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In an era where diversity, equity, and inclusivity (DEI) are increasingly recognized as essential pillars of success, the global telecommunications industry stands at the forefront of embracing these principles. As the tech sector undergoes rapid transformation and innovation, prioritizing diverse talent acquisition has become paramount for leading companies.
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With a focus on creating more inclusive work environments, telecommunications firms are not only fostering a culture of acceptance but also reaping significant financial rewards in the process, says GlobalData, a leading data and analysis company.
Robert Pritchard, Principal Analyst, Enterprise Technology and Services at GlobalData, comments: “With the tech sector being driven at high pace by change and innovation, recruiting teams that more closely resemble the world at large has become more of a priority amongst leading companies. It is telling that 60% of Fortune 500 companies were founded by immigrants.”
GlobalData analysis reveals that more balanced (by gender, race, and disability) workforces are emerging over time, often led by the C-Suite and the Board, but also in the wider employee base.
Pritchard adds: “With Indian-born CEOs at Google and Microsoft, ever more women CEOs across telecoms and tech companies, and a gay man in charge at Apple, the sector is again leading the way.
“DEI has largely moved from a tick-box exercise to a key strategic management consideration. The companies that are more advanced have been proven to be more successful, with their customers preferring brands and organizations that align with their values and identities.”
Studies by Boston Consulting Group and Harvard Business Review have found that companies with more diverse management teams have 19% higher revenues and 9 percentage points higher EBIT margin. In addition, in the battle for scarce talent in tech, DEI is seen as a key deciding factor for potential recruits – especially amongst Generation Z.
Pritchard concludes: “In terms of rebalancing the overall workforce, it is a long journey as most employees stay in post for over four years. Nevertheless, demonstration of a cultural shift and a more inclusive approach is vital. This can be helped in the short-term through training, mentoring, cross-team building, volunteering, and commitment to employee wellbeing. Success in DEI is reflected in commercial success in the long-run.”
