Marijke Koninckx outlines five ways in which better inclusion in the workplace can support businesses’ wider goals
19 August 2022
Diversity remains a frequent topic in conversations across businesses in the world today, but the recognition of its importance is no longer the biggest focus – now, it’s the implementation of actual change that needs to be at the top of the agenda.
Sadly, efforts to support diversity are often misguided and inauthentic, which can be very damaging to the important work being undertaken across industries. At its core, true diversity within a workforce has the power to add real value across many areas.
Blending experience and youth
In business, there is often a tendency to focus on diversity efforts through the lens of social background, race or gender, but the concept is much broader. In the financial services industry, we often see a certain reluctance to interview younger candidates for roles because of their lack of experience in the sector. Whereas in industries such as marketing, candidates entering the job market from school or university are often welcomed and appreciated for their contributions, which are free from experience bias – in financial services we often see the opposite approach. Although there is undoubtedly a degree of diversity in age across the sector as a whole, there is still work to be done to welcome talent from both the younger and older ends of the working spectrum into the banking and payments industry, especially in more established businesses.
Younger workers may be typically more inclined to think outside of the box, and to find new ways of approaching longstanding challenges, yet in a heavily regulated environment where financial services providers need to work within the constraints of the industry, there is still a need for the wisdom and knowledge that’s only made possible through experience.
Teams that are successful at taking on these two very different perspectives can make much more rounded decisions, not limited by a ‘we’ve always done it this way’ mindset but equally with a healthy dose of realism that comes with experience. That’s why companies should always look at the diversity of age within a workforce and whether this could be improved. By achieving this mix, companies can benefit from the best contributions from both worlds, enriching their business capabilities.
Building shared values with different perspectives
No two lives are the same, but there are life experiences often shared between groups; for example, those with the same gender identities or ethnicities, or those raised in the same geographic region. By building a diverse workforce, businesses can bring teams together who have been shaped by these varied experiences and ensure they are all represented within a company’s broader value system and how employees conduct themselves.
In doing so, businesses can ensure that the workplace culture they develop is inclusive for all, and this will naturally positively impact the interactions with wider stakeholders. As an organisation, it is key to have common core values but, at the same time, different perspectives do lead to better decisions.
Tap into wider networks
Networking is still a huge influence on business potential, and there are plenty of opportunities within untapped markets and communities that can be discovered by building a workforce with diverse interests and backgrounds. By creating business networks within these groups, companies can also find new partners, customers and connections to broaden their potential.
Without a diverse workforce, such opportunities may never be identified in the first place. Likewise, there’s the potential for future stakeholders, or customers, to feel a lack of trust in a company as a result of a largely homogeneous workforce.
Diverse staff means diverse skills
Especially in fast-moving sectors, such as financial technology, the ability to effectively scale operations cannot be overstated. However, to achieve significant, sustainable growth, businesses often require teams to take on multiple, varied projects at once. Invariably, this challenge is made achievable with a workforce that possesses a diverse array of skills to be tapped into at the right point of a project and having team members on board who have previously worked in different domains can add a lot of value.
Fostering a team with a huge spectrum of skills is hard, but the task can be simplified by ensuring a diverse workforce is built in the first instance. Invariably, people joining from different industries tend to build different skillsets over their lifetimes, which makes them ideal for companies undertaking periods of intense growth. Once again, failing to invest in this area can end up proving very costly to businesses further down the line.
Make yourself a desirable place to work
Building a diverse workforce helps businesses to relay an inclusive workplace culture to the outside world. I’ve explained how this can help to support more effective stakeholder relationships, but equally it can also help to make businesses more attractive to apply for because we all want to be part of a business that champions ability and supports inclusivity. There are many components that make a company stand out to work for but, given the current scarcity of talent, the importance to fulfil what really is a core requirement is more important than ever.
The time for change is now
The world of work still needs to become more representative, and we all have a responsibility to ensure that change happens, as only a collective effort will truly make a difference. However, this is not just about doing what is right, there is proven business value in diversity. While a lot of organisations have diversity high on their agenda, the time has come to move on from vision statements and implement the change.
Marijke Koninckx is chief product officer at BankiFi
Following his recent research into the topic, Daniel Derbyshire outlines what can be done to stamp out implicit biases and improve inclusion
Those with ethnic minority backgrounds are also more likely to feel overskilled in their current role, and less satisfied with their earnings
It is the responsibility of leaders to ensure that every person can bring the full extent of their difference to work with them every day, says Rebekah Martin
Campbell Macpherson from the executive education department at Henley Business School explores people’s capacity to change and why treating everyone as individuals is the way forward
Covid-19 has challenged organisations around the globe and will permanently reshape how many operate. Softworks examines how workforce management technology can help businesses navigate this new normal
In a new white paper, Questionmark shares key concepts and best practices for developing effective assessments and interpreting their results to drive better and more informed decisions that can enhance your organisation’s learning process
