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While the pandemic has fundamentally and irreversibly transformed the workplace in number of very obvious and often mentioned ways, one area where its effects have been slightly less discussed is diversity and inclusion. D&I is more important than ever for staff at all levels of organizations; in turn, it is right at the top of the agenda for leaders, too.
But for leadership teams looking to enhance commercial performance, a particular element of the D&I discussion has become especially important: diversity of thought. In this article, we’ll discuss what diversity of thought is, and why it should constitute a key pillar of your hiring strategy.
In a workplace context, diversity of thought refers to the range of mindsets, thought processes, and perspectives that can be found within an organization’s workforce. It is not merely a part of an effective D&I strategy - it is, in many ways, the direct result of an effective D&I strategy.
Diversity in areas like gender, ethnicity, LGBTQ+, age, socio-economic background, caring responsibilities, disability, and mental health broaden the range of perspectives within an organization. This often directly benefits commercial performance by involving individuals with varied skillsets and backgrounds in decision-making. It also increases the likelihood that an organization will have staff capable of meeting unexpected challenges.
The benefits associated with diversity of thought are especially notable at the leadership level, where excessive homogeneity can result in less rigorous ideation and troubleshooting, stifling innovation, and leaving critical blind spots. For example, a 2019 McKinsey analysis found that organizations in the top quartile for gender diversity on executive teams were a full 25% more likely to achieve above-average profitability than companies in the fourth quartile.
Given the commercial benefits of diversity of thought, it is critical for businesses to hire from a variety of backgrounds, especially at senior levels. The key to making this a success, however, is to focus on bringing different perspectives and attributes to the table. Setting out targets regarding the proportion of new hires that should be women, ethnic minorities, or other underrepresented groups can be productive and will often serve to maintain momentum. This is made clear by further McKinsey data which indicates that likelihood of outperformance increases proportionally to rates of diversity. Companies with women accounting for more than 30% of executives tended to outperform companies where the percentage ranged from 10% to 30%.
However, here at Page Executive, our experience working with clients suggests that target-setting should not be the extent of your company’s focus when it comes to diversity and inclusion if you want to truly benefit from diversity of thought. A more impactful way to approach hiring is to focus on what candidates will bring to your company precisely because they do not fit the standard template for a prospective candidate. By moving beyond the “box-ticking” approach to diversity in hiring, your business will not only become more diverse, but also more innovative, more profitable, and better able to confront market challenges.
Of course, the organization itself must support this goal. This means not only empowering staff to hire outside their zone of familiarity, but also proactively equipping hiring managers with the tools, resources, and training to manage, engage, motivate, and retain diverse staff. This, ultimately, will play a major role in creating diversity of thought.
All businesses vary and have different blind spots when it comes to diversity and inclusion. This makes it truly essential that businesses lead with an analysis of their own limitations. Which perspectives are you missing in your workforce and leadership team? Are there any parts of your customer base that your organization currently does not resemble or adequately represent at the highest levels? These areas are not only the ones in which your company is lacking; they are also the ones in which your company has the most to gain in customer traction and growth. Given this, it is essential that business leaders consider the ways in which their company’s hiring processes may be excluding valuable talent and holding back performance. Non-inclusive cultures have an impact at the earliest stages of the hiring journey, with the language used in job advertisements.
At Michael Page, we work closely with organizations to drive growth and performance through our tailored talent solutions, developing deep knowledge of each client’s unique needs. We see again and again that self-analysis is a crucial element of developing and benefiting from diversity of thought, and would therefore suggest this as a starting point.
Achieving true diversity of thought in your business will bring huge benefits, but it is also a complex challenge. If you want to make sure that your hiring plans are attracting the talent you need, reach out here to set up an introductory conversation with one of our expert consultants.
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