Member Insight: Thriving Through Diversity in a Crisis | Telstra
How workplace diversity and inclusion can reduce inequality and strengthen businesses
In the six months since the World Health Organisation officially declared COVID-19 a global pandemic, we have seen how the coronavirus has exacerbated inequality, with certain segments of society impacted more than others. McKinsey’s analysis shows that, overall, women’s jobs and livelihoods are more vulnerable to the COVID-19 pandemic. Women’s jobs are 1.8 times more at risk compared with men’s jobs, with women making up 39 percent of global employment and yet accounting for 54 percent of overall job losses. Women are more vulnerable due to existing gender inequalities manifested in unpaid care, female leadership representation, as well as access to resources such as education, credit from financial institutions and mobile banking in many parts of the world.
However, addressing equality issues extends past gender alone –it requires a commitment to a diverse and inclusive workplace. This has to address areas including, but not limited to, racial equality, ageism, ableism, cultural and religious diversity and sexual orientation. Furthermore, organisations must be ready to face an even greater challenge – that of addressing long-standing biases embedded into the culture of businesses, where change represents a threat to the status quo. How we engage and motivate the people in our organisations is a big piece of the puzzle we have to solve. Why should organisations care about inclusion and diversity at all? Research shows organisations that emphasise these qualities can reap a host of benefits to make them more competitive. These include the ability to better attract and retain talent, improve the quality of decision-making, increase customer insight and innovation, drive employee motivation and satisfaction, and – not least – improve their global image.
Read the full White Paper here.