To: CEO cc: PA Subject: A hard-headed guide to corporate diversity
Upgrade your inbox and get our Daily Dispatch and Editor's Picks.pressure to “do something” about diversity in your company—not only from your wife and woke children. Corporate clients increasingly demand it in your supply chain. Regulators, who use a “stable” or “inclusive” culture as a proxy for low risk, are breathing down your neck. Governments like Britain’s, which now mandates pay-gap reporting, insist on making more of your sensitive data public.
Or are you hoping that diversity will boost the bottom line? To be perfectly honest, I have no idea if it does. It is hard to tell if diversity helps firms do well, or if successful firms are also more enlightened on other matters. But variety has been linked to innovation, productivity and, for example in diverse teams of surgeons, fewer mistakes. Lack of it breeds groupthink—which in turn can lead to disasters.
Staff surveys can help, provided they are large and comprehensive enough. After its #MeToo moment, Lloyd’s, an insurance market, found that 45% of staff felt unable to raise concerns about improper conduct. Employees are now encouraged to speak up, including through a bullying-and-harassment helpline. A “culture dashboard” tracking progress on survey metrics will be published with the Lloyd’s annual report.
At this point the how should be relatively clear. In a nutshell, it is all about creating a level playing field. When recruiting, software can mute biases by concealing giveaways to a candidate’s gender or ethnic identity. These include names but also less obvious hints like the sports they play. If only the usual suspects apply, look harder. Specialised recruitment drives, such as visiting “black” colleges or advertising in women’s forums, appear to work.
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