At this point, it’s well known that building diverse teams of employees offers a competitive advantage to organizations everywhere. It’s hard to argue with the stats. For example, research shows that inclusive teams outperform peers by 80 percent in team assessments. Ethnically-diverse organizations are 35 percent more likely to financially surpass their peers. And companies with more women in top management experience higher returns on investment than those with less.
If leaders want to prioritize diversity, equity, and inclusion (DEI), they need to hone their skills to get the best results out of their current employees and attract diverse candidates. Not doing so could mean the difference between the success and failure of their businesses.
Our Guests: Entrepreneurs Rosaleen Blair and Stasia Mitchell
On the latest #WorkTrends podcast, I spoke with Rosaleen Blair and Stasia Mitchell, entrepreneurs with decades of experience in their respective fields. Rosaleen is the founder and chair of AMS, where she was CEO for 23 years, and is a serial entrepreneur, having invested in and advised many organizations, as well as offered coaching and mentoring services to growth businesses. Stasia leads the global entrepreneurship program at EY across 64 countries and has more than 20 years of experience working in EMEIA and the Americas. She brings a global mindset to her work and helps support the global entrepreneurial ecosystem.
As the “great resignation” rears its head, building diverse teams should be at the forefront of leaders’ minds. Employees are demanding that leaders celebrate differences and take an interest in the unique needs of individuals. If people give so much of themselves to work, they want to see their work give something back.
“Because of the pandemic, employees have a new expectation for work … They want to be thought of as individuals–human beings–and not just a part of the headcount,” Rosaleen says. “They want to feel commitment from their leaders. This can come in the form of an investment in their growth and skills, career mobility, or even support for their personal wellbeing. Empathy is critical.”
To meet these new employee expectations, employers should be curious, says Stasia, especially when it comes to diversity. Learning about differences can allow your organization to excel.
“Leaders need to be extremely curious, be open to possibilities of solutioning around creating and ensuring collaborative, diverse teams,” says Stasia. “Listening is so powerful. Learn from these diverse groups of people.”
Defining Diversity and the Importance of Role Models
When it comes to DEI initiatives, it’s important that employers make decisions about what diversity means to them. Then, set goals to achieve.
“I think we all agree that people are the foundation for any great organization,” Stasia says. “We all need to be ready to define what diversity means to us as organizations, and stick to that definition. Stay accountable, make it measurable. The most important thing is we’ve got to make positive progress together.”
One great way to begin building diverse teams is to show people that opportunities are open to everyone. In the case of women’s equality, Rosaleen suggests encouraging women to lean in and take projects across global initiatives and activities. This allows women to see themselves in roles they wouldn’t have before. Organizations can give female employees opportunities to represent organizations externally too–which allows them to build their profiles and create strong networks.
“From my experience, role models are key. If you can’t see it, you can’t be it,” Rosaleen says. “Celebrating the success of female role models and creating the space to ensure that all voices are heard is important.”
I hope you enjoy this episode of #WorkTrends, sponsored by EY, one of the largest professional services networks in the world. You can learn more about building diverse teams by reaching out to Rosaleen and Stasia on LinkedIn. Also, on September 1, 2021, from 1:30-2:30 pm EST, don’t miss the #WorkTrends Twitter chat with Rosaleen (@rosaleenblair) and Stasia (@Stasia_EY). During the chat, we will tackle topics like innovative management techniques, diversity of thought, and more.