Why Diversity and Inclusion Matter: Lessons from the Silicon Valley Bank Collapse
Just when we thought that acceptance of diversity was more of a settled issue, something happened. The Silicon Valley Bank collapsed. Shocking and sad as it may be, this provided an opportunity for people to discuss its failure. Different people had different opinions. But, in one such response, Andy Kessler in an article in “The Wall Street Journal” singly doubts diversity as a reason for its collapse.
Dr. Chandra Vadhana R, Founder, of SheSight magazine did a fantastic job calling out the author- “When research proves otherwise, this is just a scapegoat attempt by the SVB leadership for their flawed strategies.”
All the efforts, the years made in the direction of diversity and inclusion came falling. It looks like we have taken a thousand steps backward. So let us remind ourselves and others of why diversity and inclusion are a must in a globalized environment and how it is the only way forward.
Many things come in diversity like age, gender, ethnicity, religion, sexual orientation, and more. It is proven that diverse companies make better decisions, foster more creative teams, and have employee satisfaction. They also perform better financially than those companies that don’t have diversity.
Most importantly, it matters from people’s perspectives. Engaging with people from different backgrounds actually helps us grow as individuals and challenges our understanding and knowledge of the outside world. It is vital for people to feel welcomed and accepted. This leads to cultural intelligence which helps companies to achieve their full potential in a dynamic and multicultural market space.
So the only way to win and ensure our existence and relevance is to move forward. It must be real change and not for optics.
Nidhi Raj is a homemaker, storyteller, and mother with a keen interest in women’s issues and international relations.
