The Many Faces of Innovation

THE MANY FACES OF INNOVATION How Diversity in the Workplace Can Help Drive Success As companies continue to expand globally, executives understand that their companies can't be successful if they ignore diversity and inclusion strategies. Ultimately, including a heterogeneous but cohesive blend of different genders, ages, and ethnic groups provides multiple perspectives, allowing for better problem solving and more creativity. As more social business tools enter the workplace, it is becoming easier to bring diverse groups of people together to collaborate more effectively on projects and innovate even faster. THE BUSINESS CASE FOR DIVERSITY According to a 2011 Forbes Insight survey of 321 executives from large, global enterprises, 85 percent recognize the fact that diversity and inclusion in the organization drives innovation. A diverse and inclusive workforce is crucial to encouraging different ideas that drive innovation. 85% 14% 1% PERCENT OF RESPONDENTS Agree Disagree Don't Know WE WANT YOU Recognizing the need for more diversity, many organizations are designing policies and programs that not only aim to find a more varied group of employees, but also to retain them. Fighting for Diverse Talent Do you have any programs to recruit, develop, or retain a diverse workforce? PERCENT OF RESPONDENTS 65% 53% 44% 12% No, we don't have programs focused on diversity/inclusion Yes, recruitment Yes, development Yes, retention Recruiting a Diverse Workforce Where do you go to find talent? PERCENT OF RESPONDENTS 52% 50% 49% 38% 37% 36% 27% 25% Non-profits University/grad school diversity Search firms Special-interest job Diversity-focused job fairs Employee referrals Diversity-focused employment portals on company website Word-of-mouth websites associations For Keeps Which of the following programs do you currently have to retain a diverse workforce? PERCENT OF RESPONDENTS 70% 59% 58% 39% 35% Routine employee reviews Exit interview analysis Tracking attrition to monitor progress Programs to incorporate managers' roles in developing and keeping diverse employees Tracking promotion rates of diverse groups ARE BUSINESSES DOING THEIR PART? Gender and Ethnicity Diversity Are Main Priorities Which of the following are currently part of your organization's diversity and inclusion efforts? PERCENT OF RESPONDENTS 81% 77% 72% 70% 52% 45% 39% 32% Gender Ethnicity/nationality Age Race Disability Nationality Sexual orientation Veteran status CEOS: Most Accountable for Supporting Diversity Programs 69% Number of surveyed executives whose organization has an internal committee to oversee diversity/inclusion initiatives. Who is ultimately accountable for the success of diversity and inclusion programs in your organization? PERCENT OF RESPONDENTS CEO 35% CHRO 15% Board of Directors 13% Senior Leaders 10% CO0 8% General Managers 7% Individual Managers 3% BARRIERS AND GOALS FOR THE FUTURE What Needs the Most Attention? In what areas do you need the most improvement? PERCENT OF RESPONDENTS 29% Disability 28% Age 23% Sexual orientation 20% Race 20% Gender Top Obstacles in the Way What barriers limit a strategy for workplace diversity and inclusion? 46% 46% 42% 41% 23% Focus on the economy Middle management fails to execute programs adequately Budgetary issues Failure to see the connection between diversity and success Lack of attention from upper management Shift in Focus Over the next three years, how will your focus change to leverage diversity to meet your business goals? PERCENT OF RESPONDENTS 2% Don't know 20% Less focus 78% More focus How Enterprise Social Networks Help Facilitate Collaboration in a Diverse Workforce According to a UK study that examined diversity management in social enterprises: 83% of respondents believe that diversity management fosters innovation in their organizations. 85% believe it promotes high performance. Workplace diversity management dates back to the 1980s but has only gained international attention in the last few years as social enterprises rise to the forefront. In what ways can this new model help connect an otherwise disconnected employee base? Centralization Sharpened Focus Acting like a central nervous system, enterprise social platforms unify the flow of information and ideas across the entire enterprise, enabling diverse workforces to communicate faster than ever. Diverse workforces are allowed to focus on specialized projects and initiatives while enterprise social networks facilitate collaboration across organizational boundaries. 21 Organized Intelligence Access Anywhere Because the multicultural organization contains varying points of view, enterprise social networks simultaneously organize these ideas in one location, without losing sight of differences. Enterprise mobile apps allow employees to stay connected in real-time, despite distance and circumstance. OCIALCAST OCIALCAT SOCIALCAST SOURCES: FORBES INSIGHTS. "GLOBAL DIVERSITY AND INCLUSION: FOSTERING INNOVATION THROUGH A DIVERSE WORKFORCE." 2011. | BRIDGSTOCK, R., OZBILGIN, M. AND TATLI, A. "A DIVERSITY MANAGEMENT FOR INNOVATION IN SOCIAL ENTERPRISES." 2010. | CROSSCOLLABORATE.COM ACAST SOCIALCAST A SOCIA CAST SOCIALCAST T SOCIALCAST SOCIALCAST ALCAT SOCIACAST SOCIALCAST ACAT SOCIALCASTIALCAST SOCIALCAST CAT SOCIALCAST SOCIALCAST CIALCAST OLCAST SOCIALCAST CALCAST CASOCIALCAST CAST SOCIALCAST OCIALCAST SOCIALCASTIALAT SOCIALCASTs CAT SOCIALCAST A SOCIALCAST IALCAT SOCIALCASTOCIAL CAT SOCIALCAST SOCIALCAST SOCALCAST SOCALCAST SOCIALCAST SOCIALCAST soCIALCAST SOCIALCAST OCIALCAST SOCIALCAST CAT SOCIALCAST SOCIALCAST CA SOCIALCAST A SOCIALCAST AL © 2011 SOCIALCAST INC. 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