UNICREDIT S.P.A. In today's global business environment, including financial services, we witness a huge change that brings new challenges in the form of demographics, skills, technology and culture. The customer base is also changing in line with the distribution of wealth, with Millennials rising in number and the Generation Z joining not only as customers but also as employees to the new work environment.
The 2018 McKinsey report 'Delivering through Diversity' underlines the importance of Diversity and Inclusion in leadership roles. Companies with gender, ethnicity and cultural backgrounds within executive teams significantly outperform others and are more likely to improve their profits.
Talent attraction is higher to the companies which value diversity. Combining culturally diverse backgrounds can increase creativity in product development, and therefore, a company's capacity to meet consumer needs.
Diversity alone is not enough. Companies who are successful in creating an inclusive working environment will be the ones to outperform others. Inclusion is about leveraging on our differences and using them to solve problems better, be more innovative and perform more effectively. Creating an inclusive culture unlocks performance, making sure all voices are heard and the companies use the advantage of the 'diversity of thoughts'.
All this is why UniCredit believes in inclusion as a strategic business driver and is committed to creating an inclusive environment for our diversified workforce, where everyone with the capability to excel can do so.
What is the meaning of Diversity and Inclusion? How do they influence business results? Why is it important to create an inclusive work environment?
UniCredit Global Head of Diversity and Inclusion
What is Unconscious Bias and why should we be aware of it? What is the role of organisation management in unlocking the potential of a company's diversity?
'Allowing Unconscious Bias to run unchecked is tantamount to ignoring a very strategic driver for your business success'
Angela Peacock,
CEO of PDT Global, worlwide Diversity and Inclusion training consultancy, and Unconscious Bias expert.
Unconscious Biases are a series of learned stereotypes that influence our behaviour without us realising it.
Psychologists explain that, Unconscious Bias is triggered by the brain. When we meet another person, we use cognitive shortcuts to rapidly assess them on the basis of their appearance.
As Angela Peacock, CEO of leading Diversity and Inclusion consultancy PDT, explains, 'Whenever you form an idea about somebody you have just met, it is wise to take a moment to assess if there is any basis for what our unconscious is telling us, often we find there is not.'
Unconscious Bias exists in each of us and can create barriers to inclusion, performance, engagement, and also innovation. We cannot get rid of Unconscious Bias completely, but learning how to mitigate its effect is a competence that can be learned by everyone.
Unconscious Bias inspires micro-behaviours that can, for example, make colleagues feel uncomfortable sharing their opinions, which is. in turn, an obstacle to workflow and productivity.
As Angela Peacock explains, this involuntary practice is particularly counterproductive when recruiting talent because we are unconsciously wired to prefer people who are similar to us, potentially missing out on a significant opportunity for profit: studies like Forbes' report 'Fostering Innovation through a Diverse Workforce' have shown a direct correlation between diversity and performance.
Making ourselves aware of Unconscious Biases and the power of the 'diversity of thoughts' and perspectives can motivate behavioural change and lead to innovative thinking, better decision-making and better business results.
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UniCredit S.p.A. published this content on 09 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 October 2019 13:40:08 UTC
