The Business Case for More Diversity: Wall Street Journal research analysts rank industries and companies for diversity and inclusion—and find a link to performance”
I was thrilled to see this headline on a Wall Street Journal research study published a few weeks ago. Though more and more organizations are becoming aware of the importance of workplace diversity, It still feels like a big “win” when another respected research organization publishes a study that validates a position that we at RW3 CultureWizard have been long advocating.
The Business Benefits of Workplace Diversity Make Sense…
It seems so obvious when you make the connection between workplace diversity and business performance. Think about it: Diversity and inclusion are natural outgrowths of an effective meritocracy. In other words, a company that hires and promotes people without bias will select people who are best suited to achieve and support that company's business objective, no matter their cultural background. The more diversity there is, the more room for innovation. And the more innovative products, the better the sales—and so on.
…But Diversity and Inclusion are Hard to Achieve
So, if it makes all the sense in the world, why is it so difficult for organizations to achieve such an obvious goal? To get to that answer, we need to take a closer look at unconscious bias and how it impacts our judgement during the recruiting, hiring, and promotion process. These processes are conducted by well-meaning managers who may think of themselves as being able to recognize and promote deserving talent. But we all have our own hidden biases that cloud judgment and obscure our decisions.
Bias is a natural function of the human brain and it frequently interferes with our ability to make neutral, objective decisions. On one hand bias helps our brains create shortcuts to process the thousands of bits of information that we’re constantly bombarded with. On the other hand, it prevents us from hiring and promoting the most talented people. We can even see this bias replicated in mistakes made by artificial intelligence, which of course is designed by human beings. Check out this article on why Amazon decided to do away with an AI recruiting tool after it developed an unconscious gender bias.
Learning About Bias Can Help Your Business Unlock the Benefits of Workplace Diversity
You can learn a lot more about bias and how to achieve an inclusive organization with CultureWizard’s new Global Inclusion Course. In the meantime, check out the Wall Street Journal’s article validating the business case for diversity and inclusion. I’m sure you’ll find it really interesting.