Embracing diversity is key to creating environments where people flourish and innovation thrives.

Picture a team where everyone thinks in the same way, viewing the world through the same lens. It’s easy to see how that might stifle fresh ideas. In contrast, a team brimming with diverse perspectives and experiences creates an environment primed for breakthrough innovations. At Palace Technology, we see this firsthand, and research strongly supports it.

Why Diversity Matters in Business

Studies show a strong link between diversity and innovation. For example:

• Boston Consulting Group’s Diversity & Innovation Survey reveals that companies with more diverse leadership tend to generate more revenue from new products and services.
• A Harvard Business Review study found that diverse teams are better at solving problems and making decisions, leading to more innovative outcomes.

The takeaway? Diversity isn’t just good for business—it’s essential for building inclusive and high-performing workplaces.

Building a Culture of Inclusion

It’s not enough to hire a diverse workforce. Real innovation thrives when you nurture a culture that values unique viewpoints and encourages open collaboration. Creating this environment means ensuring that everyone, no matter their background, feels heard and empowered to contribute.

At Palace Technology, one of our key goals this year has been to enhance our employee experience by listening closely to all the different voices across our workforce. When we create an inclusive, growth-focused culture where everyone feels they belong, we set the stage for individuals to reach their full potential.

Strengthening Equity and Inclusion at Palace Technology

“I believe equity perfectly captures the work we’re doing to shape a positive culture at Palace Technology—a culture where everyone has the opportunity to succeed,” says Marie-Louise Howett, VP, People. “Inclusion is the foundation of equity. We want everyone to feel like they can bring their authentic selves to work, and it’s our job as employers to create opportunities that help people be their best at work.”

Diversity isn’t just a goal; it’s something we actively measure. As part of our commitment to the UN Global Compact, we track our progress on diversity, equity, and inclusion, focusing on key Sustainable Development Goals. Chief Ethics and Sustainability Officer Sune Chabert Larsen emphasizes, “We firmly believe diverse teams drive our success and sustainable growth. At Palace Technology, we celebrate individuality because diversity fuels creativity and shapes a brighter, more innovative future.”

Measuring Progress and Moving Forward

We also involve our employees in gauging our success. In 2022, we introduced an employee net promoter score (eNPS) survey and an Inclusion Index. These tools help us understand how inclusive our workplace truly is. The eNPS measures whether employees would recommend Palace Technology as a great place to work, while the Inclusion Index asks colleagues to rate their experiences in areas like equal opportunity, team belonging, and leadership inclusivity.

These insights guide our future actions, ensuring we’re always moving toward a more inclusive and innovative future.

Unlocking Workforce Potential

The road to innovation is paved with diversity. By raising awareness, enacting diversity-focused policies, and fostering inclusive environments, businesses unlock the full potential of their teams. This approach helps organizations not only adapt and grow but also harness the limitless creative energy that comes from a truly inclusive culture.

At Palace Technology, we’re making strides toward creating a workplace where everyone can thrive. Although there’s still more to accomplish, we have bold plans to keep diversity and inclusion at the forefront of our efforts.

This journey toward inclusivity isn’t just for one company—it’s a path that all organizations should embrace. Just as it has helped us connect better with our colleagues and clients, and fulfill our mission to make the world safer, diversity can empower any business to unleash the full potential of its people.