We have to come to live in a highly connected world with sophisticated technologies, business models, and markets. Today, as the world reels from a crisis, this technology has become the very fabric that binds us together. A remote-working environment can thus be a platform for a truly globalized and inclusive workplace. A study by Forbes, highlights that diversity is a critical driver for innovation and success at a global scale. For many companies today, work from home can act as a catalyst to spearhead a company’s inclusion and diversity efforts.
According to Forbes, there is a strong business case to be made for diversity and inclusion as it helps fuel creativity, according to 56 percent of businesses surveyed with annual sales of more than $10 billion. Let’s take a closer look at how your organization can foster diversity and inclusion, based on insights.
Source: BCG Diversity and Innovation Survey
Diversity in the management
Building diversity and inclusion in the management can set the template for the rest of the work-force. A survey conducted by the Boston Consulting Group reveals that diverse management team have 19% higher sales for businesses due to increased innovation. For start-ups, tech companies, and industries that rely on innovation this revelation can be a game-changer.
From a geographical perspective, South-East Asia has a female workforce participation rate of 42 percent, which is higher than the global average of 39 percent, thanks to cultural changes over the last 40 years. The top three benefits of diversity found by respondents in the Hays Asia Diversity and Inclusion study were better company culture, leadership, and greater creativity.
Diversity and inclusion in the management can serve as a precedent for happier employees, more diverse and inclusive teams as well as more revenue.
Greater gender parity with WFH
Gender equity remains a major issue in the corporate world. Despite the fact that several reports show that companies with more women in the C-suite are more profitable, a significant gender disparity exists for a majority of companies today.
According to a McKinsey study, ethnically diverse firms are expected to perform 35 percent better than their peers. Further, gender-diverse businesses are also likely to outperform their male-dominated peers by 15%.
Many women tend to drop out of the workforce owing to geriatric and familial responsibilities. Often, it is not easy to get back to their careers and for even those that do, there is a lack of pay parity with their peers. Today, the key challenge for most organizations is not about how many women are hired but how many are retained over a long period of time. With WFH, women can leverage flexible schedules to meet work requirements while also taking care of other responsibilities that they deem as being necessary. This is a great opportunity for organizations to create favourable policies towards women in the workforce as a part of their efforts towards greater inclusion.
Fair and competitive compensation
Companies with a WFH plan save money on overhead because workers can choose where they live depending on cost of living and desired environment. As a result, they will be able to deliver more competitive wages and benefits.
A compensation strategy that leverages calibrations tools to remove bias and ensure equal and fair pay on factors like tenure, cost of living, and averages can go a long way towards retaining employees in a remote workforce.
The road ahead
The path towards diversity and inclusion is an uphill battle but is critical to a sustainable and global business in today’s age.