On Tuesday, The MReport and VRM Mortgage Services [1] hosted a webinar titled “Diversity: Why is it Good for Business?”. Industry experts spoke on why diversity and inclusion is good for business, while discussing myths about diversity and inclusion and teaching listeners how to implement an effective diversity strategy for their business. The webinar featured a series of questions for its expert panel to answer and discuss.
Speakers during the webinar, moderated by Ben Weber, Director of Human Resources and Training at VRM Mortgage Services, included Charmaine Brown, Director of the Office of Minority and Women Inclusion at Fannie Mae [2]; Dr. Cheryl Travis-Johnson, EVP and Chief Operating Officer at VRM Mortgage Services; Tujuanna Williams, CEO at Williams Consulting LLC [3]; and Phyllis Wright, SVP of HR Strategies at VRM Mortgage Services.
What does make multiculturalism and diversity so important for business? According to Charmaine Brown, a multicultural mindset enhances understanding and leadership skills.
“Increasing your cultural competency will ultimately allow you to be a much more inclusive and successful leader,” said Brown.
According to Phyllis Wright, “inclusion is the key to getting the best results.”
“To include means to be a part of, and usually means to be part of something bigger than yourself,” said Wright.
“You cannot have diversity without inclusion,” Wright added in her closing remarks. Additionally, Wright noted that diversity and inclusion, without proper leverage, cannot function within a business.
“Diversity and inclusion needs to be seamless to the business,” she added.
Dr. Cheryl Travis-Johnson also noted how neglecting multiculturalism can lead to ineffective marketing and bad business outcomes. According to Dr. Travis-Johnson, leaders need to evaluate their teams to ensure the best economic outcome with diversity.
“Diversity and inclusion is a business imperative,” said Brown in her closing remarks. “But the wrong takeaway would be if its only important to the extent that it makes you profitable. It’s also the right thing to do.”
Register and listen to the complete recording of the webinar here. [4]