Diversity in Business

2
Zach July 5, 2020

I wanted to make a video about diversity. There are two important events going on. First we just finished the month of June. And June is widely celebrated as Pride month for the LGBTQ community. And second, it is fourth of July weekend, and recently America has been engaged in some very difficult conversations around diversity. So it seems like the right time to make a video on diversity, because I think there some important ways that the business community can improve. WATCH NOW!

My Coming Out Story: https://www.youtube.com/watch?v=G4hQ6JPfurg

Want to chat with me live? I have daily live streams on my gaming YouTube channel. I stream every day at 8:00pm MT except on Saturday 10:30am MT and Sunday at 7:00pm MT. https://www.youtube.com/channel/UCyA6hunVgBiE3QEDn9GpQtw

VIDEO SUMMARY

I approach this topic from unique perspective. I posted my own coming out story on YouTube, quite some time ago. I will link it in the description if you want to check it out. I have had my own experiences of struggling with my own identity, and figuring out how to fit in. And it is difficult when you find yourself in a work environment, where you know there are co-workers there that feel uncomfortable just with you being yourself. And you have to figure out how to navigate those situations in order to do your job.

Diversity is such an important element you need to be successful in business. You need people on your team with different backgrounds and different opinions. This is important in order to avoid one of the greatest dangers in business called “Group think.” Group think is term from psychology to describe dysfunctional decision making, where your team is a bunch of yes men. This occurs when you have a group of people who all think the same way and have the same ideas. A business today cannot survive with group think. You need to be able to hear the other voices in the room.

So diversity is about finding ways to include other people in your decision making. Businesses that do not embrace diversity will suffer the fate of group think. There are a number of famous business cases where businesses have collapsed from group think. In each case, information is available for the company to make the correct decision, but one of two things happen. Either the information is ignored, or people do not speak up against the group. So the result of more diversity, is higher profitability in your business.

I want to applaud companies who have really embraced diversity issues. A lot of companies have done a fantastic job, not only supporting events during Pride month, but all kinds of diversity issues and initiatives. But I do want to recommend something where companies could improve. Companies could do a better job at integrating diversity celebrations for everyone. What typically happens is that companies focus on specific groups, whether it is LGBTQ, gender, different races or nationalities. That is important but it is also very isolating. Because what happens in the day to day operations of a business, is if you do not belong to that group, you just ignore what is happening. That is a huge missed opportunity. Because diversity is something that everyone can relate to.

I do not care who you are. Everybody has had an experience of feeling different, or judged, or alone. Everyone knows what that feels like. It would be so wonderful to have a day, just one day, where everyone in the company celebrates diversity. Because it is something everyone can understand. So just imagine what it would feel like for one day to be fully accepted for who you are. No judgements. Just acceptance. That is a feeling you do not have to be a part of a specific group to appreciate.

My point is that there should be two parts to recognizing diversity: The first, which we do a great job at, is celebrating the specific group and recognizing their history and accomplishments. But the second is integrating the groups together as a team. The whole point of diversity is working together as a team, and it is that second aspect that I would like to see more companies embrace moving forward.

Leave a comment down below letting me know what you think!

If you find these videos helpful, please subscribe to my YouTube channel.

Neither Zach De Gregorio or Wolves and Finance shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.

Categories: General
2
Zach
Zach De Gregorio has worked in most accounting positions from bookkeeping, to writing financial statements, to Chief Financial Officer (CFO). Zach has an active CPA license since 2015. Zach De Gregorio began his studies at the University of Southern California in Los Angeles where he received a Bachelor Degree in Cinema and Business. He also holds a M.B.A in Finance from Arizona State University. Zach went on to complete a Master’s Certificate in Project Management from George Washington University and a Master of Accounting Degree from the University of New Mexico. Zach lives in Phoenix, AZ and enjoys trail-running in the beautiful southwest landscape.

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