Diversity in skills, opinions, and backgrounds has been proven to enhance innovation, cohesion, and quality of work. Diversity and inclusion can also play an important role in recovery and resilience. COVID-19 has shown how dependent companies are on the diverse skills and perspectives people bring.
FREMONT, CA: Diversity of skills, opinions, and backgrounds has been shown to improve innovation, cohesion, and job quality in business organisations. Diversity and inclusion (D&I) can, nevertheless, be beneficial to recovery and resilience. COVID-19 has highlighted how reliant businesses are on the different skills and perspectives that people bring to the table, emphasising the need of firms to value and protect their employees. The pandemic caused several obstacles, but it also imparted some critical lessons about the importance of resilient communities and organisations for a healthy society. In times of crisis, comprehending the value and relevance of diversity and inclusion might be difficult, but it is precisely this understanding that helps companies meet their goals, maintain strong organisational health, and contribute to the co-creation of a socially resilient society.
Beyond the commercial case for diversity and inclusion, there are numerous reasons why both should be at the top of a company's priority list. The Edelman Trust Barometers 2021 and 2022 reveal what belief-driven employees want from their employers: workplaces that reflect their values, have a social effect, nurture diversity, and promote inclusion in ways that make employees feel safe and respected. Creating such a work environment necessitates proactive leadership, adaptation, and ongoing communication among all stakeholders. This idea has already been accepted by top management at Allianz, with over 20 CEOs and Board Members from Allianz entities throughout the world participating in the company's Global Inclusion Council, which examines implementation, best practices, and expertise. Allianz has set high aspirations for itself by the end of 2024 that span all D&I dimensions for employees to feel fully seen, heard, and engaged. The corporation intends to have 30 per cent of women on the Allianz SE Supervisory Board and Board of Management, as well as in top senior management globally, and 50 per cent of women in talent pools. In addition, the corporation aspires to have at least two distinct nationalities or ethnicities represented on its management boards. Allianz also intends to ensure that all of its businesses have a diversified generational representation by having more than 25 per cent of its staff under the age of 35. In addition, the corporation hopes to provide access to local LGBTQ+ employee networks and other employee support groups to 80 per cent of its global employees. The company is also a member of The Valuable 500, an organisation dedicated to bringing disability to the attention of business leaders. To demonstrate its commitment, Allianz has established Allianz Beyond, a global employee network dedicated to disability inclusion.
More than mere representation and numbers are required to build a healthy workplace environment that can foster a vibrant community—a sense of belonging is also required. This means that a truly diverse workplace is one in which people feel appreciated, included, and protected. According to a Harvard business review, a strong sense of belonging is linked to a 56 per cent increase in job performance, a 75 per cent reduction in sick days, and a 50 per cent reduction in the risk of turnover. This indicates that employee engagement is intimately tied to inclusiveness, which is a vital component of staff retention, productivity, and financial performance.