Success Through Diversity: A Recap from LendIt Fintech 2018
Continuing with the theme of diversity in my last post, I thought this would be a good time to share some thoughts sparked by a recent event focused on financial services innovation.
LendIt Fintech is a global conference providing thought leadership and showcasing innovators in financial services technology. As the pace of change in banking, financial services and technology increases, it’s important to continue gathering at these events and collaborating as an industry to make sure we’re staying ahead of consumers’ evolving expectations and at the forefront of innovation. Equally as important, however, is the need to foster an open dialogue and actions that can upend industry norms in favor of diversity and inclusiveness.
Thought leadership events like LendIt are a perfect opportunity to raise issues and discuss solutions to problems like the diversity imbalance in tech. This year, I was proud to see an entire track dedicated to ‘Success Through Diversity’ at LendIt and encourage other conference organizers to keep this topic in focus as events are planned; not only because it’s the right thing to do, but also because diversity is the fuel for innovation.
A recent study from NC State found a causative — not just correlative — link that “policies encouraging the promotion and retention of a diverse workforce also perform better at developing innovative products and services.” To stay competitive, businesses need to continue to innovate and the evidence clearly shows that nonhomogeneous team are simply smarter, making it a strategic business imperative to hire more diverse team members.
However, it’s important to consider that groups can be disparate in many ways and diversity isn’t simply boiled down to demographic, race, sexual orientation, gender or age. Diversity is also based on informational differences, reflecting a person’s education and experience, as well as values or goals that can influence perceptions of something as small as a single meeting or as large as a whole company. By breaking up workplace homogeneity, people become more aware of ingrained ways of thinking that can lead to errors and bias in decision-making processes.
It’s clear that our industry’s struggle to become more inclusive has consequences that reach beyond the experience of individual employees. What isn’t as clear or simple are the actionable steps we can all take to help achieve success through diversity. Below are some of my key takeaways from both the conference and my personal experience to help implement meaningful change:
Take a Multi-Pronged Approach to Recruitment
While it may seem counterintuitive, most workplace diversity programs actually fail to produce meaningful diversity and inclusion according to Harvard Business Review. This is largely because the change is focused on meeting quotas by checking boxes, and not by changing the internal culture. However, some of the most effective solutions aren’t necessarily designed with diversity in mind. Think: targeted college recruitment, mentoring programs, subtle wording changes in job postings, and gender-neutral titles. These are all things that have boosted diversity effectively and play a critical role in attracting underrepresented groups and women. By creating a strong, people-based culture, the company’s focus can remain steadfast on inclusivity and not quotas.
Flexibility Trumps Policy
I have a strict hiring philosophy: hire the right people and then get out of their way. If I spent my days worried about the time an employee arrived at the office, or the length of a lunch break, I wouldn’t get any work done and everyone would be miserable. If you are too rigid in your expectations, chances are only a certain type of person will be able to meet them. Workplace flexibility, on the other hand, helps ensure that people from all walks of life, all backgrounds, and all experiences will feel welcome in your workplace and supported in their roles.
Engage Employees in Solving Problems
While change is most effective from the top down, relying only on your executive team — many of whom probably have similar backgrounds, education levels, or experiences — means their solutions and ideas tend to be similar. By engaging employees at all rungs in the problem-solving process, you may find unique ideas that never would have occurred to the C-suite.
There is no one-size fits all approach and solution for workplace diversity. Each organization, department and even team will have different needs. However, regardless of the industry, sector or role, diversity and inclusiveness should be key priorities for those who want to stay at the front of innovation.
What are some other recommendations you would provide to advocate for more diversity in the workplace? Please share in the comments, and join the conversation.
