Diversity Deep Dive

According to Harvard Business Review, inclusive leaders help organizations by creating 17% more high performing teams, driving 20% high-quality decision making and 29% more collaborative work. Numerous studies indicate that inclusive workplaces lead to lower attrition and improved employee engagement. When leaders take time to lean in with empathy, it encourages employees to be their authentic best selves while creating a workplace which positively impacts overall organizational goals and initiatives.

Challenging macroeconomic conditions, geopolitical disruption, climate change, and the rise of artificial intelligence (AI) are just a few concerns impacting millions of people globally. According to PWC’s recent Global Workforce Hopes and Fears survey of 56,000 workers in 46 countries, 26% of workers stated that they will change jobs in the next 12 months. Many workers are experiencing tremendous stress, anxiety, and burnout. Organizations recognize that transformation is the key to long term sustainability. Equitable and inclusive workplaces are a critical component of the transformation to ensure companies have a dynamic workforce to drive innovation and skills needed for future growth.

Assuredly, we have seen progress on LGBTQ+ rights worldwide with several countries legalizing same sex marriage over the past few years through legislative and court decision including Australia, Brazil, Cuba, Slovenia, Switzerland,  and Taiwan to name a few. Yet, many LGTBQ+ workers continue to be closeted and do not bring their full authentic selves into their careers. More concerning, according to a recent global study completed by Statista, there are approximately 71 countries where members of the LGBTQ+ community can face criminal charges. While we have seen some advancement for LGBTQ+ equality, many efforts have fallen short. Now more than ever we need LGBTQ+ business resource groups (BRGs) and allies to help cultivate an inclusive, safe, and respectful workplace for all.

According to Catalyst’s Inclusive Leadership Report, 45% of employees’ experience with inclusion is directly linked to their manager’s behavior. In the report, Catalyst outlines 5 key drivers impacting inclusion in the workplace which are 1) value 2) trust 3) authenticity 4) psychological safety in expressing different views and 5) psychological safety in being able to take risks. Globally, there is a paradigm shift in the employer, employee, and talent social contract. This shift means that leaders must lean in with empathy, respect, and inclusive behaviors to attract and retain talent in a tough labor market.

According to Deloitte’s 2021 Global Human Capital Trends Report, organizations need to focus on well-being beyond the standard “work/life balance”. In the global report, workers indicated that prioritizing well-being and integrating it in workplace transformation efforts as one of their top 3 concerns. As the world continues to move forward despite the impact of COVID-19, rising inflation, and social unrest; equity, diversity, inclusion, well-being, and belonging are critical now more than ever. In a talent scare market, workers are looking beyond compensation and seeking flexibility, authenticity, deeper connections to their beliefs, and a workplace that is equitable and inclusive for all.

According to the PwC’s 2022 Global Workforce Hopes and Fears Survey, 54% of respondents believe that it is extremely important for organizations to have transparency about their record for addressing diversity and inclusion in the workplace. The study further showcased the topics that mattered most to workers including, pay, flexibility, job fulfillment, wellbeing and inclusion. 66% of respondents stated that they want to be their true selves in the workplace. Over the past few years, companies have made many commitments on diversity, equity and inclusion with the ultimate goal of creating a workplace that is equitable and inclusive for all.

According to the Human Rights Campaign Study, “A Workplace Divided, Understanding the Climate for LGBTQ workers nationwide, 46% of LGBTQ workers are closeted at work, 50% of non LGBTQ workers don’t believe they have any LGBTQ workers in their workplace, and 28% of LGBTQ workers are totally closeted both in the workplace and in their personal lives.  While we have seen strides for LGBTQ equality and advocacy for rights, many efforts have fallen short to foster an inclusive, safe, and respectful workplace for all.

According to a 2021 Harvard Business Review study, 85% of workers believe that their mental health and wellbeing has declined and 56% cited a high increase in job demands. The Great Resignation continues where we have seen more than 4.5 million people leave their jobs in March 2022 according to the Bureau of Labor Statistics. Global conflict and a never-ending pandemic have exacerbated employee burnout. There is a fundamental paradigm shift in the employer and staff dynamic that can not be overlooked. Today’s workers seek purpose and belonging in the workplace and beyond. Belonging is critical to support inclusive and respectful workplace and communities for all.

According to a Qualtrics 2022 Employee Trends report, an estimated 32% of female leaders globally plan to leave their current job. Over the past 18 months we have seen a mass exodus of employees leaving their jobs in a phenomenon called the Great Resignation. Many workers are experiencing stress and anxiety which has led to pandemic burnout and a decreased sense of belonging. Now more than ever, companies need to focus on equity, diversity, inclusion, and accessibility to break barriers and pioneer workplaces where everyone is valued, respected and belong. When we lean in with empathy, we tap into our humanity, which is the common bond that unites us all.

According to the PwC Global Culture survey, 66% of C-Suite and Board members responded that culture is viewed as equally as or more important to organizational performance as their operating model. The survey further indicates that 85% view culture as a top leadership agenda item. Over the past 18 months our connections have become increasingly more mobile with a global reach. Cultural competence is highly correlated to dynamically diverse and high performing teams.