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Understanding the true benefits of a diverse workforce, and three ways employers in Singapore can build inclusive workplaces, as shared by Tripartite Alliance for Fair & Progressive Employment Practices.
Diversity and inclusion (D&I) are increasingly becoming synonymous with workplaces. Globally, employers have invested more in such initiatives as D&I has grown into a distinct industry. Since 2020, demand for D&I-related jobs has been steadily rising. These roles include facilitating change to build more inclusive companies, hiring talent from underrepresented groups, and identifying trends and aligning projects with D&I priorities.
However, it appears that diversity policies are less prevalent in Singapore. A 2021 report by the Singapore National Employers Federation (SNEF) found that seven in 10 organisations have yet to introduce formalised diversity policies even though most recognise the benefits.
Read on to find out more about these benefits, and how employers in Singapore can build inclusive workplaces.
Embrace a diverse workforce
Organisations have two compelling reasons to build a diverse workforce: 1) more effective talent acquisition and retention, and 2) better overall business performance.
Firstly, organisations that embrace diversity can attract employees from a wider talent pool and are likely to retain talent better. In Singapore, almost nine in 10 surveyed in 2019 believed a workplace that encourages diversity of opinion benefits talent retention.
Secondly, a more diverse workplace results in better business outcomes. This is corroborated by a Boston Consulting Group (BCG) study, showing that a more diverse leadership team leads to better innovation and improved financial performance. Similarly, McKinsey has demonstrated that the relationship between diversity on executive teams and the likelihood of financial outperformance grows stronger over time.
“People with different backgrounds and experiences often see the same problem in different ways and come up with different solutions, increasing the odds that one of those solutions will be a hit,” said the BCG study.
In addition, as the value of cultivating a diverse workforce becomes increasingly important, some organisations may choose to have dedicated roles to manage and facilitate this aspect. However, embedding a sustainable culture of diversity begins at the top – by committing to the guiding principles of fair and merit-based employment practices.
Hire and develop employees fairly
Organisations are more likely to attract a diverse workforce when hiring managers focus on equity and fairness in their hiring process. Employers that set aside biases and assess potential employees purely on their skills and abilities are likely to hire the best person for the job – ultimately bringing together a diverse and robust workforce with different experiences and strengths. This may involve training and equipping hiring managers with these best hiring practices.
Employers should also implement robust performance management systems that provide employees with the same opportunities to be considered for training, development, and advancement in the organisation. This helps to attract and retain quality employees who can support the growth of the organisation.
Tip: Examine your current hiring processes based on the Tripartite Guidelines for Fair Employment Practices to ensure a fair and unbiased approach.
Leaders must drive the culture
Nurturing a culture that actively fosters a diverse workforce requires comprehensive strategies that encompass business goals. Hence, this responsibility should be led by the senior management. By doing so, this will ensure the representation of diverse talent across all levels and develop frameworks to ensure employment practices are merit-based, as well as identify metrics to measure progress at every stage of the employees’ development.
While not all organisations may have a diversity manager, cultivating a strong and welcoming culture of diversity is still possible, if they have the support of senior management and implement fair hiring practices. This will ensure that diversity is a core value of the organisations, leading to stronger and more effective businesses.
TAFEP provides information and resources to help employers and HR professionals keep abreast of HR best practices. Visit tafep.sg to find out more.
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