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Leaders in Change: Diversity and Why it Matters (by Versiti)
- 1. www.versiti.co Reframing diversity 11th September 2018 Leaders in Change
- 2. Copyright Versiti 2018 www.versiti.cowww.versiti.co Introductions Dr. Marie-Claude Gervais Research Director, Versiti Founder of Versiti - Insight & Strategy specialist working with diverse audiences Lecturer at the London School of Economics Social Psychology and Qualitative Research Methods Macmillan Cancer Support, Fawcett Society, RSC, MSL, L’Oreal MRS Healthcare Research and HSJ Excellence in Service Redesign MRS Impact - Best Presentation marie-claude@versiti.co www.versiti.co @thisisversiti
- 4. Copyright Versiti 2018 www.versiti.cowww.versiti.co Three types of organisation Need for compliance with Equalities Act. Focused on HR Recognition of employer brand advantages. Focused on HR, PR and CRS Embed D&I in all strategic decisions at all levels. Focused on long-term business and social purpose
- 5. www.versiti.co Incontrovertible business case for D&I (McKinsey, 2018) • Companies in the 25% for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians. • Companies in the 25% for gender diversity are 15% more likely to have financial returns above their respective national industry medians. • Companies in the bottom 25% both for gender and for racial and ethnic diversity are significantly more likely to lag behind. • In the UK, greater gender diversity on the senior- executive team: for every 10 percent increase in gender diversity, earnings before interests and taxes (EBIT) rose by 3.5 percent. • Diversity is a competitive differentiator shifting market share toward more diverse companies.
- 6. www.versiti.co Why does it matter?
- 7. www.versiti.co • Migration and demographic changes mean that populations are more internally diverse: the BAME population of the UK is predicted to grow to 20% by 2051. • Some minority groups in the UK – ethnic minority and faith groups – are growing faster
- 8. www.versiti.co “We need diversity of thought in the world to face new challenges” Tim Berners-Lee
- 9. www.versiti.co • All minority groups are becoming more politicised: they want their voices heard and needs recognised • The social contract between consumers and brands is changing: new questions are being asked: - Whose best interests are actually being served? - Which purposes should be pursued? - How are brands making the world a better place? - How are brands redistributing wealth and creating shared value?
- 10. www.versiti.co All these changes mean that organisations and brands need to gear up for diversity and inclusion in more fundamental way
- 11. www.versiti.co How do minority groups contribute to business success?
- 12. www.versiti.co Are motivated to change the status quo because, by definition, it excludes them (being excluded is what defines minority status: hence why women are considered a minority protected by law despite being the same number as men) Often pursue different values, priorities, purposes and interests
- 13. www.versiti.co • Have greater cross-cultural competencies • Understanding the power of social structures and how they hinder or support change • Have different social networks and social capital
- 14. www.versiti.co Goodbye pale, male, stale colleagues
- 16. Purpose & Values Org culture HR Marketing & Comms Products & Services Operations & Support What does it mean for organisations?