Although we have started hearing an increasing criticism of diversity lately, it is still necessary to create a sustainable and prosperous environment for all. This is the opinion of Gergana Manolova, author at ESGnews.bg and moderator of the debate panel “S of Success: Why DEI Matters?”, which took place during the fourth edition of the ESG&FRIENDS 2025 forum, organized by the first specialized media for promoting ESG in Bulgaria – ESGnews.bg.
“The topic of diversity, equality and inclusion (DEI) is extremely important for modern society and proof of this are all the global processes we are witnessing. The rapid development of communication technologies and mobility makes us think about how tolerant we need to be, to learn to live together, to work together, to raise our children together, so that we can achieve balance and harmony in our society. That is why this topic is so important, especially for a democratic society, which we consider ourselves to be.”
This was stated by Assoc. Prof. Ivan Angelov, Deputy Dean of the Faculty of Economics and Business Administration of Sofia University “St. Kliment Ohridski”.
“We still have work to do in terms of the social, economic and business environment. In the field of education, building common values is key to our understanding of how we should be equal, diverse and inclusive. Recently, there has been more and more talk about diversity. It is very important to clarify what we understand by diversity. It took us centuries to replace the word equality with parity. I hope that it will not take us centuries to understand how important it is to be tolerant, how important it is for representatives of different social groups, different ethnicities, different nationalities, and different cultures to learn to live as peers.”, said Assoc. Prof. Angelov.
Economic benefits of diversity
Petya Gulamali from the Trust for Social Achievement (TSA) explained that the economic benefits of diversity are not limited to profitability but encompass various aspects of the business cycle and the business environment. She presented research data that proves the benefits of diversity in the workplace.
“According to McKinsey & Company (2020), diverse companies that work towards diversity have over 35% better opportunities for improved profitability. However, an inclusive work environment does more than that – it increases employee satisfaction, loyalty, and engagement. Another Deloitte study from 2020 shows that companies with a diverse environment have 22% smaller employee turnover. According to Gallup data from 2020, employees who feel included in their workplace are 50% more engaged and 67% less likely to leave their workplace. In terms of innovation, the Harvard Business Report presents statistics that diverse companies are 70% more innovative due to the diversity of talents they have. What does this mean for younger generations entering the labor market? “Over 2/3 (83%) of Generation Z representatives would prefer to work in companies that prioritize diversity policies.”, summarized Petya Gulamali.
What can companies do in this direction?
Valentina Bozheva, Vice President of Fantastico Group, spoke about the initiatives and the importance of diversity topics in the company.
“We believe that everyone, with their uniqueness and creativity, contributes to the success of our company. We believe that each person has their role at the right time. We are developing a strategy for equality, diversity and inclusion, which is dynamic, depending on all the changes and everything that is happening around us. We strive to develop both men and women. 60% of our nearly 3,000 employees are women, and 30% of them are in senior management. We realize that in order to have the creativity that we all need in decision-making, a generational mix is very important.”, she said.
She also spoke about the programs that promote DEI initiatives at Fantastico Group.
“We have programs that encourage young people, as well as initiatives that are in recognition of our long-standing colleagues. An example of this is the “Team Future” program, which includes the eponymous “Team Future” initiative, as well as “Fantastic Summer” and “Fantastic Semester”. Participants in these programs can study while working with the assistance of Fantastico. In one initiative, we help with the payment of university semester fees; in the other one, we help with flexible working hours for students. The programs are becoming increasingly popular, which means that young people appreciate their experience with us. They realize the need for ongoing training and continuous upgrading of the skills they acquire.”, pointed out the vice president of Fantastico Group.
She also talked about the incentives the company provides for its employees.
“We also have awards for our long-time employees – those with over 20 years of experience – which recognizes them for the special contributions made to the company. These awards are called “Bonus Loyalty” and “Bonus Internship”. One is a financial incentive, and the other is additional paid annual leave. This strategy is very dynamic depending on the attitudes of the people in the company. We conduct an annual survey on the satisfaction of the people in our teams and according to the latest one from the summer of 2024, 93% of people approve of their employer, nearly 90% say they can make friends at work, and 89% say that their work is meaningful. Open communication is very important to achieve these goals. We have an application where information is constantly flowing, and people communicate at different levels. We also have an email where employees share absolutely everything with us.”
The role of universities in building a just and inclusive society
Assoc. Prof. Ivan Angelov spoke about the efforts that the Faculty of Economics of Sofia University is making to create a more just and inclusive environment by educating its students.
“The Faculty of Economics of Sofia University is the most internationalized business school in Bulgaria. We currently have students from more than 35 countries studying in various bachelor’s and master’s programs. This is an extraordinary challenge for the way we organize the overall activity of the faculty. An example of an exceptionally good and key cooperation between academy, business and NGOs is the creation of the DEI Academy in partnership with the Council of Women in Business in Bulgaria. The Academy is very successful and is currently in its third edition. Every year, companies stimulate and encourage people to take part in the Academy.”, he explained.
He is adamant that we as a society need to be much more open about improving the social and business economic environments. According to him, this should happen on the basis of shared values.
“The most important value is empathy – towards our neighbor, towards others, towards those who are different, towards the person who needs support, who is disadvantaged or has special needs. We all need to approach our peers with empathy. This is the way to develop our environment and reach the state of affairs we would like to see.”, said Assoc. Prof. Ivan Angelov.
The responsibility of business in promoting DEI
“Companies have a huge responsibility to promote diversity and equality. Having these principles embedded in a company’s strategy does not simply mean that something resembling a policy is written somewhere. This must be a recognized necessity for the development of the entire society, and we must all be convinced that this is the driving factor. I increasingly see efforts in this direction and the development of strategies in which everyone can get involved, regardless of their ethnicity, gender, age, and can participate at all levels in the company with equal chances for development,” explained Valentina Bozheva.
She emphasized that the Fantastico Group team is very diverse, and the company employs people of 10 nationalities and people of different ages – from students to retirees.
“Last summer, 120 students started their internships with us and 78 of them stayed after the end of the summer break. We have 108 employees who have more than 20 years of experience in the company, and 650 employees with more than 10 years of experience. I believe that it is this diversity that contributes to our success as an employer. 135 of our employees have reduced working capacity and they get the opportunity to integrate and grow their careers.”, added the vice president of Fantastico Group.
How do we measure the success of DEI initiatives?
According to Petya Gulamali, we need a systematic approach to address the problems of groups that are economically vulnerable.
“Our organization works with a set of programs for different cycles of human life. There are different metrics that can be used to determine their impact, such as the improved trajectories of human lives. They serve as role models. We want to give people the opportunity to show their full potential and be the best version of themselves. However, a supportive environment is also very important. We can give people the opportunity to develop, but if there is no inclusive, empathetic, compassionate environment, this potential cannot be realized. And here the role of society is important in creating conditions in which people can be their best version.”, she added.
Translated by Tzvetozar Vincent Iolov
