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African Petrochemicals Quarterly Edition 15_6

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DIVERSITY, AND THE CURRENCY OF IDEAS How can we measure the actual business value created in organisations by diversity amongst our workforces? Rockwell Automation Sub-Saharan Africa Managing Director Barry Elliott discusses. 18 Barry Elliott, Managing Director, Rockwell Automation Sub-Saharan Africa. A recent article regarding women in engineering and other STEM-related industries caused a significant furore around whether South Africa should be investing so heavily in attracting women into STEM. This really got me thinking, as it is a topic I feel strongly about. Citing a study suggesting that women are ‘predisposed’ to caring and peopleorientated careers, and more focused on family and raising children, the article questions if the returns on investment merit the efforts business and government is directing at women in STEM. Yet there is evidence that is overwhelmingly to the contrary: research conducted into the composition of workforces of companies across the world suggests a clear correlation between diversity, in all its forms, and actual, tangible financial performance. According to a 2018 McKinsey report, Delivering through Diversity, companies in the top quartile for gender diversity across the world were 21% more likely to outperform their bottom-quartile peers on profit margin. This correlation seems especially pronounced at an executive level. And it doesn’t just relate to gender diversity: Assessing ethnic and cultural diversity, McKinsey’s research finds that companies with the most ethnic and cultural diversity are 33% more likely to outperform their peers on profitability. Conversely, companies in the bottom quartile for both gender and ethnic diversity are statistically less likely to achieve aboveaverage financial returns than their industry peers. This supports my own experiences with our teams, and here’s why I think this is so: It’s not that businesses benefit by virtue of being representative on any superficial level alone. Rather, it’s that in being diverse, these companies have access to a wider pool of opinions and perspectives that they can draw on in making more informed business decisions. Inclusive diversity within a company is normally a reliable marker of a company that mobilises the currency of fresh ideas to be in a better position to innovate. Different perspectives – whether defined by gender, culture, sexual orientation, age, or any other demographic – provide different ways of understanding the world, whereas more homogenous workforces, possess an intrinsically lower diversity of opinion. This means the ways in which companies devise solutions will likely be limited, more predictable and static. Disrupting this status quo is the very breeding ground for improving our solutions, and indeed for innovation. We need to be proactive in building a diverse workforce, and that is why it is absolutely critical that we invest wherever we can in increasing access to STEM careers for women, as well as other traditionally less represented groups in our society. Sometimes the benefits of diversity are more subtle. In my own teams, I’ve seen how the addition of people representing different social identities, whether that be female, black, young or old, can inject new, fresh energy to a team dynamic, thereby providing a critical pillar to help nurture and maintain engagement amongst high-performing teams. Guided by the firm belief that diversity positively impacts financial performance and engagement, Rockwell Automation South Africa has more than doubled our number of female engineers in our organisation in the last five years, a period in which the organisation has performed strongly in a challenging economic environment. Perhaps what we need to change are our entrenched attitudes towards people whom we feel are different from us. Is there more that businesses can do to reduce the burden women traditionally feel to be the primary caregivers of young families? Is there more we can do to adapt to the needs of people from different age groups? What more can be done to create a more inclusive environment for all cultures? If diversity in the workplace correlates with improved bottom line, then we should do everything in our power to ensure our work environments and processes provide the best support possible in encouraging women and people of different ages and diverse cultural backgrounds to realise their career ambitions in STEM. It makes perfect business sense to me that if we develop and grow a mixed environment of people; male and female, black and white, young and old, and actively propagate a culture of inclusiveness of the multiplicity of viewpoints they offer, organisations will fly. About Barry Elliott Barry Elliott is the Managing Director of Rockwell Automation Sub-Saharan Africa. Elliott joined Rockwell Automation in 2012, having previously headed business development for sub-Saharan Africa at AE&E Lentjes and Doosan Power Systems. Elliott has also held positions with AE&E Group as Sales Director for sub-Saharan Africa; sales and marketing head for Babcock Engineering; and 15 years’ service to Siemens, during which he was appointed as the General Manager of Mining and Metals and Managing Director in Tanzania. Elliott’s background is in Electrical Engineering, having studied at the Nelson Mandela Metropolitan University and Vaal University of Technology. He also has various management and executive development certificates from the UNISA School of Business Leadership and University of Strathclyde in Glasgow. About Rockwell Automation Rockwell Automation Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and information, makes its customers more productive and the world more sustainable. Headquartered in Milwaukee, Wis., Rockwell Automation employs approximately 22,000 people serving customers in more than 80 countries. Enquiries: Michelle Junius Marketing Communications Specialist Sub Saharan Africa & Mining EMEA Rockwell Automation Sub-Saharan Africa Tel: +27 (0) 11 654 9700 Email: mjunius @ra.rockwell.com Website: www.rockwellautomation.co.za

Collection

December 2016 Edition 13.6
Sept / Oct 2016 Edition 13.5
July / August 2016 Edition 13.4
May / June 2016 Edition 13.3
March / April 2016 Edition13.2
Jan / Feb 2016 Edition 13.1
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