A 2020 study by Deloitte mentions, “Research shows that organisations with above-average diversity produced a greater proportion of revenue from innovation (45% of total) than those with below-average diversity (26%), which translated into stronger overall financial performance.”

It is a proven fact that an organisation’s productivity and customer experience are correlated to the diversity of its workforce.  Any organisation that interacts with a wide variety of consumers globally needs to embrace diversity and inclusivity in its way of thinking.    Businesses now understand and appreciate how diversity influences the exceptional customer experience.   It can’t be looked at as a one-time program or concept but has to be embedded as a core value in the organisational culture.   

As per a report by Gartner, through 2022, 75 per cent of businesses with frontline decision-making teams that represent a diverse and inclusive culture will outperform their financial goals. Gender-diverse and inclusive teams, on average, outperformed gender-homogeneous, less inclusive teams by 50%.  This is a crucial finding and gives cues to organisations towards the direction they must move when it comes to the talent mix.  For organisations globally, it is imperative to introduce the world to such talent by ensuring diversity and inclusion.  This must be done primarily through efficient communication, acknowledging the problem areas and moving beyond the conventional hiring norms to create a value-driven and productive organisation.

Debunking stereotypes: Open communication is the key

Diversity and Inclusion - these two concepts are highly relatable in the organisational context. Any company which provides equal employment opportunity to every individual regardless of race, gender, ethnicity or sexual orientation accounts for a diverse workplace. Diversity brings in a variety of skills and talents to the organisation. To drive inclusivity in the workplace, comprehending each employee's unique skillsets and talents, providing them with the opportunities to grow and involving them in decision-making processes becomes a must. This is essential for organisations that aspire to be relevant to consumers.

The first step towards achieving Diversity and Inclusion in the workplace is to acknowledge the existing stereotypes, including subconscious stereotypes, which can be hard to recognise and address. In order to achieve the same, a top-down approach cannot work any longer.  When we eliminate hierarchy gaps and value the teams' inputs, we come one step closer to implementing inclusion in the workplace.  Companies that can successfully provide an environment of belongingness to all employees can nurture high-performing and self-driven teams. These organisations have a higher stickiness, resulting in reduced turnover. 

A truly diverse workforce has the potential to drive an increase in revenue for the organisation.  A 2020 study by Deloitte mentions, “Research shows that organisations with above-average diversity produced a greater proportion of revenue from innovation (45% of total) than those with below-average diversity (26%), which translated into stronger overall financial performance.”  A diverse and inclusive workplace exists when all employees work in tandem towards accomplishing a common objective, resulting in greater productivity and better organisational performance.

Enhancing diversity and inclusion in the manufacturing sector- Key to retaining a diverse talent pool

The manufacturing sector is one of the biggest employment generators in the country.    To overcome the existing talent shortage in the industry and build an innovation ecosystem, organisations have recruited and retained a diverse talent pool.  Companies are implementing a wide range of programmes to combat biases in the recruitment processes.  HR teams are weaving inclusion in the fundamentals of recruitment programmes to create a wholesome pool of resources needed to bring disruptive ideas to the table.   They have gradually started demonstrating the diversity of thought, identities, gender, race, age, culture, ethnicity, sexual orientation, abilities, talent, and background.  HR leadership has to move beyond one-size-fits-all solutions to training and mentorship programmes to improve diversity and inclusion in the company.  While creating leaders for the future, they must be mentored to view the world from a broader aperture.  

TVS Motor Company has always prioritised creating a diverse and inclusive ecosystem.   The company has undertaken necessary steps to enable infrastructure, reinforce more safety at the workplace, streamline career progression plans, host well-being programmes, and bring flexibility in various aspects at the workplace to ensure an inclusive and diverse workplace.   

Diversity and Inclusion should serve as a constant reminder for organisations that we cannot progress further as long as we do not address these conversations that question the stereotypes around gender norms, intended or unintended biases and pay disparity.  The key is to be open to the idea of forming a heterogeneous workforce that feels that they belong, and performance is going to be a natural by-product.

(The authored piece has been solely created for BW People publication by R AnandaKrishnan, President – Human Resources and Information Technology, TVS Motor Company. The views expressed in the authored are solely of the author with no inputs from the publication.)