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Considering that in just 70 years, the UAE went from a population of 70,000 to over 10 million, and 90% of the expat population is made up of over 200 nationalities, the UAE and Dubai, in particular, are a unique melting pot of cultures and mindsets. 

This diversity makes the UAE an exciting place to live in and is a critical factor in the success of homegrown brands. It is also why many corporations have decided to open their Middle East headquarters here.

Studies have shown that companies that leverage diversity report greater ROI on innovation projects, are 70% more likely to expand their reach to new markets, and are 25% more likely to have above-average profitability.

And it’s no surprise. A diverse talent pool is better equipped to deal with adversity and highly uncertain or competitive environments. Employees with different backgrounds bring a unique point of view to business challenges, which is key to fostering innovation. Diverse teams can also communicate effectively with a broader range of people. This can help companies expand their reach to new markets and customer segments.

However, despite the positive impact of incorporating diversity, many leaders struggle to create an environment that leverages diverse talent while maintaining a laser-like focus on a shared company mission and objectives. A business environment with too little or too much structure exposes the business to missed opportunities, competing interests and abortive costs.

So, how can companies leverage diversity to make an impact?

1. Define clear goals and outcomes
Clarity on goals is vital, especially when they involve teamwork. The more specific and clear goals, the higher the probability of achieving them. Avoiding vague statements like “increase sales calls” and honing in on a specific objective like “Increase sales calls by 10% in Q3” gets you halfway there.
When dealing with collective objectives, it’s essential to define how individual roles contribute to the global objective while maintaining a common culture that generates a sense of camaraderie. A crucial factor in helping achieve this is by ensuring individuals and teams constructively compete to excel, but not, to the detriment of the business, against each other in silos.

2. Balance structure with innovation
The socio-economic instability, continuous changes in customer behaviour and competition speed have made it more crucial for companies to innovate. Many businesses struggle with balancing day-to-day operations with finding the time to innovate.
Google found a profitable solution. They give employees 20% of their time back to work on side projects, fostering employee-led innovation. The outcome? Popular products such as Gmail and Google News. Other companies invest in innovation hubs to test and develop ideas from all employees.
No matter how it’s done, innovation is key to any long-term strategy. And developing a diverse talent pool will only help generate fresh ideas.

3. Hire the best talent for the job
With more pressure than ever to hire diverse talent, many companies consider it another metric to reach (think greenwashing through ESG goals!). This raises a new set of now commonly voiced concerns about hiring on merit. Rather than hiring solely for diversity, focus on improving the hiring process by actively questioning and dismantling the biases that limit the type of applicants.
Many companies fail to also consider that diversity attracts talent. Studies have shown that those searching for new opportunities favour diverse and inclusive companies. In fact, according to Glassdoor’s 2020 Diversity Hiring Survey, “More than 3 out of 4 job seekers and employees (76%) said that a diverse workforce is an important factor when evaluating companies and job offers.”

There are significant advantages to fostering a diverse workforce, and UAE-based companies are set to reap the benefits. Local tax schemes, the UAE’s strategic location and immigration-friendly policies make it easier than ever to build a diverse workplace.
However, the challenge is in leveraging diversity to make an impact. Clarity on goals, balancing daily operations with innovation, and hiring on merit are just some of the ways leaders can leverage their talent pool effectively to benefit the company.

Zuleka is a business excellence, transformation and change specialist. She runs The Cornerstone Advisory, helping leaders scale their businesses and achieve long-term impact through people, technology and innovation.

LinkedIn: www.linkedIn.com/in/Zuleka 

Website: www.thecornerstoneadvisory.com