The automotive industry is going through a transformation with diversity and inclusion initiatives becoming more important than ever before. These initiatives are breaking down traditional barriers and are expanding the pool of talent to be more inclusive regardless of gender, race, age or disability.
Diversity and inclusion are a requirement today and not just a ‘nice to have’ option, which is important to note when hiring top talent. People want to work in a company that they can succeed in and this requires representation and balance. Research by Josh Bersin showed that better diversity and inclusion in the workplace lead to companies being 1.7 times more likely to be innovation leaders. This isn’t something any business should shy away from!
According to Deloitte Insights, a management team that invests in its diversity and inclusion strategy leads to a 70% increase in employees’ experiences with fairness at work, respect and psychological safety. The result? Improved performances and decision-making.
Without the correct representation in the workplace there is a serious lack of opportunity to leverage the talent and skillsets that a business needs for success. Businesses must work on their diversity and inclusion efforts and once they do, they will see the huge benefits to their outcomes.
How Companies Can Improve Their Diversity & Inclusion Strategy
Before we go into the benefits of driving diversity it can help to have some examples of how you can improve your existing diversity and inclusion strategy. These can help people who work in your business to succeed and feel more inspired.
Start an employee resource group. An ERG is a good way to ensure that you keep generating a sense of belonging among your team. Groups like this offer your employees a sense of value.
Measure your current diversity climate. You can’t do more in your diversity and inclusion strategy if you don’t understand what your diversity climate is. Developing a survey to measure the current diversity climate of your organisation gives you a head start.
Add diversity and inclusion into your business strategy. Diversity and inclusion should be at the core of your business and embedded into your organisation every single day. Doing this gives your business more opportunities to succeed and develops a purpose that reflects both customers and employees.
A Hand in Transforming the Industry
One of the biggest benefits of driving diversity and inclusion is the part you will play in industry transformation. To be able to align your business with those who are making strides in changing the way people view the industry means you are part of the solution.
The transformation happening right now in the automotive industry is ongoing and as the consumer population changes, the need for more inclusivity is changing, too. Representation matters and while you may know the narrative about change, you must live it to be successful.
This report by the Workplace Gender Equality Agency shows that women are currently only representing approximately 20% of the automotive engineering space. You need fresh, new perspectives among your top talent and an inclusive environment mean including those voices in company discussions. A focus on diversity and inclusion in your workforce is going to help you to grow and maintain your business, help your employees to succeed and attract more diverse consumers, too.
Proven Adaptability to Change
Automotive engineering is an industry that is fast-changing and responding to diversity and inclusion needs leaves you better positioned to adapt. Doing more to bring about a meaningful change and driving forward with more diverse voices in your business will stop you from being left behind.
You improve the quality of your decision-making and problem-solving when you expand your talent pool. Taking on modern technologies isn’t enough to show your adaptability as a business; you need to show that your decision-making is smarter. Harvard Business Review reports diverse teams are making better decisions, erasing biases and stamping out assumptions that hamper innovation.
Once you put initiatives in place that encourage diversity and inclusivity in your workforce, you are going to be better innovators and creators and avoid that echo chamber of tradition and familiarity. A willingness to update your business and encourage change makes your business more appealing to employees and customers, too.
Challenging the Status Quo
Lastly, your business will be leaders in the automotive engineering industry when you challenge the current status quo. BCG reports businesses that have diverse management teams reported revenue that was 19 percentage points higher than those with below-average diversity in leadership.
Challenging the current status quo and making an effective change benefits your business in the innovation you unlock and creates an environment where all voices are heard.
Improving the experience your employees have will result in better business performance and a confident workforce. The way to do this is by pursuing strong diversity and inclusion tactics – regardless of business gain.
Summary
To ensure that your business remains a winner in the automotive engineering industry you must expand your talent pool and ensure your existing practices are continuing to drive diversity. Ultimately, you want to keep up with the rest of the industry and changes are happening!
The good news is that it is much easier to support the talent your business needs with the help of a specialist automotive engineering recruitment agency in the UK. If you’d like to discuss your talent needs, get in touch with our team – we can help you reach your goals.