global, or at least cross-country. Employees are now able to do their work from almost anywhere in the world, as long as they have access to the internet connection. So, now is the time to redefine strategies, think big, set up virtual job fairs, online interviews, and more to welcome the best of the best onboard.
What effect does the decision by many senior employees to make a switch to a better work-life balance have on a company?
Many senior employees are looking to make a switch to a better work-life balance. By setting the example in this way, leadership teams can foster positive working practices throughout the business and set a positive example for junior employees. The knock-on effect of this is that it creates a corporate culture that people are proud to be a part of and want to join. Happy employees go a long way towards building a successful business! As well as this, when senior employees commit to flexible working, diverse talent can be captured at earlier stages in their careers. For example, working parents and those who are less physically able to travel or work traditional hours are no longer excluded from the recruitment process.