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Category: Industry News, Employer Focus, society, workforce, organisation, benefit, believe, Financial
Chief Executive Officer (CEO) of Lloyd’s, the world’s specialist insurance market, Inga Beale speaks about how she believes diversity within an organisation can bring benefits to the business, society and the people within it. Beale is the first female and openly bisexual CEO at Lloyd’s, she is paving the way for others, in order to have their voices heard in the boardroom.
There are many benefits associated with having a diverse workforce, these include increased financial returns. For example, companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians. This figure highlights the returns that companies who embrace diverse thought within their workforce can expect to receive, however, this is a process that takes time. It is also important that diversity is represented in senior management as there is a lack of diversity within the boardroom and amongst organisational leaders.
It is important that leaders, such as Beale, are speaking about diversity and the importance of it within the workplace, as no-one is exactly the same and everyone has differences that make them unique. These differences are the things that allow new ideas and strategies to be formulated, in order to create growth and promote profit within the organisation and even affect change within the industry. It is also important for leaders to represent the people within their workforce and the societies that they are working within, they can do this by taking opinions on board and implementing them where suitable.
A report by the Harvard Business Review found that organisations demonstrating diversity in their leadership were 45% more likely to report market-share growth and 70% more likely to report new-market capture, therefore, highlighting the increased returns diversity can bring to the business.
Beale has spoken openly about the beliefs that she holds regarding diversity in the workplace and she has been a voice in the finance and insurance industry, where she has used her voice to encourage others to be confident enough to embrace the things that make them different and therefore bring their whole-self to work; by doing this, employees are expected to be more successful and productive.
When employees feel that they are able to embrace their whole-selves within the workplace, whether this be regarding race, religion, sexuality, disability or anything else, they can expect to notice both personal and professional benefits, not only for themselves but also for the organisation.
In order to achieve diversity within an organisation and ensure that the business is successful, it is all about getting the right balance between ensuring profit is being made, whilst also doing the right thing for society and the people within it. In the above video, Beale speaks about the paradox that exists in society today, where individuals expect to use the latest technologies in their personal lives, however, when they come to work they are complacent with using the same technology that has been used for the last three decades. Therefore, there needs to be a shift in the way that people think within the workplace, this includes embracing the diverse ideas and opinions of others and taking these on board when making decisions, as diversity has been shown to improve the competitiveness of business.
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