How Diversification Drives Financial Growth for Businesses

Who is Raj Hayer 

We at Mobilexpense had the privilege of picking Raj Hayer’s brain.  

As the founder of Tiny Box Academy, her insights expanded on how you, as an HR manager or CFO, can practically use diversity as your greatest asset. 

Raj is British and Canadian, giving her deep insight into two major markets. She’s a survivor of two life-altering surgeries: a car accident at 19 that required metal plates in her head and open-heart surgery at 23 for an aneurysm. These experiences built her resilience, adaptability, and decisiveness. 

Professionally, her credentials are equally impressive: a Global Executive MBA, PMP certification, and years of experience leading multimillion-dollar projects. 

Her key message?  

Every person has a story beyond what’s visible, and as HR managers, it’s your job to uncover and leverage it. 

Raj shared a story about leading a national programme for a Canadian bank, where her commitment to inclusion extended to every branch, even those in the most remote regions. 

Their insights not only strengthened engagement but also saved the bank $2 million by streamlining delivery processes. 

But Raj also highlighted what happens when diversity is undervalued.  

In the past, “I’ve been the ‘diversity hire,’ brought in to tick a box but sidelined to tasks like adjusting PowerPoint slides. It was clear I wasn’t being utilised, and I left.” 

With talent acquisition costs in financial services reaching up to $28,000 per hire, Raj’s story is a stark reminder: Innovation comes from engaged employees, not just hiring diverse candidates. 

Unlocking inclusive innovation 

Raj made it clear: People drive innovation, not technology. To truly unlock your team’s potential, HR leaders need to focus on three critical areas: 

1. Trust and transparency 

Trust in financial services is low, citing that only 42% of people trust online wealth management services. Transparency, both internally with employees and externally with customers, is essential to rebuild confidence. 

2. Diverse representation

Stakeholders need to see themselves reflected in decision-making. When people feel included, they engage more deeply with the organisation’s goals. 

3. Collaboration and inclusivity

In another example, involving frontline staff in a credit bureau project’s design led to more effective, user-friendly processes. The right people in the room can transform outcomes. 

The business case for diversity 

The data supporting diversity is hard to ignore. Inclusive organisations consistently outperform their peers, showing: 

• Higher operating margins and return on equity. 
• Increased market share and innovation. 
• Resilience during disruptions, such as the pandemic. 
  

Raj cited Safaricom’s M-Pesa as an example. Developed by a team that included technologists, anthropologists, and local financial experts, the mobile banking system now serves over 66 million users, transforming financial inclusion across Africa.

Case studies: success stories in HR 

Raj highlighted several examples where inclusive HR practices led to measurable success: 

• Safaricom’s gender balance: With a 50:50 gender ratio and a commitment to advancing women in leadership roles, Safaricom demonstrates how diversity fosters innovation and serves diverse communities. 

• Dell’s flexible work models: Through its Connected Workplace programme, Dell allowed employees to design their workdays around their lives. The results? Increased productivity, lower office costs, and improved retention. 

These cases prove that diversity isn’t just about hiring, it’s about creating environments where people thrive. 

Strategies to implement diversity in your organisation 

1. Develop a culture of transparency

Build trust by openly communicating your organisation’s diversity goals and progress. Employees and stakeholders alike value honesty. 

2. Involve employees at all levels

Raj’s stories underscore the importance of involving employees, especially frontline staff, in decisions that affect their work. This approach not only boosts engagement but often results in better solutions. 

3. Prioritise flexibility

Programmes like Dell’s highlight the importance of meeting employees where they are. Offering flexible work arrangements can attract and retain top talent. 

Final thoughts 

Our conversation with Raj Hayer reinforced an important truth: building a diverse and inclusive workforce requires collaboration, trust, and a commitment to understanding the unique strengths of every team member.  

At Mobilexpense, we’re committed to helping organisations unlock that potential with solutions that streamline processes and foster collaboration. Want to learn more about changing your organisation for the better? Watch all the sessions from The Expense Summit 2024.