Diverse Teams Create Diverse Results

July 7, 2023

“I think we’ve got to measure goodness by what we embrace, what we create, and who we include.” – Chocolat, Père Henri

Diversity is becoming more and more of a common topic in today’s society. And while everyone seems to be talking about diversity, there is still the question as to what diversity truly means?

In a workplace, diversity is defined as a group of people from varying backgrounds working together towards a common goal. Since we joined NewEdge Wealth a little more than a year ago, our goal has been to promote inclusivity and be a role model for diversity in the financial services industry. At NewEdge, you will find a mix of team members that vary in age, gender, ethnicity, culture, religion, and ability. Locally, in the Coral Gables office, our team members have direct roots from South America, India, Europe, Cuba, and the Caribbean, just to name a few. They live in diverse areas of town, they speak different languages, and they have different backgrounds and perspectives.

This is no accident. We have been purposeful in building a team that is reflective of the community that we live in. With this diversity, we are equipped to have a deeper understanding of a wider array of issues and can provide more dynamic and meaningful solutions to our client base.

We believe as the world becomes more connected, the leaders, businesses and communities that embrace and value diversity will have a clear advantage over those that do not. The time is now. Here’s a few tips we’ve learned along the way.

Building a Diverse Team

Pretend for a minute you’re assembling a basketball team.  You need players who can handle and distribute the ball, defend, rebound, score, etc. The same is true for designing a team of business professionals. Selecting the right person for the right position is important.

But diversity should also come into play. Teams should be constructed with intentionality and care. While hosting “try-outs” for the most qualified players, bias should be eliminated and different perspectives should be valued. Otherwise, you might miss your shot.

Once your team is assembled, it’s just as important to coach them properly.

Leading a Diverse Team

“Your direction is more important than your speed.” – Richard L. Evans

  • Clearly define and promote the values that are most important to your organization.
  • Create a vision. It is paramount that everyone has a clear picture of where they are collectively headed. What impact are they making in the world, in their community, and in their clients’ lives?
  • Build trust; this can take time. Team building exercises outside of the typical “work environment” can assist in bringing individuals together, increasing motivation, and making employees feel valued.
  • Understand and embrace differences. Invest the time to know each team member personally, their background, experiences, and communication styles.
  • Create an equitable, safe space. Encourage direct and respectful communication between every member of the team – let them know their voices are heard.
  • Provide resources and support for personal and team growth. This may include training, licensing, mentoring, etc.
  • Continue to find innovative ways to lead. The work is never complete.

In Summary

From policy to culture, diversity plays a significant role in attracting talented, creative, and innovative people from across the globe. NewEdge Wealth is purposeful in building teams that are reflective of the world that we live in and the clients we serve. As we always have room to grow, we encourage our peers to do the same.

I am proud to work for NewEdge and the strides we are making towards this important matter.

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