The benefits of a diverse workforce and inclusive hiring practices 

19 August

In today’s rapidly evolving business landscape, the importance of diversity and inclusion in the workplace cannot be overstated. Embracing a diverse workforce and implementing inclusive hiring practices not only enriches your company culture but also drives innovation, productivity, and financial performance. Here, we explore the benefits of a diverse workforce.

Boosting creativity and innovation

Diverse teams bring together a wide range of perspectives, experiences, and problem-solving approaches. This variety fosters creativity and innovation, essential for staying competitive in today’s market. A study by the Boston consulting group 2018 found that companies with above-average diversity produce 45% of their total revenue from innovation, compared to just 26% for those with below-average diversity.

Source: How diverse Leadership teams boost innovation

Enhancing decision-making

Diverse teams are better equipped to make well-rounded decisions. By incorporating multiple viewpoints, companies can avoid groupthink and develop more effective strategies. Research indicates that diverse teams are 87% more likely to make better decisions than non-diverse teams.

Source: Diversity matters in decision making

Improving financial performance

The financial benefits of diversity are well-documented. Companies in the top quartile for gender diversity are 15% more likely to have financial returns above their national industry medians. For ethnic diversity, this figure rises to 35%. These statistics underscore the direct correlation between diversity and improved financial outcomes.

Source: Why diversity matters

Expanding talent pools

Inclusive hiring practices allow companies to tap into a broader talent pool. By removing biases and focusing on skills and potential, employers can attract candidates from diverse backgrounds, enhancing the overall quality of their workforce. This approach not only fills positions more effectively but also builds a more resilient and adaptable team.

Enhancing employee engagement and retention

A diverse and inclusive workplace fosters a sense of belonging among employees. When people feel valued and respected, they are more likely to be engaged and motivated. According to Glassdoor, 76% of employees and job seekers consider a diverse workforce an important factor when evaluating companies and job offers. This engagement translates to higher retention rates and reduced turnover costs.

Source: Glassdoor diversity

Strengthening employer brand and reputation

Companies known for their commitment to diversity and inclusion are more attractive to top talent. A strong employer brand that emphasises these values can differentiate a company in a competitive job market. A recent study found that 86% of job seekers factor in a company’s diversity, equity, and inclusion (DEI) reputation when making employment decisions.

Source: Over 86% of job seekers say workplace diversity is an important factor when looking for a job

Understanding and serving customers better

A diverse workforce can better understand and serve a diverse customer base, for example, with around 14 million disabled people in the UK, representing a spending power of £247 billion annually, having employees who can relate to and understand this demographic is crucial. This understanding can lead to better product development, marketing strategies, and customer service.

UK statistics on diversity and inclusion

The 2022 Department for Work and Pensions employer survey shows that 80% of UK employers already see the benefits of having a diverse workforce. It’s encouraging that two-thirds don’t see any barriers to employing diverse talent. However, there’s still room for improvement, as only half of the employers currently monitor the diversity of their workforce, and less than a third track diversity by grade or seniority. By closing this small gap, even more companies can fully reap the benefits of a truly diverse and inclusive workforce.

Source: Department for work and pensions employer survey 2022 research

There are many benefits of a diverse workforce and inclusive hiring practices, from enhanced creativity and decision-making to improved financial performance and employee engagement.

By embracing diversity and fostering an inclusive culture, UK businesses can unlock the full potential of their teams, drive innovation, and achieve sustainable success.

It’s time for employers to recognise and act on the advantages of diversity, ensuring that their workplaces reflect the rich tapestry of society. By focusing on these benefits and supporting them with key data, we can make a compelling case for the importance of diversity and inclusion in the workplace.

Ready to create a more inclusive workplace? Discover how Good Work Places and Good Work Partners can help you unlock the potential of diverse talent. Start your journey today—get in touch and let’s build a stronger, more inclusive team together!

