Pakistan & Gulf Economist

Diversity & Inclusion

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[box type=”shadow” align=”” class=”” width=””]PROFILE – Zahid Mubarik SHRM-SCP, GPHR, SPHRI

Zahid Mubarik is the CEO HR Metrics and founder President SHRM Forum Pakistan. He has the honor of being only HR leader from South Asia, who became member of ISO Geneva global HR Standards Development Committee of 11 countries including USA, UK, France, Germany, Sweden, Switzerland, Austria, Norway, Netherlands, Portugal and Pakistan. He led Pakistan in ISO global meetings in various parts of world including Washington, London, Melbourne, Rotterdam, Paris, Singapore and Bali. HR Metrics/Analytics is his area of expertise and currently he is global Convener of ISO “HR Metrics Standard” leading 31 countries working group. In a recent development, “The Centre of Global Inclusion USA” has elected him as Member Board of Directors. The Centre for Global Inclusion is a home of the Global Diversity & Inclusion Benchmarks: Standards for Organizations Around the World (GDIB). In the past, Zahid has been as Member Special Expertise Panel, Human Capital Measurement Metrics SHRM USA. An internationally acclaimed thinker, writer and speaker, Zahid. His analytical HR papers and expert talks have been featured by international media including Microfinance Gateway World Bank Washington, CNBC, Daily Dawn and Business Recorder. Details at www.thehrmetrics.com[/box]

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Why Diversity & Inclusion is Important

Organizations today are dedicated to serving all stakeholders, including customers, employees, suppliers, regulators, shareholders and society at large. Future-focused organizations want to ensure long-term sustainability of our world and the people in our world. Stakeholders are becoming more globally diverse and networked, as organizations are increasingly mobile in their teams, supply chains, shared services, operational processes and outsourcing.

On 25 September 2015, all of 193 member countries of the United Nations adopted the 2030 Agenda “a plan of Action for People, Planet, Prosperity, Peace, and Partnership” for Sustainable Development Goals (SDGs), 6 out of 17 SDGs focus on D&I through effective, accountable and inclusive institutions. To optimize organizational results, creativity, problem solving, talent management and engagement, operations and innovation, organizational leaders need to adopt inclusive approaches, management strategies and styles that incorporate different perspectives, cognitive, cultural and linguistic differences, and collaboration. Research shows a strong correlation between diversity and bottom line impact.

Business Case for Diversity & Inclusion

While intuitively most would agree that diversity matters, recent research from McKinsey & Company makes it clear that companies with more diverse workforces perform better financially. McKinsey & Company says that while greater gender and ethnic diversity in corporate leadership does not automatically translate into more profit, there is a correlation that “does indicate that when companies commit themselves to diverse leadership, they are more successful.”

The 2015 study of 366 public companies, called Diversity Matters, shows that companies in the top quartile for gender diversity are 15 percent more likely to outperform companies in the bottom quartile for gender diversity. At the same time, companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians. The study also found that while certain industries perform better on gender diversity and other industries on ethnic and racial diversity, no industry or company is in the top quartile on both dimensions. Another interesting finding from McKinsey: “In the United Kingdom, greater gender diversity on the senior-executive team corresponded to the highest performance uplift in our data set: for every 10 percent increase in gender diversity, EBIT rose by 3.5 percent.”. After discovering the unequal performance of companies that champion and implement diversity and those that don’t, McKinsey & Company concludes that “diversity is a competitive differentiator shifting market share toward more diverse companies.”

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Role of The Centre for Global Inclusion USA

The Centre for Global Inclusion is a nonprofit organization and home of the free

Global Diversity & Inclusion Benchmarks: Standards for Organizations Around the World (GDIB). Its mission is to serve as a resource for research and education for individuals and organizations in their quest to improve diversity and inclusion practices around the world. It is a non- profit US entity under 501c3 public charity focused on education and research on diversity and inclusion around the world. Details at www.centreforglobalinclusion.org

Take Away for Organizations

A more immediate outcome of D&I is to help improve organizational performance. This is commonly referred to as the business case. A well-designed and well-executed D&I strategy can help an organization:

Initiatives by Pakistan Diversity Hub

Pak Diversity Hub is a Centre of expertise for D&I growth in Pakistan. We review global trends on the diversity; carry out local research to understand the market need; develop competencies of practitioners; build skill inventory; promote good practices, offer customized solutions and produce publications. Our mission is to help organizations to become sustainable through inclusive culture. Diversity Hub has planned the following initiatives in Pakistan:

  1. Diversity & Inclusion Annual Conference
  2. Diversity & Inclusion Annual Awards
  3. Critical Competencies for Women on Board
  4. Inclusive Leadership Development Program for Middle Managers
  5. Diversity & Inclusion Champions Program for HR Experts
Our Objective
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