Diversity and inclusion are gaining more recognition as a driving force for business success, both now and in the future. Embedding them into company operations will require a top-down approach and effective communication, said panellists at ACCA Hong Kong’s 70th anniversary virtual conference.
‘Diversity and inclusion have a positive correlation to the company’s financial performance,’ said Eugene Chan, head of talent management at Alipay Payment Services (HK).
Horizontal teams have been set up to allow expertise, perspective and experience from different departments to address key business issues
‘They are core values that will enhance the company’s capability to innovate their products or services to meet customers’ needs, which will in turn improve its financial performance.’
Alipay is a tech startup that aims to build a one-stop digital lifestyle platform for millions of users. Fulfilling this vision will require new and unprecedented approaches.
Good communication
Chan said that input and collaboration across departments are essential to develop a product that can truly keep customer value at the forefront. To this end, the company works to optimise its organisational structure and communication to collect different ideas.
‘Horizontal teams have been set up to allow expertise, perspective and experience from different departments to address key business issues,’ Chan explained. ‘It fosters exchange of ideas to enhance diversity.’
As for communication, decision-makers should make sure that diverse opinions are recognised as well as communicating why decisions are made, Chan said. This will send a message to staff that the company listens, which will in turn help employees to understand why difficult decisions are made.
‘I advise management to pay attention to communication,’ Chan said. ‘Sometimes not every decision can be explained clearly, but it’s an area worth investing time in.’
Participants also heard how companies, big or small, can benefit from the promotion of diversity and inclusion.
Multinational bank Barclays is currently rolling out policies to implement both, said panellist Michael Wong, director of banking at Barclays Capital Asia. He pointed out that by focusing on diversity and inclusion, clients can see that the bank is keeping pace with a changing world and will therefore consider partnerships, adding that a diversity council had been established to push agendas through a top-down approach.
Retaining talent
Barclays has also introduced the gender neutral ‘Mx’ title for transgender people, an example of how embracing diversity and inclusion can create business opportunities. Wong said the move has made transgender people feel more accepted by the bank.
Internally, Barclays acts consistently. For example, it has introduced an annual diversity award to recognise forward-thinking initiatives, as well as implementing caregiver leave as part of its gender-neutral leave policy.
Ultimately, Wong said, the bank wants to ‘create a workplace where one can bring your own self to work’.
‘If we cannot cater to our employees’ needs, they will leave and we will lose talent,’ he said. ‘Reducing employee turnover and retaining talent are our goals.’
Both panelists believe that encouraging exchanges within the company is essential to building a healthy and inclusive workplace. Only with this approach can employees unleash their own strengths and add the most value to the company and customers.
Barclays, for example, has introduced an employee engagement network to foster communication among staff of different backgrounds, while Alipay organises ‘boot camps’ where employees can debate together and inspire each other.
Benefit for all
However, panellists also considered how achieving inclusivity can bring conflict, with Chan emphasising that decisions must be in the best interests of customers.
For Teddy Liu, a member of the people development management committee at The Hong Kong Management Association and the panel’s moderator, promoting diversity and inclusion should not be seen as purely about employee welfare but also as a means to benefit all.
‘Promoting diversity can amplify one’s strengths but, most importantly, the ultimate goal is to benefit customers, companies and employees,’ Liu said.
‘To achieve this, transparency, communication, a clear mechanism and skillful implementation are required, as well as support from management.’
