Conservatism, Innovation, and Diversity: Management Lexicon Oxymoron

I have throughout my career been exposed to many companies that have defined the organization as a conservative company. This designation at times has perplexed me for those are some of the same companies that depend upon new ideas to stay ahead of the competition. Merriam-Webster defines conservative and conservatism as follows:

con•ser•va•tive - \kən-ˈsər-və-tiv\ adj.
1: PRESERVATIVE 2 a: of or relating to a philosophy of conservatism
3 a: tending or disposed to maintain existing views, conditions, or institutions: TRADITIONAL b: marked by moderation or caution (a conservative estimate) c: marked by or relating to traditional norms of taste, elegance, style, or manners.

con•ser•va•tism - \kən-ˈsər-və-ˌti-zəm\ noun
2 a: disposition in politics to preserve what is established b: a political philosophy based on tradition and social stability, stressing established institutions, and preferring gradual development to abrupt change ; specifically : such a philosophy calling for lower taxes, limited government regulation of business and investing, a strong national defense, and individual financial responsibility for personal needs (as retirement income or health-care coverage)3: the tendency to prefer an existing or traditional situation to change.

Literally based upon the definition, these companies are stating that they are committed to the historical authority structure and do not welcome challenges to the established corporate culture and business model. It is not necessary for a company to define itself as conservative based upon its decision-making because the fundamental role of business is to manage risk while ensuring its existence as a going concern. The conservative identification is more about the political affiliation and nature of the leadership than anything else.

For companies in an industry that has not had to change since its initial discovery, I can understand this conservative posture. For example, companies in industries producing commodities and natural resources have had very little incentive to change other than to improve yield and efficiency. The principal methods to remove resources from the earth have not changed. Other industries such as computer technology and consumer goods thrive on new discovery and innovation limited only by the human imagination. Value to these organizations is truly its employee base of creativity and innovation. This is completely opposite of an organization maintaining its existing views or conditions (conservative definition 3a.).

So, at this point my question would be - Does a conservative company value diversity? My idea of diversity goes beyond identity politics of gender and ethnicity although these factors are important and included. I would also add experiences, class, education, and orientation. Many of these companies are directed and managed by men due to the historical early laws of the land excluding others from participating and prospering within this economic structure. In an effort to participate, the excluded groups attempted assimilation by adopting the conservative philosophy to the extent possible for a limited overall prosperity. This conformance is counter to the individual added value of experience and culture to maintain the existing status quo. Ideas, innovation, and value get lost in the conformance.

The premise of Diversity is that all of humanity has value and should be included throughout all levels of society and organizations for enhanced prospective and performance. The oxymoron is a company committed to its conservative traditions touting diversity to prevent being a political outlier. When employees do not feel valued, they can quickly become competitors to those intransigent organizations unwilling to recognize the contributions within its human resources and unable to modify or expand a business model to accommodate a game changing idea.