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James Stewart OBE
Trustee

James became a Trustee in 2021 after a 30 year career spanning the public and private sectors. He started in the banking sector, led Partnerships UK and Infrastructure UK, and then spent ten years at KPMG finishing as a Vice Chair and member of the UK Board.

Much of James’ career has been spent in the pursuit of improving public services and he has been involved in the development of many of the leading UK infrastructure projects and programmes including Crossrail and HS2. James believes that skills are a key enabler to the regeneration and growth of the UK economy and helping young people to have the opportunity to acquire skills and have the best chance of employment is his motivation for joining Shaw Trust. He is attracted by the Shaw Trust operating model and believes that social enterprises can have a greater role in delivering public services in the future.

Steve Shaw
Trustee

Steve is passionate about using his extensive HR Leadership experience to make a positive difference to the lives of others. Throughout a career spent at the helm of global matrix organisations devising and implementing expansive change initiatives, Steve has utilised extensive HR experience to deliver substantial revenue, growth, and organisational development.

Steve has represented HR in Board positions for more 15 years, most recently as Chief HR Officer for the Apogee Corporation, leading on HR, real-estate, and environmental strategies.

Steve brings experience of working within the charity sector, having in the past managed and held leadership roles within National Citizens Advice Bureau for 6 years and performed non-executive director roles for Presentation Housing Association for four years, with a focus on the vulnerable and disadvantaged. Steve believes that the seamless blend and contribution of paid employees and volunteers providing valued and sought-after services can bring unique challenges to the workplace along with passion and devotion to the delivery of quality. This generates a unique culture, with people that have insights, motivation and experiences that utilised well, make an incredible difference to society. Steve believes in the importance of rigour and best use of available funds to maximise an organisation’s ability to facilitate this. Steve’s expertise in organisational consolidation following acquisitions, business transformation, continuous improvement and career pathing for employees will all support the delivery of Shaw Trust’s Vision 2030: Strategic Directive.

Stephen Pegge
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Stephen is a career banker and has also been a board director of several institutions with a public interest including the National Centre for Work Experience, the Institute of Small Business Affairs and is a former chair of a charity founded by HRH the Prince of Wales supporting older people into economic activity.

He is part of the senior executive team of UK Finance, the leading financial trade association and leads on commercial finance, sustainability, dispute resolution and international trade. He chairs an advisory group for the UK government on creative industries and is part of a minister led boards on business finance and promoting female and black and ethnic minority entrepreneurship. Stephen is a director of the UK Business Angels Association, the trade association dedicated to promoting angel investing and supporting early-stage investment in the UK. He is also a director of the Business Banking Resolution Service, a voluntary ombudsman scheme for larger SMEs.

Stephen believes Shaw Trust makes a vital contribution and has an even bigger potential role to play in employability, education and support for people to realise their potential whatever their backgrounds over the next few years. He is looking forward to playing his part in supporting it and our clients and hopes his experience and connections can be useful to colleagues and the wider network involved in this vital work.

Kalm Paul-Christian
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Kalm is an investment banker working in the Financial Institutions Advisory Team at NatWest Markets. There he advises executive management teams to execute strategic and corporate finance decisions for sustainable growth.

He began his career with Rothschild & Co in the Global Financial Advisory division before joining The Social Investment Consultancy where he advised charities, social enterprises, corporates and investment funds on revenue diversification, social business models and impact evaluation.

As an advocate for Social Mobility, Financial Inclusion and Disability Rights, Kalm has been working in the field of accessibility since 2013, delivering projects from DFID, the Commonwealth Youth Council and National Lottery Community Fund.

He is a graduate of the University of Oxford, Fellow of the Royal Society of the Arts and a member of the Worshipful Company of International Bankers. He is also trustee of the Turn2Us and Switchback, a former school governor, and a junior adviser to Chatham House.

Lara Oyesanya
Trustee

Lara joined Shaw Trust in April 2021. Lara is a trustee of Plan International UK and a co-opted Member, Committee on Benefactions, External and Legal Affairs, the University of Cambridge advising the Vice-Chancellor.

