Diversity, Equality and Inclusion - Friend or Foe?

In the bustling corridors of the business world, Diversity, Equality, and Inclusion (DEI) prance about like a Shakespearean character – sometimes a hero, other times a villain, depending on who you ask. It's a topic that's as hot as a freshly brewed cup of tea, with opinions as varied as Forrest Gump's box of assorted chocolates.

Take Mark Cuban, for instance, who champions DEI with the fervour of a knight in shining armour. He tweeted, "We live in a country with very diverse demographics... Having a workforce that is diverse and representative of your stakeholders is good for business." It's a sentiment as warm and inviting as a cosy pub on a rainy London day, suggesting that businesses should mirror the kaleidoscope of the communities they serve.

On the flip side, you have Bill Ackman, whose skepticism of DEI is as sharp as the cut of a Savile Row suit. He warns of the "Trojan horse of beneficent sounding words," implying that DEI, while appearing noble, might be hiding more sinister inefficiencies. And then there's Elon Musk, who, in his typical fashion, cuts straight to the chase, declaring DEI not just immoral but illegal, as it "discriminates on the basis of race, gender and many other factors."

This is where the plot thickens. The contradiction lies not in the value of DEI itself - most of us can agree that greater diversity brings added value - but in its execution. A well-implemented DEI policy can be like adding milk to tea – it enhances the flavour, bringing out the best in the blend. It fosters innovation, creativity, and a sense of belonging, turning a workplace into a melting pot of ideas and perspectives.

However, a poorly executed DEI strategy can leave a bitter aftertaste akin to over-steeped tea. It can come across as mere virtue signalling, creating resentment among those who feel overlooked and diverting resources into what may seem like a bottomless pit.

There are, however, examples of DEI being well implemented and achieving positive results. Take Mattel, which is committed to achieving and maintaining 100% base pay equity for employees in similar roles and increased representation of women and ethnic groups. Marriott International, which views its DEI as a vital component of its success, was named one of the 'World's Best Multinational Workplaces' by Great Place to Work. Having a DEI workforce helps them retain and recruit their employees and to motivate them to provide the best service they can.

The real conundrum, then, is not about whether DEI is beneficial but how it's brewed. It's a delicate balance between long-term value and short-term profit. Critics often point to examples of DEI gone wrong as proof of its futility, conveniently overlooking the obvious poor implementation and ignoring the obvious benefits that can be achieved when implemented well.  Basically, it's like writing off all British comedy just because you saw one bad show. Sure, there's a bunch of forgettable stuff, but when you hit the jackpot with something as brilliant as Monty Python, you realize digging through the pile to find those standout examples is totally worth it and to take inspiration from.

So, where does this leave us? It's clear that DEI, when done right, is not just a nice-to-have; it's essential for an organisation's longevity and prosperity. It's about reflecting the society in which we live and work, much like how a good board reflects its stakeholders.

But here's a thought to chew on: In our rush to either embrace or dismiss DEI, are we missing the point that it's not about ticking boxes but genuinely understanding and valuing diversity? Perhaps, the real question is not whether DEI is a friend or foe, but whether we're willing to learn the art of making the perfect cup of tea.