WHY DIVERSITY AND INCLUSION ARE SO IMPORTANT
Monday 12 October 2020
Research has shown a positive correlation between more diverse teams and superior financial performance
More than a moral argument
It’s not just about doing the “right thing”, there’s a compelling business case for building a more diverse and inclusive organisation. A McKinsey survey confirms that companies ranking in the top percentile for diversity and inclusion are 21 per cent more likely to outperform their competitors on profitability and 33 per cent more likely to be industry leaders. According to a 2020 Catalyst study, a diverse and inclusive workforce drives bottom line profits because it helps to attract talent, boost employee retention , improve engagement levels and leads to more innovation.
Diversity is everyone’s responsibility
While HR teams and an organisation’s leadership are integral to cultivating and protecting an inclusive environment, diversity and inclusion represents a core value that need buy-in from everyone. Creating a work culture where each individual, regardless of skin colour, age, gender, sexual orientation, or disability, can thrive and contribute value needs everyone to do their bit. UniCredit, for example, is improving the decision-making process of it employees by providing them a yearly unconscious bias training program, which is meant to gain self-awareness and insight into the way of thinking and acting.
Promoting diversity and inclusion is an ongoing process
Checking off a couple of training sessions does not magically transform an organisation. Instead, companies must build a culture based on sound processes and values that promote and celebrate differences. Here are five diversity and inclusion efforts from Harvard Business Review that can make a difference. One of UniCredit’s ongoing initiatives is the HM Treasury’s Women in Finance Charter, under which the bank commits to doubling its level of women in senior management roles at Group level to 20% by 2022.
Diversity matters beyond the workplace
A diverse and inclusive team includes equality in cultural background, political stance, socioeconomic status, and many other visible and non-visible attributes. Representation must also apply to every fabric of our community, not only in businesses, but also university classes, government leadership, sports athletes, social media influencers, and many other roles and functions in our society today.
At UniCredit, our diversity and inclusion policies are a cornerstone of the human capital strategy of our business model, which has successfully delivered value creation over time. Promoting equality and inclusion is a way to improve the well-being of individuals and make our business strategies more sustainable in the long-term.