The world is about to undergo a major reset fueled by inclusion, equality and sustainable business practices. In other words, we’re about to start doing business very differently. That said, we need a new generation of business graduates and entrepreneurs who understand that values like collaboration and equality are as important as profits. Here’s a look at why students from all backgrounds should study management and an innovative business school that provides students with the tools they need to build that brighter future.
Equality on all levels
Despite recent advances, ethnic minorities are still underrepresented in US boardrooms. Blacks hold less than 4% of executive positions, and only four of the Fortune 500 companies have a black CEO. Washington Post columnist Christine Emba believes unconscious biases play a huge role in creating these socioeconomic differences. “There is some social advantage to being considered the ‘norm’ in America,” she claims.
Fortunately, policy makers are developing plans to create more opportunities for underrepresented groups, including additional diversity training and mentoring programs. Adjustments to the way companies screen potential candidates could also make a big difference. For example, one study found that applicants with white-sounding names were 50% more likely to receive interview requests than black-sounding names. One solution is “anonymous” résumés. Anonymous CVs remove personal information during the first phase of the hiring process, forcing recruiters to judge candidates based on their experience and qualifications only.
The business case for diversity
Boston Consulting Group experts found that diversity of opinion drives innovation and helps companies develop creative solutions and design inclusive products and services. A diverse workforce also creates a more balanced work environment and culture. Additionally, a survey by the Pew Research Center listed several areas where female employees outperform men. Women seem to do better on tasks that require a range of soft skills, such as negotiating and mentoring junior staff.
Female employees can also offer different perspectives on customer needs, product improvements, and company wellbeing, creating a company that is more profitable and offers a better place to work. Indeed, women in the workplace could become one of the biggest drivers of future economic growth. A number of economists believe that closing the global gender gap in the workforce could add an additional $ 28 trillion to the global economy by 2025!
What is already working?
In 2018, Harvard University professor David Pedulla published a report entitled “What Works? Evidence-Based Ideas for Increasing Diversity, Equity and Inclusion in the Workplace ”. It focused on the solutions to the diversity challenge and outlined key lessons that can help companies achieve their inclusion goals. Pedulla advised companies to set clear goals, collect as much data as possible, and analyze changes compared to other organizations. Companies should also develop alternative grievance systems and more accessible grievance mechanisms.
Most importantly, a company shouldn’t view complaints as a threat, but rather as valuable insights that can bring about positive change. And businesses need to avoid what behavioral psychologists have called the low number problem. The small number problem is often referred to as “tokenism”. This is the case when members of a severely underrepresented group are promoted or used as the “face” of a diversity initiative to overcompensate for the lack of actual diversity in the workplace. Instead, companies should focus on institutional change.
Go beyond race and gender
Diversity isn’t just about race or gender. To create a truly diverse workforce, companies need to think about their employees’ sexuality, nationality, religious beliefs, different physical abilities, and socio-economic backgrounds. For example, it is good news when a law firm reports an increase in senior partners from ethnically underrepresented groups. But what if they all went to private schools or Ivy League universities? And how do certain work cultures marginalize people who do not drink alcohol for religious reasons?
And what about neurodiversity? Neurodiversity describes people with conditions like ADHD and autism. In the right environment, these so-called “learning disabilities” can become superpowers. Autistic people are more likely to have exceptional knowledge or skills in narrow areas, and are often hyperfocused for extended periods of time. But they often struggle to focus on traditional office environments. “Diversity is a term that is constantly evolving,” says Liz Bingham, Head of People at Ernst & Young. “Diversity encompasses all aspects of human experience. We need to remove any prejudice that may obscure an individual’s path upward.”
Deusto Business School
Deusto Business School is committed to creating a fairer, more inclusive and more successful world by promoting inclusive and sustainable business practices in a global context. The Times Higher Education has ranked Deusto Business School among the top 20 universities in the world for promoting fair and inclusive societies. Each school is assessed on its social impact and contribution to the United Nations Sustainable Development Goals and the 2030 Agenda goals, which include responsible production and consumption, reducing inequality and education for all.
Deusto Business School offers a wide range of undergraduate and graduate degrees specifically designed to equip students with the tools to thrive in today’s globalized business world.
The Master in Management is ideal for professionals looking to take their careers to the next level. Through a combination of classroom learning and full-time internships, students acquire the knowledge and skills to work in management positions in large companies with an international focus. The majority of graduates find a professional position within four months of completing the course. The alumni now work as logistics managers, HR specialists and marketing directors in established and growing sectors including banking, technology, business consulting and professional services.
Marie Müller is just one of Deusto’s many success stories. She used her Masters in Management to get a dream role at one of the largest companies in the world.
“I wanted to expand my knowledge in order to boost my professional career,” says Marie. “The master at Deusto was a unique experience for me. I’ve learned a lot in a very short time, such as key problem solving and critical thinking concepts. Thanks to what I learned, I was able to take the professional leap I wanted: work at Google! What I really liked about Deusto was the level of innovation and the teachers. Most of them are business people or entrepreneurs and work with real cases in the classroom. “
Located in three locations in Madrid, Bilbao and San Sebastian, Deusto Business School offers students a rich cultural experience that extends well beyond the classroom. Students in Bilbao can visit the Guggenheim Museum, the Iberdrola Tower and the Euskalduna Congress Palace, while Madrid is the financial capital of Spain and is home to hundreds of major national and multinational corporations and of course amazing sights, culture and culture. and kitchen. And with its breathtaking landscapes and variety of traditional and modern architecture, it’s no surprise that San Sebastian was named the European Capital of Culture in 2016.
The Basque Country is also the perfect place for ambitious business graduates and entrepreneurs. The region has one of the highest GDP per capita in Europe and is gaining a global reputation as a hub for innovation and creativity, particularly in the automotive and energy sectors.
The Basque Country is building a better and better future. Be a part of it by studying at Deusto Business School.
Article in collaboration with Deusto Business School.