This piece argues that legacy retailers can learn cultural lessons and D&I from emerging players.
Established retail brands can learn from new players how they encourage employees to ask questions, celebrate their differences, and make sure the staff feels heard. Companies should embrace a culture where everyone can talk about diversity and inclusion.
A fail-proof strategy to make employees feel part of the organisation and show their opinion matters is to listen to them. It can further stimulate respect and loyalty and boost productivity. Apart from enabling employees to speak freely, companies should hire people from diverse backgrounds.
Recruit diverse people to drive strategy and innovation. In fact, studies show that racially diverse executive teams produce 35% higher EBITDA, as opposed to the less diverse teams. Similarly, most gender-diverse executive teams outperform male-dominated companies.
[5 minute read]