The Diversity and Inclusion movement (D&I) has become a powerful agent of change in the workplace over the last ten years. Thanks to campaigns such as Black Lives Matter and #MeToo, honest and, in some cases, transformative conversations around workplace diversity, equity, equality, and inclusion are now an essential part of the tapestry of our working lives.
There is still a lot of work to do to achieve D&I across all industries, recent developments illustrate the positive progress being made in reaching an altogether fairer and more exciting work environment.
When we talk about diversity, we refer to six main categories; gender, age, the employee's nation of origin and career path to date, industry background, and education. And when it comes to inclusion, this refers to a culture where employees feel like they belong, are confident and comfortable being themselves, feel valued, and add value to an organisation. A
report by McKinsey in 2020 found that an emphasis on representation is not enough; team members need to feel equality and fairness of opportunity in their place of work.
Diversity and inclusion messaging
Separating the companies who take D&I seriously from those who social wash (think greenwashing but for social rather than environmental issues) can be tricky. There are three main ways to ensure whatever company you work with or want to work for is genuinely invested in creating a fair and just community.
Firstly, look for companies which are transparent and open about a continuous D&I journey. No business is perfect, and D&I standards are constantly evolving, so those which claim to know it all may not be as concerned with long-term growth and development.
Ask for KPIs. Companies that make broad, sweeping statements and commitments make it difficult to measure and track progress. Those who share specific goals and targets and are accountable for their objectives demonstrate a desire for accountability, which is essential.
Third-party collaborations or moderators are a great indicator that a company is looking externally to improve and evolve. Seek out companies that engage with organisations, NGOs, and non-profits to help them further their understanding and implementation of D&I.
The business case for D&I
The argument for accelerating D&I initiatives stretches beyond social governance. A 2018 study by Boston Consulting Group suggests that increasing the diversity of leadership teams, even in minimal ways, leads to better innovation and improved financial performance. In the same year,
McKinsey found that companies in the top-quartile for ethnic/cultural diversity on executive teams were 33% more likely to have industry-leading profitability. It’s further proof that diversity in the workplace can help set a company apart.
Industry leaders
So, who is leading the charge when it comes to pioneering D&I initiatives and implementation?
Klarna, a Swedish Fintech company that provides online financial services, may be experiencing some stormy weather due to its recent drop in valuation, but behind the headlines it has gained a reputation for its ambitious D&I goals.
With 78 nationalities represented at the company, and a 40% female employee ratio (significantly higher than other companies in the FinTech field), Klarna is actively implementing structures to encourage a robust and inclusive culture. Its internal diversity and inclusion group, BeYou, offers coding events for non-binary and minority employees and organises LGBTQ+; partnerships. Discover open roles on Klarna’s Job Board.
Starling Bank's commitment to diversity and inclusion began in 2017 when the digital challenger bank signed the Women in Finance Charter. Since then, the bank has increased the number of women in senior roles from 27% to 40%. Today, 43% of its total workforce, 39% of the executive team, 39% of the board, and 41% of senior managers are women. Find out more about jobs at Starling Bank here.
Diversity, equity, and inclusion stretch further than its employee base at
MoneyBox. Armed with the goal of helping everyone gain financial autonomy, the savings and investments app offers a long list of initiatives to support its entire community. From providing free financial education to minority and disadvantaged groups to ensuring the app's interface is designed and tested against strict accessibility criteria, MoneyBox puts its money where its mouth is. Look for open roles on its Job Board.
Everything from designing its offices to facilitate introverts and extroverts to encouraging company-wide conversations about D&I opportunities is just part of Shopify's commitment to creating one of the most forward-thinking and progressive global companies. Unlike other workplaces where D&I is a box-ticking exercise, Shopify has built its infrastructure and DNA around these critical pillars. For its current vacancies, visit the Shopify Job Board.
The future of D&I at work
Diversity and inclusion in the workplace will become even more of a priority in the coming years, according to a 2021
report by Intel. While companies set their own D&I goals and standards today, a desire to even the playing field across industries is the next step. The future of D&I will be measured and assessed, with coalitions like The Alliance for Global Inclusion setting industry standards for tracking diversity and inclusion improvements and sharing best practices.
Thanks to the current leaders in D&I and the support and demand for D&I from employees, the future of work is diverse, inclusive, and bright.
Want to move to a company where diversity and inclusion is baked into the DNA? Discover thousands of open roles on the Finextra Job Board today