Let’s face it, the events of 2020 have changed us all. Employers have been challenged to rethink the world of work, and employees are rethinking how it fits into their lives. One thing is for sure, the increased focus on diversity, equity, inclusion, and accessibility in our lives and at work is not going away. It’s increasingly important to ensure that your workplace is not only diverse, but that you’re fostering a culture of inclusion so that your employees feel a sense of phycological safety and comfortability at the place they spend the majority of their lives. Read below our five reasons why diversity and inclusion in the workplace is important.
1. The Workforce Is Changing; Workplaces Must Change With It
Did you know that by the year 2045, there will be no racial majority? The demographic makeup of the United States is changing rapidly, with the 2020 census showing that the white, non-Hispanic population decreased from 63.7% in 2010 to 57.8% in 2020. Racial and ethnic groups are responsible for generating overall growth; Latinx or Hispanic, Asian American, and Black grew by 20%, 29%, and 8.5%. The population of people who are Two or More Races is projected to be the fastest growing racial or ethnic group over the next several decades, followed by Asians and Hispanics.
In addition to that, 61 million adults in the United States live with a disability, and 15.9% of Gen Z entering the workforce identify as LGTBQIA+. The point is, the world is changing, and if your organization is not keeping up, then you will fall behind.
2. Talent Is Looking to Align With What Your Brand Stands For
Are you facing a talent shortage, like everyone else, due to The Great Resignation? If you’re not prioritizing DEI in your organization's culture, you’re missing an incredible value-add that talent is currently looking for. In fact, 80% of employees say they want to work for a company that values diversity, equity, and inclusion. Employees experience inclusion at work when they feel valued, trusted, authentic, and psychologically safe.
How you show up on your website, the words you include on your job descriptions, the pictures you use, and the organizations you support all make a difference to the talent you’re looking for and the talent you’re trying to keep. Take a look at how your talent is represented across your efforts and create transparency around your commitment and culture of inclusion.
3. Consumers Want to Buy from Companies That Do More
When pursuing DEIB efforts it's important to think about activity versus impact. What results or changes are your activities producing? While your intent may be to show you care, consumers and employees want to see tangible changes that come from your communicated commitments.
In fact, consumers want to buy from brands that stand for something and that are dedicated to making an impact. In fact, according to a survey from Aflac, 77% of consumers are motivated to buy from companies committed to making the world a better place.
Think about how your brand shows up online. Do you have your DEI commitment posted on your website? Are you donating your time or money to any non-profits or movements that serve an underrepresented group? And a big one: are your employees included in your commitment? If what you’re sharing externally doesn’t match what you’re doing internally, your employees will lose trust. Make sure that you’re transforming your organization from the inside out.
4. Diversity Is A Strategic Advantage For Business
Multiple studies have shown that a more diverse workforce can help companies create better products. In fact, 66% of companies with diversity in senior leadership have experienced a 42% increase in return on sales. Additionally, 70% of businesses are more likely to capture a new market.
Diversity is the key ingredient for reducing group think and allowing multiple perspectives to be brought to the table. Problems are solved faster, teams are more productive, and decisions are thought through more thoroughly. Organizations can maximize these benefits by cultivating “diversity mindsets,” which include cultural intelligence, openness to different ideas and experiences, multicultural experiences, and more.
5. It’s Our Social Responsibility As Employers
As an organization, you have an opportunity to make an impact on the world and elevate humanity. We’re all in this together to make the world a better place. It’s time to do your part.
Don’t know where to start? We can help.
Interested in elevating your DEI presence in your organization? Whether you’re starting from scratch or needing a boost, we can help. Our approach is about transformation, creating unity, and a true sense of belonging for all.
We build on the current state of your organization to create a relevant starting point for growth. Considering learning at both an individual and team level, we map opportunities across the entire employee experience and build customized solutions. Using data discovery, workshops, leadership development, conversation cohorts, and applied learning tools, we ensure our work is immersive, actionable, and will resonate beyond any one session or interaction to truly transform diversity, equity, and inclusion within your organization.
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