Former Reserve Bank of India Governor Raghuram Rajan features in a list of probable winners of the Nobel Prize in Economics 2017, The Wall Street Journal reported.
The list was brought out by Clarivate Analytics, a company that does academic and scientific research and maintains a list of dozens of possible Nobel Prize winners based on research citations.
Rajan is one of the six economists to make their way to the list this year. He is considered a candidate for his “contributions illuminating the dimensions of decisions in corporate finance”, Clarivate said.
The winner of the Nobel Prize in Economics will be announced on October 9.
Rajan’s three-year term as RBI governor ended on September 4, 2016. He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business, University of Chicago.
At 40, he was the youngest to become the chief economist at the International Monetary Fund. Rajan shot to fame three years after he presented a paper at an annual gathering of economists and bankers in the US in 2005, in which he predicted a financial crisis. He was not taken seriously at the time, but was proved right three years later when the financial crisis hit the US.
Differences with Indian government
Rajan had expected to get a second term as RBI governor, but was not offered an extension. He later revealed that he had differences with the government over several matters, including demonetisation, which he has criticised fiercely.
Demonetisation has hit the nation’s poor the hardest, Rajan said in September. He said he was not party to the Bharatiya Janata Party-led Union government’s controversial decision.
It's not just about goodwill - inclusivity is a good business decision.
To reach a 50-50 workplace scenario, policies on diversity need to be paired with a culture of inclusiveness. While diversity brings equal representation in meetings, board rooms, promotions and recruitment, inclusivity helps give voice to the people who might otherwise be marginalized or excluded. Inclusion at workplace can be seen in an environment that values diverse opinions, encourages collaboration and invites people to share their ideas and perspectives. As Verna Myers, a renowned diversity advocate, puts it “Diversity is being invited to the party, inclusion is being asked to dance.”
Creating a sense of belonging for everyone is essential for a company’s success. Let’s look at some of the real benefits of a diverse and inclusive workplace:
Better decision making
A whitepaper by Cloverpop, a decision making tool, established a direct link between inclusive decision making and better business performance. The research discovered that teams that followed an inclusive decision-making process made decisions 2X faster with half the meetings and delivered 60% better results. As per Harvard Business School Professor Francesca Gino, this report highlights how diversity and inclusion are practical tools to improve decision making in companies. According to her, changing the composition of decision making teams to include different perspectives can help individuals overcome biases that affect their decisions.
Higher job satisfaction
Employee satisfaction is connected to a workplace environment that values individual ideas and creates a sense of belonging for everyone. A research by Accenture identified 40 factors that influence advancement in the workplace. An empowering work environment where employees have the freedom to be creative, innovative and themselves at work, was identified as a key driver in improving employee advancement to senior levels.
A research by Catalyst.org stated the in India, 62% of innovation is driven by employee perceptions of inclusion. The study included responses from 1,500 employees from Australia, China, Germany, India, Mexico and the United States and showed that employees who feel included are more likely to go above and beyond the call of duty, suggest new and innovative ways of getting work done.
Shirley Engelmeier, author of ‘Inclusion: The New Competitive Business Advantage’, in her interview with Forbes, talks about the new global business normal. She points out that the rapidly changing customer base with different tastes and preferences need to feel represented by brands. An inclusive environment will future-proof the organisation to cater to the new global consumer language and give it a competitive edge.
An inclusive workplace ensures that no individual is disregarded because of their gender, race, disability, age or other social and cultural factors. Accenture has been a leading voice in advocating equal workplace. Having won several accolades including a perfect score on the Human Rights Campaign’s Corporate equality index, Accenture has demonstrated inclusive and diverse practices not only within its organisation but also in business relationships through their Supplier Inclusion and Diversity program.
In a video titled ‘She rises’, Accenture captures the importance of implementing diverse policies and creating an inclusive workplace culture.
To know more about inclusion and diversity, see here.
This article was produced by the Scroll marketing team on behalf of Accenture and not by the Scroll editorial team.