Davos 2015 - The Diversity Dividend | Summary and Q&A

TL;DR

Greater diversity in the workplace leads to higher shareholder dividends and improved corporate performance, but organizations and countries must address unconscious bias and implement effective policies to fully reap the benefits.

Key Insights

• ❓ Diversity in the workplace is essential for improved financial performance and better corporate governance.
• 🎓 Unconscious bias is a significant barrier to achieving diversity and must be addressed through inclusive policies and education.
• 😨 Affirmative action policies and targets can be effective in increasing diversity, but care must be taken to avoid tokenism.
• 🫥 Creating a diverse and inclusive work environment not only benefits the bottom line but also improves understanding of customers and leads to more innovation.
• 🤽‍♀️ Men can play a crucial role in supporting gender diversity by sharing caregiving responsibilities and being allies for women.

Transcript

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Questions & Answers

Q: What is the most compelling evidence that diversity in the workplace boosts financial performance?

Research shows that companies with more women on their boards have higher returns on capital and sales. Another study found that having women on boards in China reduced the likelihood of fraud and regulatory violations.

Q: How can organizations address unconscious bias among their teams?

Creating an environment of inclusivity and fostering dialogue about unconscious bias can help to address it. It is also important to have visible senior executives who are committed to diversity and actively seek out diverse perspectives.

Q: How can we promote greater diversity at the leadership level in industries like financial services?

Affirmative action policies that set targets and measure progress can be effective in increasing diversity. It is also important to challenge stereotypes and change perceptions of certain industries to attract a more diverse talent pool.

Q: How can we reduce unconscious bias from a young age?

Education and awareness are key. Teaching young children about diversity, challenging stereotypes, and promoting inclusivity can help reduce unconscious bias from an early age.

Summary & Key Takeaways

• The panel discusses the evidence linking diversity in the workplace to better financial performance and improved corporate governance.

• Evidence shows that companies with more women on their boards have higher returns on capital and sales.

• The panel also highlights the importance of disability inclusion and the need for childcare facilities to support working parents.