According to experts at the Satellite 2021 conference, recruiting and keeping a diverse workforce takes time and effort, but it can help businesses prosper. Debra Facktor, who works as the head in charge of the Space Systems for the Airbus US Space and Defense Corporation, believes that diverse teams perform better. “It’s simply a fact. Their stock is worth more. Their profits are higher. She went on to say, “It points to the teamwork and innovation which comes from introducing different voices and views to problem-solving.”
According to Meredith LaBeau, chief technology officer of Calumet Electronics Corp, that is especially true in building and producing next-generation electronic systems. “You’ll never break down those barriers and these boxes to get to that subsequent level of dedication to what you’re going to design and construct if you don’t have a range of opinions, insight, and intuition,” she added.
Companies that excel in recruiting people of color and women should also consider retention, according to Karina Perez Molina, who is the co-founder of Zed Factor Fellowship, a nonprofit that assists aspiring aerospace experts from underrepresented groups.
“You’re not receiving the full capability of someone growing and learning and introducing fresh ideas to the organization if they leave in a year or even a year and a half,” stated Perez Molina, who is also a director at Aerospace Industries Association. Rather than lamenting the fact that some people of color and women are leaving organizations before advancing to management positions, Stewart suggests that organizations create programs or proposals “to pull people along so that the probability of seeing all such faces at leadership levels has increased.”
According to Perez Molina, keeping a diverse staff takes work, but it’s more important than ever given the shifting labor market. The COVID-19 pandemic has forced millions of Americans to relocate or seek new employment. According to the US Bureau of Labor Statistics, employers advertised roughly 11 million job opportunities in July.
“If you don’t think about recruiting talent who looks like the community you serve, you’re going to be constrained in your capacity to attract top talent,” stated Boeing’s senior manager in charge of diversity and inclusion, Giselle Stewart. “Everyone has choices and opportunities.” According to the panelists, companies can encourage diversity and inclusion by cultivating diverse management teams.
Seraphim Capital’s investment committee includes two female advisors. Seraphim Capital’s head of research, Josephine Milward, stated, “It’s made much difference in our level of talks for the investment committee.” “You make better decisions and get greater investment returns when you have multiple perspectives.”
Managers should include those who could otherwise be missed in discussions, according to Facktor. “It all goes back to when we were tiny kids and were invited to the last birthday party or were chosen last for a sports team,” Facktor explained. “People may feel as if they don’t belong, or they may simply be shy. How do you incorporate those ideas into the equation to form a varied team with a variety of viewpoints?”