Why diversity and inclusion are good for Guernsey business
Dave Sauvarin, head of Northern Trust, Channel Islands, says there is compelling evidence that diverse and inclusive organisations outperform those that are not
AS A lifelong Guernsey resident and head of one of the island’s largest employers, I have seen first hand the immense benefits that having a diverse and inclusive workforce brings.
The highly competitive employment market in Guernsey and the shifting priorities of the working population mean that we need to focus on acquiring and maintaining the talents of our workforce. This will enable us to remain relevant as we move through the 21st century.
Diversity and difference is what makes life interesting and exciting.
Diversity makes our lives richer and it is core to our human nature that we want to feel part of something and to feel included.
We can all think back to a time in our lives when we felt excluded and remember only too well how that made us feel and how it affected our ‘performance’ at the time; whether that performance was at school, at work or just in our relationships with friends, family and colleagues.
From a business standpoint, there is compelling evidence that consistently shows that diverse and inclusive organisations outperform those that are not, both in terms of financial performance, client satisfaction and employee engagement.
A 2015 study by McKinsey & Company showed that organisations that are ethnically diverse financially outperform by 35% and those that are gender diverse outperform by 15%.
EY research showed that diverse and inclusive organisations reported 57% better team collaboration, 19% greater retention of employees, 45% improved market share and are 70% more likely to have success in new markets.
At Northern Trust we see having a diverse and inclusive workforce as a critical part of our business strategy.
As a global organisation, we serve a diverse group of clients and we need to reflect that diversity if we are going to best meet their needs and continuously innovate with them.
We look at diversity through a broad lens, far beyond the traditional demographics such as gender, age and ethnicity. Differences in nationality, thinking styles, education and learning preferences are just as valuable as disability, sexual orientation and gender identity.
We define diversity simply as who we are – the differences that make us unique at the individual or group level in perspectives, attributes, experiences and background.
Inclusion is the act of creating a work environment in which any individual or group can feel welcomed, respected, supported and valued to fully participate, achieve their potential and contribute to the organisation’s success.
Diversity and inclusion are two sides to the same coin and must coexist – a very different and diverse group of people will not produce the best results if they are not feeling included.
Equally, a very homogenous group of people can feel very included but also not produce the best results as they are all thinking and acting in very similar ways.
Northern Trust is committed to supporting and nurturing a diverse and inclusive workforce and continues to hire employees from all backgrounds.
A diversified workforce is one of our strongest assets to best serve our clients, investors, public and company.
