Diversity, equality and inclusion powers growth and improves productivityJuly 29, 2022 | By Priti Singh
“Diversity is not how we differ. Diversity is about embracing one another’s uniqueness." — Ola Joseph
It is no secret that this planet has witnessed some of its best innovations because people from different backgrounds have come together to bring in the change.
For every organization, it is important that its varied workforce works together towards the greater good. The best way to explain this is that even though two people are hired to do the same job, but they still are different in the way they perceive and finally execute it. The difference is in their background, culture, ethnicity, gender, race, sexual orientation, and beliefs.
In the words of Mastercard's Chief Inclusion Officer Randall Tucker, “An inclusive workplace that champions positive social impact inside and outside of its walls is not a nice-to-have — it’s a necessity.” Inspired by this thought, Mastercard committed to adopt a holistic approach towards diversity, equality, and inclusivity for its people. Mastercard is committed to provide a level playing field to our workforce and empower people to achieve their highest potential.
In the past decade, companies which have more than 30% women executives outperformed companies with less women executives by 48%, according to a McKinsey report. The same report also states that the most ethnically and culturally diverse companies outperform less diverse companies by 36%.
At Mastercard, the number of women in senior management is at 33%. Besides gender diversity, Mastercard conducted a global living wage analysis in 2021 and confirmed that all the employees are paid a living wage. We have also pledged to combat racism and create equal opportunities for all, with a goal of closing the racial wealth and opportunity gap by 2025.
Moreover, taking our global Diversity, Equality, and Inclusion program to India, we have launched OORJA, which means energy. The program is structured under five major pillars, i.e., Acquisition, Development, Engagement, Equity, and Inclusion.
Acquisition helps monitor recruitment, development, succession, and retention practices with a focus on gender, LGBTQ community, regional inclusion and generational mix of employee population. One of the flagship programs under this pillar is the “India Women Returnship program,” which aims to recruit women employees who have been on a career break.
The Development pillar is focused on launching mentorship programs, awareness on conscious inclusion, and ideating development plans for our top talent.
The third pillar, Engagement, helps elevate the experience for a specific set of workforces through several programs such as CareNine Pregnancy Care program for expecting parents and 16 weeks of new parent leave amongst others are steps towards elevating the employee’s experience.
The fourth pillar, Equity, helps ingrain DEI in various Mastercard’s policies and processes, ensuring the principles of equal employment opportunity are not only documented but also practiced in day-to-day life.
All the efforts taken by Mastercard are routed towards the commitment to create a fair and an open work environment where all employees feel equally empowered to contribute.
We strongly believe that OORJA in India is going to give energy to all those who want to make a difference in society, ultimately helping everyone to reflect the true sense of their efforts.