Angelina Kwan, Board Vice-Chair, The Women’s Foundation and Head of Regulatory Compliance, Listing and Regulatory Affairs Division, HK Exchanges & Clearing Ltd (HKEx)
Having a successful strategy to leverage diversity is not just a way to make up numbers—in fact it can be vital for business and economic success. Kwan opened with the fact that, in the aftermath of the global financial crisis of 2008, the G20 group of nations had made a point that one of the causes of failure was that people—particularly of minority background—had not felt empowered to bring up an alternative view to avert crisis. She added, “If there had been a Lehman Sisters, and it had been working with Lehman Brothers and Lehman Children, we would be in a different position economically today.”
Though if it is so key to averting crisis and business prosperity, how can encourage such diversity? As a rule of thumb, Kwan recommended that companies should not only have a commitment to diversity but also disclose that publically and have a plan to make boards and workforces diverse. Although this is the ideal, Kwan pointed out that many companies in Hong Kong are not doing so and pointed out that a consultation paper has been published recently which now makes it compulsory for companies to put their diversity commitments up on the website. This is not mere words but it is key to achieve business success.
Demographics in Asia in particular have become more diverse. Kwan stated, “If you go to Soho, at night it becomes French and in Mong Kok, it’s Chinese. Asia is becoming diverse and companies need to know how to accommodate expatriates.” Though it is not only demographics that are changing, Kwan highlighted that companies have shifted the way they work—from clipping paper together to now utilising new technologies to expand the products—the modern era requires a diverse workforce to match the need for new expertise and input to drive business success.
As tips for HR, Kwan recommended that human resources departments take note of the ‘6 c’s’—common sense in terms of getting a range of people with different understandings of different areas to have input; courage to keep and stay the course and follow your diversity plan; commitment to get more minorities and women into the workforce by implementing plans and programmes; and ensuring to be culturally intelligent, culturally collaborative and culturally aware—ensure your company facilitates the different needs of different cultures.
Though Kwan did address the question of “show me the money”—and reminded the audience that good corporate governance will bring in god money, will lead to good decision making and staff retention. At HKEx, Kwan made it clear to her headhunters that they must bring in one boy and one girl who are qualified into her team. Further to that, they have implemented interviewing panels which are diverse who look at the candidates. In addition, she talked about the merits of the company’s Women’s Network which has produced a range of great innovations such as the Returnship Programme which helps women settle back into the workforce after maternity leave.
They key to success for her company’s strategies? She stated that it is about thinking outside the box to bring in different people. “Having a good diverse and inclusive workforce is very important—it makes the colour and patchwork of a company a lot more interesting.”
Paul Arkwright
Publisher
