Fostering innovation in the workplace with DEI
Competitive edge BY BRUCE FARR
B EN ALVARADO IS ON A MISSION. As executive vice president and director of Core Banking for CB&T, Alvarado is mounting a dedicated campaign to further champion the practice of diversity, equity and inclusion (DEI) throughout the bank’s wide range of enterprise in California. That mission is a timely and important one. As a corporate practice, DEI has gained considerable momentum over the past few years. There’s been widespread — and increasing — recognition that innovation in business has many of its roots in diversity of thought and experience.
realized department within corporate governance has blossomed. DEI’s increasing prevalence and practice is fully understandable, especially in light of its impact on companies’ and organizations’ output. A 2020 report by McKinsey & Company demonstrated how organizations with gender- and ethnically-diverse leaders and employees innovate at a faster rate than their counterparts. The study showed decisively that diversity of thought fuels new product development and generates opportunity for all. Likewise, an article in the esteemed Harvard Business Review points out that in every company they reviewed, diverse teams were far more innovative, particularly those that promote cultural diversity. Making an impact That “cultural diversity” factor is one that Alvarado particularly embraces, because he’s lived it. Raised in a Hispanic home but in an Anglo neighborhood, he says
Why DEI matters Although the idea of promoting
diversity in business organizations has been in practice for quite some time, the widespread growth of this discipline has truly evolved into a core business function at many innovation-focused organizations. Especially in the past few years, DEI’s evolution into a wholly
4
calbanktrust.com/ inyourcorner
5
IN YOUR CORNER ISSUE 11 | 2022
Made with FlippingBook flipbook maker