Why is diversity and inclusion important in the workplace/fintech?
What is diversity and inclusion in a workplace?
Diversity and inclusion in a workplace refer to creating a work environment where every employee feels welcomed, respected, and valued for their individual differences. These concepts of course work together to foster workplace belonging but what is the difference?
- Inclusion ensures that every employee regardless of their sexual orientation, gender, identity and cultural background has equal access to resources, opportunities, and benefits within the organization.
- Diversity, on the other hand, recognises the differences in age, gender, race, ethnicity, disability, culture, religion, and sexual orientation among employees. A diverse workforce brings a variety of perspectives, ideas, and experiences that can enhance creativity, innovation, and profitability.
A workplace that fosters inclusion and diversity can attract and retain talented employees because they feel comfortable and supported in bringing their authentic selves to work and therefore resulting in increased levels of employee satisfaction.
Different forms of diversity in the workplace
Diversity in the workplace can take many forms, with cultural diversity, neurodiversity, and gender diversity being just a few examples. The presence of these different forms of diversity in the workplace can bring unique perspectives, increase creativity and innovation, and foster a more inclusive and supportive work environment.
Cultural diversity in a workplace -
Refers to differences in values, beliefs, customs, languages, and traditions that exist among employees from different cultural backgrounds.
Cultural diversity helps to foster a more inclusive and respectful work environment by encouraging the appreciation and understanding of different cultural perspectives.
Studies have shown that cultural diversity can also lead to more creative problem-solving and better decision-making as employees with different cultural perspectives bring diverse ideas and approaches to the table.
Gender diversity in a workplace -
Refers to differences in gender identity, expression, and presentation among employees.
Gender diversity helps to reduce gender bias in the workplace by promoting equal representation and opportunities for people of all genders.
Studies have shown that gender diversity can lead to better overall performance and profitability, as studies have shown that companies with more gender-diverse workforces outperform those with less gender diversity.
- Sexual Orientation Diversity in a workplace -
Refers to differences in sexual orientation, specifically recognizing employees who identify as part of the LGBTQ+ community.
LGBTQ+ employees seek workplaces where they feel supported and valued for who they are. Organizations that champion LGBTQ+ diversity and inclusion gain loyalty of LGBTQ+ customers and employees.
Neurodiversity in a workplace -
Neurodiversity refers to a group of people whose brains work differently than what society typically expects. These differences may include unique neurology and brain functions among employees, include individuals with conditions like autism, ADHD, and dyslexia.
These individuals may display unique behaviors or patterns of functioning , such as the need for routine and predictability or disorganisation. This can bring unique skill sets and perspectives, including heightened levels of attention to detail, supreme creativity, strong problem-solving abilities, and innovative thinking that can add serious value to an organisation.
These individuals may require accommodations and support to ensure that all employees can work effectively and comfortably, such as flexible work schedules, sensory-friendly workspaces, and communication training for managers and colleagues.
Why does diversity and inclusion matter to technology companies?
In the fintech industry diversity and inclusion can help drive better decision making and improve customer experience. By having a more diverse team, companies can better understand their customers’ needs and provide services that meet them. Below I have listed some of the key benefits of workplace diversity for tech companies:
- Reflects societal values and supports ethical business practices.
- Increases creativity and innovation through diverse perspectives and ideas.
- Attracts and retains top talent from diverse backgrounds.
- Better serves a diverse customer base and expands market opportunities.
- Enhances problem-solving and decision-making abilities by considering a variety of viewpoints.
- Mitigates group thinking and reduces biases in the workplace.
- Improves employee morale and satisfaction by creating an inclusive environment.
- Encourages collaboration and team cohesion across different backgrounds and experiences.
How embracing diversity at TAINA is adding value
Diversity is the recognition and appreciation of differences. It’s the understanding that these differences can bring unique perspectives and strengths to any given situation. Every person on this earth is different. We all learn differently, think differently, behave differently, and we should recognise and embrace these differences in order for people to thrive. Whether these differences are due to life experiences, neurodiverse conditions or personal characteristics, to name a few, what really matters is that we take the time to understand each other's needs and how we can work together more harmoniously.
At TAINA, we are building a team of culturally diverse people who genuinely strive to be the best versions of themselves. We encourage workplace diversity by empowering TAINA employees to drive change, create advovacy and awareness through sharing experiences and focus on continuous improvement and development take ownership of how they deliver their work and focus on continuous improvement and development. This approach requires strong partnerships between leaders, teams and individuals. A key part of developing these relationships is getting to know one another and recognising what makes us all unique.
4 Ways embracing diversity has benefited TAINA
1. Improved creativity and innovation: A diverse workforce at TAINA brings together employees with different backgrounds, experiences, and perspectives. This mix of viewpoints can lead to more creative and innovative solutions to problems and better decision-making.
2. Increased productivity and profitability: By embracing diversity, TAINA can tap into a wider talent pool, which can help improve productivity and ultimately, profitability.
3. Better employee morale and retention: A diverse workforce at TAINA helps create a more inclusive workplace, which can improve employee morale and reduce turnover rates.
4. Increased customer satisfaction: By embracing diversity, TAINA can better understand and cater to diverse customer needs and preferences, leading to increased customer satisfaction.
5 ways TAINA is practising workplace diversity
- Practice open communication and active listening and make sure it is two-way. If you have concerns about yourself or someone you work with, be honest and supportive.
- Give everyone the same opportunities. Get feedback and ask the team, are opportunities accessible to all and what can we do better?
- Foster good relationships between different parts of the work community. Encourage people to mix and learn from each other.
- Introduce robust policies and procedures to manage discrimination, harassment and victimisation in the workplace.
- Raise awareness about important causes. Share your experiences and passions with your peers and use social media to support charitable events and drive donations for causes that matter to you and the team.