In the U.S., the millennial and Gen Z generations are the most diverse workforce in history, with only 56% of millennials identifying as white compared to 92% of the baby boomer generation.
As these groups are the workforce of tomorrow and want to work for value-led organizations, being an inclusive business leader and an ally for equality in the workplace is essential. In a U.K. study from last year, almost half of respondents thought their employers could do more to make the workplace more diverse. With the current pandemic further highlighting the need for workplace equality, it's crucial that leaders learn new skills now.
Personal development and coaching
The Institute of Coaching, an affiliate organization of Harvard Medical School, found that people who receive coaching experience significant personal development, including 80% who expressed greater self-confidence and a similarly high rate of improved work performance and communication skills (over 70%).
If leaders can become more confident through coaching, they could also become more assertive in developing diversity and inclusion practices in their business. Confident leaders can also help coach and better support their staff with any problems they might be experiencing, whether D&I related, or not.
The workforce is becoming increasingly diverse beyond categories such as race and gender. Today, people recognize that leaders, as well as employees, have a range of different personality types. Coaching could help leaders identify different employee personalities, and by recognizing their nuances, be able to help them succeed. If a leader does the work to figure out their own personality type too, such as being "people-focused" for example, they can build on their natural strengths and further develop their skills.
Become an inclusive mentor
Mentorship can increase communication and collaboration levels between management and junior staff, which can create a more open and welcoming company culture. Leaders who engage in mentorship may also find their own ideas are challenged by mentees, which could aid their personal development as leaders. Mentoring staff from underrepresented backgrounds could help them gain vital access to skills-building and networking opportunities. A US study from 2016 found that mentorship increased minority representation among management by 24%. Generally acting as a mentor, or highlighting senior staff as mentors for underrepresented groups, could encourage career progression, retention, and recruitment interest from a diverse body of candidates.
Build the skills for effective allyship
Just because groups like women, BAME, and LGBT+ employees experience workplace inequality doesn't mean it is up to them alone to solve the issue. Even if they do not identify with the said group or individual who is experiencing inequality, leaders can use their authority to act as allies. Even if leaders are nervous about causing offense, or appearing ignorant about certain group needs, the important thing is that they are showing an intention to help.
Becoming an ally for workplace equality means speaking up on issues and helping to spearhead initiatives that make the workplace more inclusive. Crucial to this is moving from being a passive bystander to a true leader and influencer on inclusion by using seniority to work at making D&I part of the company's core values. Leading discussions on diversity and inclusion can create safe spaces where staff feel able to have their voices heard.
Leading conversations might also encourage other staff in privileged positions to act as allies too. Crucial to effective allyship is going beyond words and being the force for positive change within organizations, whether that's championing the creation of gender-neutral toilets or participating in panel discussions about BAME workplace issues. However, leaders should be careful not to speak on behalf of marginalised groups and instead respect the boundaries of their role within the cause.
Volunteer and grow your leadership skills
A good leader is seen as someone that seeks a higher purpose from their role beyond their daily tasks. Whether they want to help more people from certain groups enter their sector or make their company a force for good in the world, a modern leader must be seen as a visionary in their space. Volunteering beyond work can help budding leaders develop their skillset outside of their usual comfort zone and work with new and different types of people. Volunteering for worthwhile causes can also make leaders more positive and appear more authentic and influential to others. Volunteering can also help leaders improve their soft skills, including social and emotional intelligence, communication skills, and personability.
The new skills for good leadership In an age of greater workforce diversity and a growing desire among recruits to work for impact-driven companies, the role of leadership has changed and is about more than chasing the bottom line. While productivity and profits are signs of good leadership in a business, leading a diverse and inclusive workforce actually makes the completion of those goals more likely. The modern workforce also demands more of its leaders and expects them to understand and support their various needs more than ever, which is why developing the required skills listed above is crucial. But to be respected and regarded as a proponent of the 'new school' of leadership, leaders, beyond all else, have to care about issues that go beyond a working day.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound