Building Inclusive Workplaces: How To Get it Right
Employees who feel appreciated, respected and understood for who they are, are more likely to stay and be engaged.
In terms of diversity in the banking sector, the industry is now at an important crossroads in its quest to shape more equitable and inclusive workplaces. It is more than just a box-ticking exercise; it has become a business requirement that is fundamental to the success of an organization.
In a recent PwC Global report, 85 percent of financial services CEOs said that inclusiveness is good for business. This statistic brings to light a very important fact, which is that inclusive culture increases profitability, creativity, and innovation. The Middle East is making significant strides in this regard, with 49 percent of regional banks reporting diversity, equity, and inclusivity (DEI) commitments, surpassing the global average of 35 percent.
There are undeniable benefits to having a DEI workplace setting. Employee loyalty and retention remain one of the key advantages. Employees who feel appreciated, respected, and understood for who they are, are more likely to stay and be engaged, thus reducing turnover costs.
Moreover, diverse perspectives foster creativity and innovation, enabling banks to remain competitive. Trust is another cornerstone; organizations that demonstrate concern for every employee create a sense of belonging and shared purpose that improves performance.
Building (And Delivering) An Effective DEI Strategy
Understanding and evaluating your organization's existing environment is the logical first step to building a DEI plan, which, in turn, will help develop DEI projects that are concrete, focused, and built for success.
Awareness and sensitization training programs are critical to promote a culture of acceptance and non-judgment. These kinds of programs foster an understanding of the special benefits that come from diverse teams collaborating.
Read More: How to Preserve Culture During Rapid Growth
However, genuine cultural change needs to be spearheaded from the top down. Setting the tone and exhibiting a sincere dedication to DEI principles are crucial tasks for leaders. Their proactive engagement encourages staff members at all levels to live up to these ideals, which has a cascading effect on the entire company.
Another crucial area is minimizing biases in the hiring and promotion processes. Decision-making can be slightly influenced by implicit biases, which can result in the exclusion of competent talent. Regular bias-awareness training combined with transparent, data-driven procedures can help reduce these biases and level the playing field for all employees.
Prioritizing education and creating a welcoming atmosphere for all is essential. Since DEI is not a one-size-fits-all strategy, it is essential to comprehend the specific requirements of every employee. Providing avenues for staff members to express their difficulties and recommendations can greatly improve the efficacy of DEI initiatives. Agile work practices, such remote work choices and flexible scheduling, can accommodate different work schedules and living situations, making work more accessible and meaningful.
Buddy systems and mentoring serve to further strengthen inclusive practices. These initiatives foster growth and learning on both sides, allowing staff members to rely on one another for support and direction. These programs foster a supportive environment where everyone believes they can contribute to the advancement of DEI.
At Mashreq, our DEI efforts are deeply rooted in building a workplace where everyone feels empowered to contribute and grow. Our focus is on creating meaningful initiatives that drive inclusivity, from flexible work arrangements to mentoring programs that foster a culture of belonging and growth.
Celebrating A Diverse Workforce
The journey to a truly diverse, equitable, and inclusive workplace is ongoing and dynamic. It is not about simply accommodating differences; it is about celebrating them.
By embedding DEI into the very fabric of an organization's culture, banks can accelerate innovation, build a resilient and creative workforce, and maintain a competitive edge in a rapidly evolving industry. The future of DEI is filled with promise, and getting it right requires continuous commitment, adaptability, and a willingness to evolve.
ABOUT THE AUTHOR
Hamda AlShamali is the Chief People and Intellectual Capital Officer at Mashreq, a leading financial institution in the UAE and the MENA.
