Diversity Is Not Charity, It's Business
Providing equal opportunities in business is obviously the right thing to do, yet so many companies are still falling short of achieving real actionable change. It seems that a “good cause” is not quite enough of a pull… Well, according to diverse thought leaders in the industry, diversity is not just charity, it’s essential for business growth.
This subject was a hot topic during a panel discussion sponsored by MCA at Cannes Lions 2023. MCA founder and CEO Pat Murphy says, “Every person is unique, and it’s important to recognise and understand differences. It’s those differences that can create an incredibly impactful and productive environment. I find it refreshing to hear differing points of view that have been derived through different lenses, and that makes us stronger as a business.”
“However, even though we are incredibly diverse as an organisation, I also can see there’s still more to do and this will be a key focus for me in the coming year. More recently, I also decided to step up and become a mentor for diverse talent after hearing Maria McDowall, founder of lollipop mentoring, talk on the diversity panel. I have never done this before, so it excites me that I can be giving something back. I know I will get just as much from it as my mentee and I encourage more industry leaders to take part.”
To further explore the financial and business impact of diversity, in this interview, LBB’s Sunna Coleman speaks with Maria who talks frankly on where we are currently going wrong, how to facilitate real long-term change and why diversity should be a financial agenda.
LBB> Speaking at Cannes Lions this year, the panel you took part in highlighted that people are not stepping out of their comfort zones when it comes to sourcing talent to work with. There are plenty of up and coming diverse talents but the industry tends to go with the same old connections they have always known in the name of “efficiency”. What is your view on this?
Maria> It’s not surprising really that most people follow the easy route. But with a bit of forward planning this can all be addressed. Headhunt diverse talent in advance so that when the need arises to source someone to work with, you’ve already got a shortlist of people to go to rather than coming up with the excuse that it’s easier or more efficient to keep going back to the same talent you’ve worked with before. Literally act on the offensive rather than always be on the defensive.
People are reluctant to bet on people who are slightly different, who don’t fit the cookie cutter mould of the talent they are looking for. They get worried about the “risk”. It’s not a risk at all when you look at the facts and the results it can drive. It’s an educated chance.
LBB> You mentioned that companies need to prioritise nurturing diverse talent to get them to where they need to be if “perfectly skilled” diverse talent is not available yet and that, although this requires an investment of time and finances, it actually works out better for business in the long run. Can you elaborate on this?
Maria> There is a huge need for this because, often, diverse talent hasn’t yet had the same opportunities to get to the level that other people may have. When looking for graduate jobs for example, if your parents are affluent and have connections in high places, you’re more likely to be able to get placed into a great position yourself and businesses are likely to take a chance on you. If, however, you have not had that helping hand, your CV or portfolio may look less impressive, diminishing your chances of being chosen. Your past experience may only go so far as having worked at McDonald’s, and perhaps your grades were also lower because you had to take that job at McDonald’s to help fund yourself through your education. There are all sorts of background factors that affect a prospect’s level of experience, and it is often minority groups that are affected.
So, the industry really needs to recognise that there is an element of nurturing that needs to be done in order to level the playing field. And in the long-term, it has a great positive impact on business, including the fact that 36% of ethnically diverse companies do better financially. We’re in a cost of living crisis and businesses need to save money - well this is an amazing way to save money and do good.
It’s obviously the right thing to do to give everyone equal opportunity but when it pays off for business too, it’s a no brainer. It shouldn’t just be the vision of a few within a business, it should be thread through the whole company. It should actually be the bottom line. Finance departments should be pushing this because economically it makes sense. It’s a tiny bit more investment and forward thinking - yes it’s more effort but the benefits and bonuses at the end are immeasurable from a financial, cultural, work and social perspective.
LBB> Why is it important to work with expert third parties such as lollipop to help facilitate change?
Maria> Because I think that there is some way that organisations need to go in terms of building trust. So many companies shout about the good that they’re doing but when you speak to people on the ground, the story is actually very different. So the trust isn’t really there.
An independent third party organisation that is an expert in facilitating meaningful change can really help foster the right conversations and help you achieve actionable change. This will also demonstrate to diverse talent how serious you are about achieving equality - it shows you actually care.
LBB> Why do you personally feel real change and traction has not been sufficiently gained yet? Where are we going wrong?
Maria> I think people are going wrong in not planning. Either they want to take the easy route, the path of least resistance, and so they just hire whoever fits the bill exactly and meet their short-term target. Or they just don’t have the confidence and don't know where to go for help. They’re afraid that they're going to say the wrong thing or do the wrong thing. So they just continue doing what they've always done. But both options are lazy.
A little bit of legwork needs to be done so we can finally show society that things can be different. That you can have a diverse workplace where people get along and you don't have to walk on eggshells, and people can all feel like they belong.
LBB> Any final words?
Maria> It is worth noting that 30% of Black people say they're going to leave the industry because of racism and discrimination, which is a huge issue. We really need to look at the ethnicity pay gap and we need to look ahead and start planning on how we're going to retain this talent.
Work with organisations like lollipop who can support you in nurturing diverse talent properly to get them into leadership roles. You can't be what you see. The only way we’re going to improve things is by fixing this problem and attracting even more diverse talent to our industry.
