INDUSTRY IMPLICATIONS: DIVERSITY

Is Wealth

A diverse and inclusive workplace allows people with all different strengths to contribute to the success of a business. Australian airline Qantas is a prime example of how they use diversity and inclusion to their advantage. CEO, Alan Joyce said the spectacular turnaround reflects an underlying condition, “We have a very diverse environment and a very inclusive culture.” According to Joyce, those characteristics, “got us through the tough times - diversity generated better strategy, better risk management, better debates and better outcomes.” (Bourke, Dillon, 2018). Joyce’s insight reflects a growing recognition of how critical diversity and inclusion is to a business’s performance, yet it is extremely rare for Diversity and Inclusivity to feature at the centre of a CEO’s success story (Bourke, Dillon, 2018).

To receive wealth from Diversity and inclusivity, one must look beyond demographic parity to the ultimate outcome –diversity of thinking.

Apple is arguably the most successful company in the technology industry to date. They are aware that their success is a result of a diverse and inclusive workforce. CEO, Tim Cook said, “We take a holistic view of diversity that looks beyond usual measurements. A view that includes the varied perspectives of our employees as well as app developers, suppliers, and anyone who aspires to a future in tech. Because we know new ideas come from diverse ways of seeing things.” (Bourke, Dillon, 2018).

As a result, brands are acknowledging that in order to be successful they must adopt a mindset that is both diverse and inclusive. Therefore, the hiring and head hunting of minorities has increased majorly within recent years. For example, 53% of Apple’s new employees in the US are from historically underrepresented groups in technology such as women and people of colour (Apple, 2018).