Embracing Diversity: Is it all about Gender?

International Women's Day is a timely reminder to address questions about promoting and maintaining parity within our company. While we celebrate our gender equality metrics with over 40% women in our deep-tech company, I often find it challenging to articulate the actions we take to actively promote diversity. This article aims to delve deeper into the true essence of diversity, its tangible benefits for business, and provides insights on nurturing effective communication in diverse environments.

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Diversity: Beyond Gender Equality

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Gender diversity is just the tip of the iceberg. The real power of diversity lies in the various perspectives, experiences, and ideas that individuals from different backgrounds bring to the table. By embracing diversity in terms of ethnicity, age, gender, social or cultural background, we foster an environment that fuels innovation, creativity, and inclusivity. The key is to maximize diversity among all these perspectives to unlock its full potential.

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The Tangible Benefits of Diversity

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Research consistently demonstrates that diverse teams outperform homogeneous ones in multiple key areas. According to a study by Boston Consulting Group in 2020, companies with diverse management teams have 19% higher revenues thanks to the innovation they promote. Moreover, a report by McKinsey & Company published in 2018 states that organizations with ethnically diverse executive teams are 33% more likely to have above-average profitability. Additionally, companies with gender-diverse boards are 21% more likely to outperform their peers on EBIT margin. These findings highlight the direct positive impact diversity has on both innovation and financial success.

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Encouraging Diversity: The Minimal Actions Required

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While diversity requires some essential actions, such as casting a broad net during recruitment, providing immigration support, and fostering effective communication, the real key is to truly value and encourage diversity within the organization. At Qubit Pharmaceuticals, we believe that embracing diversity creates a virtuous cycle. Our diverse workforce attracts talented candidates, and exposure to different approaches fuels growth and an appetite for more diversity.

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Our Journey Towards a Diverse Workforce

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Our team at Qubit Pharmaceuticals consists of over 55 employees, representing 19 nationalities. More than 40% of our workforce comprises women. They joined us because of our passion and talent, and we have reaped the benefits of multidisciplinary exchange. Our academic founders, with diverse backgrounds and a history of research collaboration across the Atlantic, laid the foundation for our DNA. This partnership was one of the reasons that convinced me to join this exciting adventure.

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The Challenges of Diversity

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While diversity brings immense benefits, it's important to acknowledge the challenges it presents. In a diverse environment, self-awareness, emotional intelligence, and effective communication become critical. Cultural sensitivities, language barriers, and personal preferences can lead to misunderstandings or misinterpretations. However, these challenges can be addressed through conscious efforts to promote effective communication.

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Promoting Effective Communication in a Diverse Environment

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- Avoid making assumptions

- Clearly state all hypotheses

- Review key definitions at the start of every project

- Practice active listening and ensure you truly hear what is being said

- Foster self-awareness and understanding

- Provide feedback using Non-Violent Communication

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Join the Conversation!

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How do you view and encourage diversity in your organization? Share your insights and experiences in the comments section below.