Business executive Bobby Chacko recently discussed how equality equals prosperity in the workplace.
Equality in the workplace is something that is easier said than done. The workplace has long been a center of issues revolving around pay gaps, social injustice, discrimination, and more. A lot of business executives talk about achieving equality in the workplace, but putting that talk into action is another story. Business executive Bobby Chacko recently discussed why equality in the workplace equals prosperity for the business.
“Employee satisfaction is a key part of a business’ success,” Bobby Chacko said. “When your employees feel successful with their occupation, they are more productive and creative.”
Bobby Chacko explained that workplace satisfaction is directly correlated with profitability. Employees who are treated and paid equally as their peers in the same position are more likely to be satisfied, and ultimately, more productive. Bobby explained that it is illegal to discriminate against someone due to their race, gender identity, religion, color, etc., in the workplace, but it happens on a daily basis.
“Equality in the workplace revolves around diversity in the workplace,” Bobby Chacko said. “And diversity leads to greater profit every time.”
Bobby Chacko explained that companies that employ a diverse workforce see drastically greater revenue than those that have a homogenous team. He explained that diversity brings numerous different backgrounds to every problem-solving situation. This results in more creative ways to solve the problem, and in general, a quicker route to the solution. Bobby added that diverse workforces bring a variety of skills and perspectives to the team and the business.
“Creating equality in the workplace takes effort by the executives and everyone on the team,” Bobby Chacko said. “A business needs to commit to the concept of equality and let go of old tactics.”
Bobby Chacko explained that businesses can begin by closing the gender pay gap immediately. They can also become more transparent about positions and the salaries they acquire. A previous salary is not a starting point, and each position’s salary should be clearly posted. This salary should remain unchanged despite a person’s gender, religion, race, color, or other factors. Incentive and performance bonuses are a tool to reward differentiated performance above and beyond.
Finally, Bobby Chacko explained that senior management needs to play a serious role in hiring and embrace the concepts of equality. Qualifications should be the top items considered when hiring a new employee and factors such as gender and race should not even be discussed. Businesses that are willing to accept and implement strategies for superior equality in the workplace are those that will succeed.