PUSHING FOR MORE DIVERSITY IN MANAGEMENT CAN NARROW THE GAP BUT WILL IT?

David Somolon the CEO of Goldman Sachs recently announced that he “is making a significant push for more diversity in the upper echelons of the firm and will hold management accountable for those efforts.”

Whilst having goals and priority around diversity and inclusion is important one also needs to consider the experience of the staff you are hiring. It is not going to benefit organisations if they have a diverse and inclusive workforce however lacks experience in the areas where it may be lacking. Obviously attracting the right talent is very important whilst looking at ways of improving the diversity of the talent you want to attrayct to work for your organisation.

Tapping into organisations that mentor people from diverse backgrounds including those who are LGBTIQ+ professionals is one way to improve diversity at management level. These organisations would highly likely have mentors that are already at a senior level and from diverse backgrounds who are experienced and suitable for management postions.

Looking at improving diversity in the longer term partnering with local universities with a graduate program or work experience progam where people can work for an organisation for a period of time is a way to improve diversity in the longer term. Most universities, if not all have student associations for different groups including ones which are culturally based such as Korean Student Association. If an organisation is prepared to invest the time and resources into this then they could find talent or potential talent for there organisation and still meet any diversity targets they set.

If we then look at what Goldman Sachs are doing, it seems to me that they are on the right path. They have acknowledged they have gaps when it comes to diversity and inclusion. Now by taking positive action to address these gaps and making improvements in time they should improve their diversity at a senior level. Though as a final thought or perhaps questions for us all does pushing diversity really close the diversity gap in senior management? Or will it have the opposite effect?

Only time will tell…

https://finance.yahoo.com/news/goldman-sachs-ceo-diversity-managing-directors-181743720.html

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