Executive Summary
Diversity, Equity, and Inclusion (DEI) challenges are increasingly on meeting agendas as corporations recognise the importance of cognitive diversity for innovation, productivity, and commercial success. While every firm has its own culture and sensibilities, particularly across geographical areas, one thing is clear: companies that value DEI are stronger than those that don’t.
As per the article ‘More Evidence That Company Diversity Leads to Better Profits’ published by Forbes, data produced by McKinsey & Co shows that diversity in the workplace gives organisations competitive advantage and is a key growth enabler. Where executive teams host a healthy gender balance, the data boasts a positive correlation of up 21% of increased profitability. Their argument goes on to reveal how Ethnic diversity also proved to be a key driver in commercial success with the likelihood of success increasing from 33% to 43% between studies published in 2014, 2017 and 2019.
To address this powerful subject, Armstrong Wolfe invited influential global leaders to discuss how, in becoming more conscious of our everyday behaviours, courageous in speaking out and learning from others and compassionate towards ourselves and our colleagues, we can create a more inclusive environment. The paper draws on the panels’ personal experiences, views, and actions, with suggestions on the steps we can all take to promote a more effective culture of inclusivity.
The financial services organisations part of the panel discussions included Scotiabank, TD Securities, Citi, JP Morgan Asset Management, HSBC, Macquarie Group, Force 9 Coaching, Credit Suisse, Natixis Investment Managers, EY, RBC and Societe Generale. Managing Partners of Armstrong Wolfe Advisory, which provides financial markets and asset management services, also joined. The panels were moderated by Gwen Wilcox, COO and Women in the COO Community global lead.
Contents
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Executive Summary
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What is Inclusion?
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Interrupting the Bias and Speaking Up
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Gender
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Gender Coding
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How Do We Boost Diversity in the COO Position?
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Disability
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Race Cultivating a Psychological Safe Space
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Using Data to Drive Change
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Recognising People and Inclusive Coaching
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Regional Inclusivity
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Changing Priorities
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Leadership
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Final Words
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The 3 C’s: Traits Every Inclusive Leader Needs