The vision of Shaw Trust of a future where good employment is accessible to all in society irrespective of life circumstances resonates with Lara. Growing up in Nigeria, Lara was raised with strong values that included a great sense of social justice, responsibility, accountability, respect, and care for everyone in the community. Shaw Trust’s outlined outcomes for education and skills, children and young people’s services, and health and well-being are areas that Lara believes are essential for a fair and equitable society. This vision is a big draw for Lara as a Shaw Trust trustee and she hopes that the work of Shaw Trust will continue to promote social justice and mobility to address the causes and consequences of poverty in society.

Lara is a solicitor and general counsel in the financial services – digital payments sector, currently General Counsel and Chief Risk Officer at Contis, a contributing editor, LexisNexis Encyclopaedia of Banking Law, and a Consulting Editorial board member LexisPSL©. She is a Fellow of The RSA and ‘Business Woman of the Year’, 2018 FL National Awards. Ranked in The Lawyer Hot 100 2021 and the 50 Must-Follow Black Female Leaders 2020. Formerly, legal director at Klarna, senior legal counsel at Barclays and BAE Systems, a divisional counsel at RAC, a legal director at HBOS, and Group Head of Legal at Lex Autolease. She is a law graduate (LL.B Hons) from the University of Lagos with an LL.M in Comparative Company Law.

Mike Nussbaum
Trustee

Mike joined Shaw Trust in February 2016. Mike sits on the boards of RNIB, Guide Dogs, Vision UK, the Equality and Diversity Forum and supports numerous other charitable organisations.

Mike’s passion for social justice started young when he was involved in a wide range of social action programmes including chairing national youth organisations. Now, following more than 50 years of public service, Mike brings his blind lived experience to Shaw Trust. An active and committed volunteer Mike previously sat on the boards of RNIB, Vision UK, and the Equality and Diversity Forum. Mike is still an active member of the board for Guide Dogs and continues to support numerous other charitable organisations.

Mike is passionate about the added value which volunteers can bring to an organisation as well as the personal benefits of volunteering. Supporting Shaw Trust’s 1,000 person strong volunteer programme, Mike received a national ‘Year of the Volunteer’ Award for services to volunteering in 2005, and in 2008 The Open University awarded him an Honorary Doctorate.

Annamarie Hassall MBE
Trustee

Annemarie was appointed to the Board as a trustee in autumn 2019. An expert in her field, she was appointed MBE for services to children and families in 2011.

At Shaw Trust Annamarie draws on all of her sector experience of working with charity, private sector, local authority and central government to support our work by ensuring we are on the right track, doing what we have agreed, delivering on commitments and doing it well.

Volunteering her time as a trustee it was the values of Shaw Trust that most attracted Annamarie. The belief people should be at the heart of change; employment as a goal for everyone and the focus on skills; valuing education, training and skills for life.

To find out more about Annamarie connect on LinkedIn.

Deborah Dorman
Trustee

Deborah is a highly experienced strategic leader, with a passion for engagement and representation; ensuring everyone has a voice and that they can fulfil their potential.

Deborah is currently the Director of Group HR for Sainsbury’s, with extensive HR experience including strategy, organisational change, talent, learning, reward, inclusion, recruitment and engagement.
Deborah’s recent achievements include leading the design of customer-centric cultural transformation marrying humanity with performance edge, and spearheading the creation of a new inclusion strategy, which improved senior female representation within Sainsbury’s. Deborah has previously been an Advisory Board Member with Business in the Community Race Equality where she led the creation of the Youth Advisory Panel, to give young people a greater voice in improving employment and progression for ethnic minorities. Deborah has a passionate and open style with a focus on inspiring people to create strong relationships and deliver excellent results, whilst maintaining an environment based on professional integrity, transparency, and honesty. Deborah is looking forward to contributing to the important work of Shaw Trust, to support people to live decent and dignified lives. Deborah believes that everyone should have the chance to fulfil their potential and that access to education and employment are vital.

