DIVERSITY AND INCLUSION - DRIVING CHANGE
In July, the Financial Conduct Authority published a joint discussion paper (DP) with the Prudential Regulation Authority (PRA) and the Bank of England, which formally recognised the critical links between diversity and inclusion (D&I), and compliance, culture and governance.
The paper was aimed at prompting the Financial Services sector to continue on a path to create truly diverse and inclusive environments within its organisations.
Whilst we await the results of the commentary to this discussion paper, we have mapped how our Cultural Diversity and Inclusion Training fits within the scenario-based training approach that should inform, engage and awaken this focus for every D&I strategy.
We have been encouraged to find that the DP recognises Cultural Intelligence (the foundation for understanding one another) at the heart of progress:
"Diversity and inclusion are critical to our work on culture and governance, particularly for boards and senior management."
"Research shows the positive benefits between diversity and inclusion and positive outcomes in risk management, good conduct, healthy working cultures, and innovation”.
“We recognise that the financial sector has taken steps forward on diversity and inclusion. But there is much more that needs to be done to create truly diverse and inclusive organisations that meet the diverse needs of those we serve."
Make Cultural Diversity Work
Today’s workforce is multicultural and globalised, and in order to fully appreciate the opportunities that diversity offers, people need the mindset and skills to work effectively within diverse teams and promote an inclusive environment.
From values, attitudes, and preferences for communication, to work place interactions and work practices, unfamiliarity with multicultural norms can create distance, cause misunderstandings, produce fundamental divisions, and confuse messages and reactions.
A tailored approach to D&I and ESG is the way forward for progressive organisations, and the right cultural training will raise awareness of cultural influences, examine ways to work effectively with diversity, and explore strategies to effect behavioural and attitudinal change, enhancing cooperation, collaboration, innovation, effectiveness and staff wellbeing.
Make Change Happen
It’s long been acknowledged, that there is no quick fix for developing and changing mindsets, and that cultural intelligence, alongside cultural sensitivity and comprehensive inclusion, cannot be learned and achieved through a ‘one size fits all’ or ‘box ticking’ training approach.
D&I Company strategy is a first step, but the vital next step is a mandatory training programme that builds on that strategy, and flexes training and delivery to suit specific organisational and personal objectives from a cultural perspective. What's required is a long term view and a sustained approach.
The most effective training is tailored and developed
Programmes should be stimulating, interactive, thought-provoking and practical
Sessions must allow for personal reflection and group discussion
Make the Investment in Training
If sufficient resources are invested in understanding cultural diversity, and cultural nuances, where they operate, a tailored training approach is a powerful investment.
There are multiple situations where cultural differences (often difficult to identify and navigate smoothly) play out, and many of these situations are sector/industry specific and will depend upon the roles and responsibilities and global reach of an organisation and its people.
For example, organisational and cultural hierarchy may mean that decision making is conducted in accordance with very different cultural approaches. Attitudes to 'leadership' and 'team' may be very different, and time spent in relationship-building and social engagement may be an essential prerequisite for business interaction in some cultures, but considered unprofessional and even untrustworthy in others.
Make Global Mindset Matter
Applying a global mindset is a fundamental skill, and for organisations where ‘buy-in’ comes from the top down, and where the company culture embraces and works with diversity, champions inclusion and takes steps to mitigate unconscious bias, research shows there are significant benefits to the business and staff, including:-
increasing performance
winning top talent
breaking ‘group-think’
enhancing co-operation
increasing collaboration
improving staff retention
