Are companies just paying lip service to diversity and inclusion? The truth is, prioritizing D&I is not only the right thing to do, but it's also good for business. Increased profitability, better decision-making, and greater innovation are just some of the rewards of an inclusive workplace.
So, how can you create a diverse and inclusive environment in your workplace? Let's explore.
Diversity's impact on business performance
Our whitepaper, Diversity Fails Without Inclusion, discovered that diversity in the workplace leads to higher profitability and better decision-making. For instance, companies in the top 25% for gender diversity among their executive teams are 15% more likely to experience above-average profitability. When it comes to ethnic and cultural diversity, companies in the top 25% exhibit a remarkable 35% better profitability. Diverse teams also lead to 60% better results.
Closing the diversity and inclusion gap in the workplace
Organizations often prioritize diverse hiring, but neglect the importance of fostering inclusivity in the workplace. Without a supportive environment, diverse hires can become disengaged and turnover rates may rise, undermining the benefits of diversity. To truly promote a thriving and harmonious workplace, companies must prioritize inclusion alongside their diversity initiatives.
| For example, let's imagine that a pharmaceutical company made significant efforts to increase the representation of women and people of color within their workforce. They actively sought out candidates from underrepresented groups and succeeded in significantly improving the diversity of their new hires. However, the company failed to create an inclusive workplace culture. Diverse new hires felt isolated without equal opportunities to contribute their ideas and perspectives, while management and leadership lacked diversity, leading to feelings of exclusion among diverse employees. The organization lacked diversity and inclusion training for its staff, leading to unconscious biases and microaggressions, making the workplace uncomfortable for underrepresented employees. This resulted in disengagement and a high turnover rate among diverse employees. To fully benefit from its diversity efforts, the company needed a comprehensive inclusion strategy. This included diversity and inclusion training, diverse representation in leadership positions, and creating a supportive environment for sharing experiences and ideas. A thriving, harmonious, and equitable workplace for all employees is possible by supporting diversity initiatives with strong inclusion strategies. |
Resources to bridge the diversity and inclusion divide
The question arises: Why is the gap between diversity and inclusion so prevalent, and how can we address it effectively? Tackling this complex issue requires a comprehensive understanding of its various aspects. To help you navigate this challenge, we have listed a few articles that shed light on different facets of the problem:
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Why Inclusion is often overlooked.
Diversity and inclusion in the workplace are often confused. Both are important in the workplace but are often treated as the same, leading to the latter being overlooked. An inclusive work environment can improve employee engagement and productivity. Tips for companies to improve inclusivity include setting clear expectations, seeking feedback, and addressing unconscious bias. -
Here's How These 4 Companies Made Inclusion Efforts in The Workplace.
This article showcases four companies that have implemented successful inclusion efforts in the workplace. These companies include Vodafone, Unilever, Accenture, and Salesforce. They implemented a range of initiatives such as diversity training, mentorship programs, and employee resource groups. These efforts have resulted in increased employee engagement, retention, and overall business success. -
How the Northern Conference for Wildfire Resilience Led Inclusive and Respectful Conversations With Pigeonhole Live.
The Northern Conference for Wildfire Resilience highlighted the need for diversity and inclusion efforts to be integrated into wildfire management practices. The conference emphasized the importance of including underrepresented groups in decision-making processes and increasing diversity in wildfire management teams to better address the needs of diverse communities affected by wildfires.
Embrace diversity and inclusion in the workplace
To build a successful organization, it is important to focus on both diversity and inclusion. This means creating a work environment where everyone's voice is heard, respected, and valued. When companies prioritize both diversity and inclusion, they can benefit from the full potential of a diverse workforce, leading to innovation, better decision-making, and overall business success.
