Let’s make inclusion our aim, not simply diversity
IN A RECENT STUDY, researchers at North Carolina State University and Portland State University looked at both ethnic and gender diversity. The research revealed that companies with policies in place that value people of color and women “are more innovative, value intangibles and human capital more highly, have greater growth options, have higher cash flow and have stronger governance.”
Thus, commitment to diversity is about better efficiency, better solutions, and better decision-making. It is a powerful engine to create value. At all levels of leadership, inclusion drives better community access and engagement, and meeting cultural needs results in better care and outcomes. Some have said that “Diversity is being asked to the party; inclusion is being asked to dance.” That’s a good place to start, but don’t stop there— inclusion means we need diverse communities to be actively involved as the party planners themselves.
We are always honored to introduce Modern Healthcare’s Top 25 Minority Executives in Healthcare and Minority Executives to Watch. This is our 10th year of sponsoring the Top 25 awards. The 2018 honorees are leading efforts to remake U.S. healthcare, and we salute them and the many other innovative heroes doing their best to create value in a much-needed new paradigm for the delivery and financing of care.
Healthcare remains ripe for disruption and innovation, and we’re watching with interest the Amazon-Berkshire Hathaway-JPMorgan Chase venture, as well as the collaboration by major health systems to develop their own generic drugs. Yet it’s important to remember that organizations with fewer dollars can play too. According to a recent Harvard Business Review article by David Rock and Heidi Grant, a British study shows “businesses run by culturally diverse leadership teams were more likely to develop new products than those with homogenous leadership.” Diversity is a great way to level the playing field. In 2018, we hope you will continue to support, join and insist on planning for diversity in your own teams. Please join us on July 18 at the gala in Chicago as we celebrate and learn from the Top 25 Minority Executives in Healthcare.