Audrey Coutinho
Trustee

Audrey joins as a Trustee in June 2021. Shaw Trust’s inspiring vision for a future where good, rewarding and dignified employment is accessible to all and the values of the Trust were the primary attractions for wanting to be a Trustee at the organisation.

The Trust’s focus on education and training one of the core enablers for an individual’s success in their lives aligns closely with Audrey’s beliefs, so when the opportunity to be involved in supporting this mission was available it was an easy decision to make.

Audrey has always admired and appreciated the commitment and ethos of the third sector and the critical role it plays in civil society with social justice at the heart of it. Having spent over two decades in the corporate world this as the right time to commit and support the sector and use her skills and experience.

Audrey is an accomplished senior executive with broad experience in designing strategy, delivering digital transformations and complex global programmes that support and serve employees and customers. She brings with her diverse experience in general management, audit and risk management and more recently as Chief Data Officer. She has a Masters’ degree in Business Administration.

Diane Côté
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Diane holds a number of board roles including at Societe Generale SA and X-Forces Enterprise.

She supports other charitable organisations and is a member of several associations and forums that promote Diversity and Inclusion in the workplace including the Women Network Forum.

Diane had a successful executive career in the UK and in Canada in the financial industry. She has featured in the ‘100 Most Influential Women in European Finance’ for the last six years.

In her last executive role as CRO at London Stock Exchange Group, she chaired the LSEG Foundation was an Executive Committee member and she also launched and championed the gender diversity agenda through the Women Inspired Network and lately the Inclusion Network.

Diane has a passion for helping young people from all backgrounds to be given equal opportunities to build their future, fulfil their potential and to support gender equality and minority representation at senior level in the workplace. Having been part of a minority group at senior level throughout her entire career, she understands the importance of embracing an all-inclusive culture.

Paul Baldwin
Trustee

After two decades working in the banking and finance industry, in 2009 Paul decided he would rather spend his time working on the causes that he is passionate about.

Since then he has pursued a portfolio career working with a select number of charitable organisations across a range of different sectors. His most significant areas of interest include, disability, education and skills, conservation and the environment, and animal protection, including as chair of Battersea Dogs & Cats Home. Paul first became aware of Shaw Trust while he was Chair of the Disabled Living Foundation (DLF) and was looking for a suitable merger partner to secure DLF’s long-term future. An immediate meeting of minds led to a successful merger in 2014, and Paul joined the Shaw Trust board in 2016. Other than working as a charity trustee, Paul is happiest when in the mountains: hiking, ultra-running, skiing, or teaching adaptive snow sports to people with a range of different disabilities.

Olly Benzecry
Chair of Trustees

Olly became our Chair of Trustees in February 2023. He is passionate about helping those with disadvantages to achieve their potential in employment.

In addition to being the Chair of Shaw Trust, Olly is a Trustee of Movement to Work and advises WithYouWithMe, an international provider of skills-based talent management solutions. He is Chair of the Corporate Development Board of the Natural History Museum (NHM) and a member of the Corporate Partnership Board of Cancer Research UK. Olly advises Faculty, a world leading AI provider, as well as being a CEO advisor more broadly.

Previously, Olly was Chair and CEO of Accenture, UK & Ireland

Chris Luck CB MBE DL
Group CEO, Shaw Trust

Chris joined the Trust in May 2019, after a distinguished career in the armed forces.

Chris had not planned to move into the voluntary sector, however, his life experiences, personal values and strong sense of purpose made him the perfect fit to lead Shaw Trust. Ensuring those we support are at the heart of everything we do, Chris has implemented a new organisational structure, reviewed our strategic direction and championed new initiatives, including the Shaw Trust Foundation and Shaw Trust Policy Institute supporting and advocating for social mobility through opportunity.

To find out more about Chris follow him on X or connect on LinkedIn.