34 Skyline | Edition 7 | Winter 2024
Sian McIntyre
Head of Intermediaries and Transformation Barclays
In today’ s ever-evolving business landscape, the value of Diversity, Equity, and Inclusion( DE & I) goes way beyond any moral compass. DE & I is now widely recognised as a key driver of business success, unlocking potential that creates real, measurable commercial value.
This is backed by studies which demonstrate that companies who prioritise diversity at all levels, from the boardroom through to back-office support teams, consistently outperform their less diverse peers.
Exploring the DE & I business case
One of the most compelling pieces of evidence supporting the business case for diversity comes from a 2020 report by McKinsey, which found that companies in the top quartile for gender diversity on executive teams were 25 % more likely to have above-average profitability than companies in the fourth quartile. Additionally, ethnically diverse companies were shown to be 36 % more likely to outperform less diverse organisations. Statistics which underline that a robust DE & I strategy should be viewed as a fundamental business practice, not a tick box exercise.
The reason being that this brings a wide array of perspectives and lived experiences into decision-making processes, fostering creative problem-solving and innovation. When teams are composed of individuals from different backgrounds, upbringings, cultural heritages and viewpoints, they tend to challenge traditional thinking and push boundaries, leading to more inventive outcomes. This fusion of ideas is a powerful antidote to the‘ groupthink’ that can stifle creativity in homogeneous teams. In fact, friction created by diverse teams is often a catalyst for innovation, ensuring that businesses are better equipped to adapt, evolve, and seize new opportunities.
Research consistently shows that when people feel valued, respected, and included, they are more motivated to go above and beyond. This sense of inclusion comes from an environment where employees care deeply about their work and are eager to fix problems, driving higher productivity and performance.
A 2023 report by the Boston Consulting Group’ s BLISS Index( Bias-Free, Leadership, Inclusion, Safety, and Support) showed that inclusion is not only actionable but also highly impactful. When senior leaders are committed to DE & I, 84 % of employees feel valued and respected. The same study found that companies with diverse senior leadership experience greater levels of employee belonging, psychological safety, and productivity. In short, diverse teams create happier colleagues, and happier colleagues create better consumer and business outcomes.
DE & I is now widely recognised as a key driver of business success, unlocking potential that creates real, measurable commercial value