Wealth Professional: How to build a more diverse team - Michelle Gibbings

In this article featured in Wealth Professional, Michelle explains how to push past unconscious bias to create a diverse team that can truly tackle complex problems.

AS ORGANIZATIONS grapple with more complex decisions and an ever­ increasing pace of change, building a work­force equipped with the skills and experience to thrive in such an environment is critical.

Finding this depth and breadth of talent means building a workforce that covers the full spectrum of diversity, including age, ethnicity, gender, thinking styles, disabilities and sexual orientation. To accomplish this, leaders need to challenge their decision ­making patterns.

Seek out difference
It’s natural to want to work with people you like and find easy to work with, and when you’re building a team or forming work groups you often seek out such people. This is either done consciously or subconsciously. In the case of recruitment, for example, search criteria often specifically reference the desire to find a cultural fit.

Cultural fit can mean different things to different people. Typically, if you ask people how they define whether someone is a cultural fit, they’ll give criteria such as:

  • lives the organization’s values
  • is able to work well with the team
  • will fit in with the rest of the group
  • understands the organization’s object­ives and buys into its vision

However, when you strip away the layers and get to the base-level drivers, what the person is looking for is someone they feel comfortable with – that is, someone they connect with because they can see aspects of themselves in that person.

Avoid likeability bias
It’s often suggested that one of the key success criteria for a job interview is to come across as likeable – the premise being that the hiring manager has already positively assessed the candidate’s resume for the required technical skills. Now all the hiring manager is seeking to test is whether they want to work with the person or not.

This likeability isn’t just about being friendly and a nice person. It’s about whether the hiring manager finds similarities with the person they’re interviewing. Research shows that we like people who are similar to us in terms of interests, backgrounds and experi­ences, and this has consequential impacts on hiring decisions.

Researchers from Kellogg University found that getting hired for a job isn’t so much about the “soft or hard dimensions of the role,” but rather how similar the person being interviewed is to the person conducting the interview.

It’s very easy for leaders to want to hire people who are like them. Similarity makes a person feel comfortable. However, when you hire people like you, you’re simply filling your team or work group with people who have similar backgrounds, experiences and thought processes.

Improve decision-making
Homogeneity can negatively impact how decisions are made. The more alike people are, the more likely they are to think along the same lines; therefore, there is less room for debate, discernment and disagreement.

Separate research from Kellogg University found that diverse teams make better decisions. And the diversity isn’t just about gender or ethnicity – it also includes age, experience and background. The diverse groups outperformed the more homogeneous groups, not because of an influx of new ideas, but because the diversity triggered more careful processing of the information that was discussed.

Complex problem-solving and critical thinking are the top two competencies that the World Economic Forum has identified as crucial to surviving in the Fourth Industrial Revolution. This involves challenge, explor­ation, suspending judgment and being equipped with the cognitive capacity to look at problems in a different way – all of which is aided by having a diverse workforce.

Successful, sustainable organizations recognize the need to equip their work­force with the capability and capacity to dig deeper into the mental models that drive their thought processes and be ready to acquire knowledge from multiple sources and environments. Consequently, leaders need to be prepared to challenge their assump­tions and expectations when building their teams.

  • Acknowledge the potential for bias, because we all have it to varying degrees.
  • Actively seek diversity of experi­ence, background, ethnicity, age and gender (and all forms of diversity) when forming teams and work groups.
  • Recognize that the person at work who really annoys you is often the person you need to spend more time with. Why? Because the source of tension comes from their seeing the world differently than you and this challenge to your frame of reference is good for your thought processes.
  • Invite other people into the decision­ making process who can shift and provide alternate perspectives.

Build on strengths
As part of this approach, leaders need to understand and then leverage the strengths of their team. Research conducted over the last 30 years shows that taking a strengths ­based approach leads to greater work satis­faction, engagement and productivity. This is evidenced in Tom Rath and Barry Conchie’s book, Strengths Based Leadership, where they detail how working with strengths helps leaders be more effective.
Leaders play a crucial role in bringing strengths to life at work- for both themselves and their team members. It starts with the leader understanding their own strengths and how they are best used at work.

The next step is to help team members appreciate the strengths they bring to their role, and recognize and value the strengths their colleagues bring to their roles. This is best done through a series of team development activities, which will help team members understand and leverage their indi­vidual and collective strengths.

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