The importance of Diversity and Inclusion for firms

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From the course by ESSEC Business School

Diversity and inclusion in the workplace

43 ratings

ESSEC Business School

Diversity and inclusion in the workplace

43 ratings

Diversity is a fact. It is also paradoxical. We need to be capable of seeing and hearing differences in order to reap the benefits of diversity. But seeing and hearing differences hone our discriminating reflexes and can also lead to discrimination. If you take this MOOC, you will: 1. understand this paradox, 2. understand its dynamics, and 3. identify ways to manage it, so that you can better channel the diversity potential in the workplace for greater performance and innovation.

From the lesson

Hi Diversity!

Welcome to the start of your learning journey! In this module, you will start to familiarize yourself with diversity concepts and their relevance in the workplace. First, you will learn about why diversity and inclusion are important for firms, and about the historical development of diversity and inclusion in firms. Next, you will be introduced to key diversity-related concepts and issues. Then, you will discover facts and figures for five diversity categories and the challenges that firms are facing to promote the inclusion of these diversity elements. By the end of this module, you will have a clear understanding of diversity concepts and their application to different diversity categories.

This is diversity!1:46

The importance of Diversity and Inclusion for firms5:04

Meet the Instructors

Junko Takagi
Teaching Professor
Management Department, Chair of Leadership & Diversity

[MUSIC]

Hello, welcome to the ESSEC Business School Diversity MOOC.

From the introductory quiz, you saw that the three most common statements that

firms make about diversity and inclusion are,

first, diversity is a source of creativity and innovation for firms.

Second, diversity is a source of performance for firms and

it's collaborators.

Third, firms need a workforce that reflect the diversity of the costumer base.

Firms perceive diversity as an important ingredient for success by encouraging

creativity and innovation, and helping to understand and develop new markets.

This is generally referred to as the business case for diversity.

In my experience working with firms in France on diversity issues,

I've come across two main approaches to diversity.

In the first approach, firms perceived diversity as an ethical and

social responsibility, in which they have a responsibility and commitment

to address existing social inequalities which are reflected in their workforce.

And to promote inclusion of underprivileged populations

into the workforce and in management.

In the second approach, firms present diversity as an important ingredient for

exchange of different perspectives, and collaboration with the final

objective of encouraging innovation and corporate performance.

In order to achieve this end, firms feel that it is important to have a workforce

that reflects their potential customer base at all levels of hierarchy, so

as to continue to develop pertinent products and services.

Most firms will emphasize both elements in their approach to diversity and inclusion.

But the recent trend is more towards the business case for diversity.

Even though the playing field is far from level for

the majority of minorities, the most important element for

firms to address diversity is the competition for talent and new markets.

For example, according to UNESCO data, women have become

the majority in tertiary level education in most countries,

including the USA, Brazil, Algeria, Saudi Arabia,

France, the UK, Russia, China, etc., etc.

According to these figures, as women become as well educated as, or

better educated than men, they may well become the main driving force for

future businesses.

In the UK, a significantly higher percentage of students whose ethnicity is

Chinese or Indian, attain the British A levels compared to white and

other ethnic students.

All of this indicates that in many countries there are an increasing number

of qualified and talented minorities coming into the job market.

Firms need to tap into this diversified talent pool at

the risk of losing out to the competition.

An important point to keep in mind is that businesses

have been working on some diversity issues for several decades now.

Women have been on the agenda in some countries for over three decades, and

many countries have also been focusing on people with disabilities.

However, when we look at the current situation for both populations,

women are still completely outnumbered by men in the upper echelons.

And still fighting for equal pay,

despite laws in place that eliminate the gender pay gap.

Moreover, many firms are unable to obtain disabilities quotas in countries that

impose them and end up paying a fine to the government.

So in conclusion, previous diversity strategies have not been highly effective

in eliminating differences.

Although diversity and inclusion in the workplace has become an important factor

for businesses, we can see that it is a complex issue that is not easy to manage.

We already know from studies that firms whose top management is driving

the diversity initiative, and whose diversity strategy is integrated into

their core businesses, benefit most from the growth potential of diversity.

So this MOOC is about discovering more about how diversity is

the key to future performance for firms, and for you, as leaders of tomorrow.

You will hone your awareness of your and others diversity perspectives and

reflexes.

You will understand how these perspectives and

reflexes impact our interactions, group dynamics, and group performance.

And why diversity strategies have not been highly effective to date.

As young professionals in all walks of life, this awareness will be an asset in

working with diverse collaborators and generating value at the individual and

collective level through your interactions.

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