October 27, 2020
By Caitlyn Rhodes, FT Adviser
According to a recent report from McKinsey, for every 10 per cent more racially or ethnically diverse a company’s senior team is, its earnings before interest and taxes is nearly 1 per cent higher.
Another report from the company, focused solely on the financial industry, found that 90 per cent of those at the C-suite level are white.
Diversity and inclusion need to be addressed across every part of a business, but one thing all leaders can do is be a better ally.
An ally is not a member of an underrepresented group, but still makes an effort to support them.
Allies have to put themselves out there, which may sometimes feel uncomfortable, but they can make meaningful change.
If you would like to help address diversity and inclusion issues in your company, here are some ways to immediately become a better ally.
• Identify minority groups and introduce yourself.
The obvious and logical place to start is by identifying and championing the minority groups you already have at your workplace.
It might sound contrived, but allyship needs to be intentional.
Start by identifying relevant colleagues, introducing yourself and arranging a coffee to get a better understanding of their role and their desired career path.
From there, you can generally be more vocal about their performance and make sure they have visible roles across the company.
Some practical ideas for doing this include inviting them to important meetings and actively recommending them for assignments.
• Be a peer, not a manager.