Sarab Preet Singh, Head-Recruitment, Learning, Talent & OD, Citi India talks about the benefits of a diverse workforce
Since long diversity has been seen in a very generic light, however it is not only about gender or age but the ability of an organization to attract and retain talent from various backgrounds, geographies and experiences. Doing this is not an easy task and certainly not just the task of the HR leader or the CSR leader but a business agenda which takes up a lot of conscious effort. This is what today’s ‘TA Leadership League Twangout’ on ‘Managing Different Facets of Diversity- Key Considerations’ brought forth.
Sarab Preet Singh, Head-Recruitment, Learning, Talent & OD, Citi India who was the guest speaker for the twangout said, “A diverse workforce brings in fresh ideas and meaningful relationships, thereby leading to increased productivity, employee satisfaction and overall business success”. He also shared that workforce diversity can be majorly seen in four strands – Gender, Work life balance, Generational and certain other subconscious biases that are mostly prevalent in a country like India. The true meaning of diversity lies in looking beyond biases and hiring or promoting people on meritocracy, encouraging inclusiveness while treating everyone with dignity and respect.
Singh mentioned that “the debate around diversity should not be whether it is important or not, but how organizations should go about achieving it”. He shared data from interesting researches that have proven that a diverse workforce leads to a better bottomline and also companies with more women board members perform better, financially. A McKinsey study revealed that companies with a higher diversity ratio tend to bring in 10% better return on equity. These business metrics directly suggest that ensuring diversity in the workforce should not just be seen as a CSR or HR agenda but a business mandate. The ideas need to flow down from the top.
Deepa Chandrasekhar, Process Head – Talent Acquisition, ING Vysya Bank, the co-host for the twangout shared an interesting view talking about GenY vs the aged workforce. She said, “The GenY has more loyalty towards the profession rather than towards the organization which is exactly the opposite with the employees in their 40s or 50s”. This should be a call for action for organizations to look at balancing age diversity through a culture that interests both the age groups.
Last but not the least, a major concern in maintaining gender diversity is observed at the middle-management level where very less women are able to continue with their careers. Singh shared three aspects of life that impact a woman’s career more than a man; they are marriage, mobility and motherhood. He shared that organizations need to look at their policies and processes and tweak them in order to make it comfortable for women to be able to contribute to their careers along with the three aspects.
- Diversity is the ability of an organization to attract talent from various backgrounds, geographies etc.
- A diverse workforce leads to increased productivity, employee satisfaction and overall business success
- Hire and promote on meritocracy to encourage true diversity of talent
- A diverse workforce values inclusiveness and treats everyone with dignity and respect
- Know what diversity means to your organization and accordingly build a diversity council that ensures the right balance every quarter