Editorial Note: Originally published in the July 2023 issue of Trade Show Executive magazine.
Today’s executive leaders are becoming increasingly aware of the importance of implementing an organizational culture that values and promotes inclusivity. This is especially true in the exhibitions industry, where one of the benefits to the recovery process from an unprecedented pandemic has been an equally unprecedented openness to new ideas and ways of thinking about our business practices.
While the ethical and moral advantages to inclusive leadership are at the forefront of conversations surrounding it, the bottom line for any organization’s executive team is that all leadership considerations include a bottom line.
Practicing inclusive leadership, where everyone’s voice is heard and respected, presents a significant value proposition to an organization, one that drives the benefits well beyond moral and/or ethical advantages. Studies show that inclusive leadership factors into an organization’s financial success much more than one might think, and I believe that executive leaders who apply this understanding most effectively will be the ones we see succeeding the most.
Growing and adapting our workforce is a key point for executive leaders since industry veterans made earlier than expected exits to retirement or moved into completely different industries due to COVID. We have been transitioning our mid-level team members to upper-level positions at a breakneck pace while doing everything we can to attract newcomers to the industry. Those newcomers are typically young professionals, and current data reflects that they highly value companies that embrace inclusivity.
I remember as a younger professional, being given the advice to mimic the behaviors for the role that I want. If you want to be an executive, look like an executive; speak like an executive; and, eventually, think like an executive. I see inclusive leadership much as the same process – if you want to attract viable young professionals, you must offer (vs. model) the organizational culture (vs. role) that THEY want. And they want inclusive workplaces.
Looking at the research, they are on to something. Studies reveal that companies whose team members give it a high rating for inclusivity reflect higher employee engagement ratings. Higher employee engagement translates into increased productivity, which leads to better performance on both the individual and team levels.
Not only does productivity increase in an inclusive work environment, but so does innovation. The research is uncovering feedback that speaks to the advantages of having team members feel their voice is being heard by their team leaders. This environment of collaboration leads to better decision-making. Coupled with increased innovation, new markets are discovered and business moves in a direction that makes everyone happy.
This is the value proposition executive leaders are interested in – and should be interested in – when looking at how to improve their organization. These are the deliverables that convert into bottom line results that help cement a company’s stability and growth potential.
It is a process that requires taking an honest look at yourself and your organization. The good news is that as the benefits of inclusive leadership are more widely reported, more opportunities present themselves to develop it. For example, this month at IAEE’s Leadership Institute, we will take a deep dive into what it takes to be a successful inclusive leader.
This month, I encourage industry executives to explore how your organization is expanding and applying inclusivity in its strategic plan.
David DuBois, CMP Fellow, CAE, FASAE, CTA
IAEE President & CEO
Exhibitions & Conferences Alliance Co-President
