196 - Why DEIB is the Key to Making Octillions: Michael C. Bush, CEO at Great Place To Work®
Aug 27, 2024
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Michael C. Bush, CEO of Great Place To Work®, shares insights on the powerful role of diversity, equity, inclusion, and belonging (DEIB) in corporate success. He highlights how great leaders impact employee experiences and why Gen Z prioritizes leadership over brand loyalty in job selection. Bush provides examples of companies excelling in DEIB initiatives and discusses the future of work, including AI's influence in fostering workplace inclusivity. Tune in for compelling takes on leadership and building a thriving organizational culture.
Leaders who foster a culture of respect and open communication significantly enhance employee engagement and retention rates within their organizations.
Authentically embracing DEIB enhances organizational performance by maximizing the potential within diverse talent rather than treating it as a compliance requirement.
As Gen Z prioritizes leadership qualities over company brands, organizations must adapt to meet the expectations for equitable workplaces to attract talent.
Deep dives
The Importance of Personal Connection in Leadership
A significant factor in employee satisfaction is the connection they feel with their direct supervisor. Employees often leave their jobs due to negative experiences with a manager rather than the brand itself. Creating a positive work environment involves understanding that it's not only about meeting performance metrics; it's also about how leaders treat their team members. Ultimately, leaders who foster a culture of respect and open communication can build a more motivated and engaged workforce.
Career Path and Entrepreneurial Journey
The speaker shares insights from their career journey, starting with meaningful early work experiences that shaped their understanding of a supportive work culture. After years in various roles, including a pivotal period in business school, they transitioned into entrepreneurship, ultimately leading to the acquisition of their consulting firm. The transition from employee to entrepreneur was a transformative experience that solidified their belief in the importance of valuing employees. This belief was reinforced as they navigated multiple business transitions and made considerable impacts on struggling companies.
Listening: The Key to Effective Leadership
Listening is identified as a crucial skill for effective leadership, which often goes overlooked in many organizations. Great leaders are distinguished by their ability to listen and genuinely engage with their employees' needs and challenges. This capability fosters a strong connection and trust between leaders and team members, leading to a more engaged workforce. Leaders who prioritize listening create an atmosphere where employees feel valued and understood, which directly contributes to retention and workplace satisfaction.
The Future of Work: Embracing Change and Growth
The future of work is expected to face challenges due to advancements in technology, particularly AI, which may lead to job reductions in the short term. However, there is hope for improved equity and talent distribution as organizations learn to adapt. By focusing on fostering talent from diverse backgrounds, companies can position themselves for success in an evolving landscape. A mindset shift in leadership is crucial for navigating these changes and building resilient organizations.
The Drive for Diversity, Equity, Inclusion, and Belonging
The conversation highlights the critical need for organizations to authentically embrace diversity, equity, inclusion, and belonging (DEIB) rather than treating it as merely a compliance requirement. The speaker emphasizes that real success comes from understanding the potential within diverse talent, which contributes to better business outcomes. It is essential for organizations to recognize that inclusivity is not just a moral obligation; it is intrinsically tied to maximizing organizational performance and opportunity. As younger generations begin to enter the workforce, their expectations for equitable workplaces will impact recruiting and retention strategies for all companies.
Michael C. Bush, CEO of Great Place To Work®, joined us on The Modern People Leader.
We discussed what the data reveals about the best leaders, why DEIB is the key to achieving massive success, and why Gen Z will choose jobs based on leaders rather than companies.
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This episode was brought to you by Great Place To Work. Download their latest research on Employee Retention here.
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Timestamps:
(0:53) Good news stories
(7:44) Michael’s career journey and his path to Great Place to Work
(21:19) The importance of DEIB for business success
(29:32) The impact of leadership on employee experience
(32:06) Challenges and opportunities in enhancing leadership quality
(41:07) Examples of companies successfully implementing DEIB initiatives
(51:00) Discussion on DEIB and its connection to making “octillions”
(59:45) The role of AI in the future of work and DEIB