Diversity Matters to Your Bottom Line

If you read our article: Do I Really Want to Work Here: What Are Your Diversity, Equity, and Inclusion (DEI) Practices Telling Me? …  you may be thinking (and some of you have told us), “valuing diversity, equity, and inclusion sounds great, but it takes work. How is embracing DEI going to increase my organizational performance?”

First, a quick overview of diversity, equity, and inclusion (DEI) in the workplace.

Diversity Workplace diversity means having an organization in which a variety of social and cultural characteristics exist at various levels of the organization. It is not just hiring talent based on what boxes people check off. It includes hiring, engaging, and retaining heterogeneous teams of different types of people from a wide range of backgrounds and identities with different perspectives and experiences to share.

Equity means all voices are given the opportunity to be heard equally. Everyone is given the same treatment and opportunities for advancement. Regardless of their diversity status. Equity aims to identify and eliminate barriers that prevent the full participation of some groups over other groups. This involves ensuring equal opportunities for all to succeed and removing any correlation between success or failure based upon diversity factors.

Inclusion means that all employees feel a part of their team and the larger organization, no matter what their identity. Inclusion is creating a culture and environment where all groups, diverse or otherwise, feel valued, respected, and heard. Where people are provided the opportunity and feel comfortable sharing different ideas and experiences regardless of their social and cultural characteristics.

DEI Service Offerings

A few thoughts, on why embracing DEI is not just the right thing to do, but is imperative to organizational success…

Companies that diversify their workforces, provide a seat at the table for diverse employees, and provide a safe space for their voices to be heard, have a distinct competitive advantage over those that do not. Besides that fact it’s simply the right thing to do, there are several predominant factors that motivate companies to see the importance of creating a culture that values DEI. A report from the Society for Human Resource Management identifies six key reasons embracing DEI should be part of an organization’s strategic goals and objectives:

1) Gaining and keeping greater/new market share (locally and globally) with an expanded diverse customer base.

2) Greater adaptability and flexibility (agility and innovation) in a rapidly changing marketplace

3) Increasing return on Investment (ROI) from various initiatives, policies, and practices.

4) Reducing costs associated with turnover, absenteeism, and low productivity

5) Attracting, engaging, and retaining the best talent

6) Increased sales and profits

Here’s hoping that most of you desire to be part of an organization that embraces DEI – and strives to create and maintain an organization where people really want to work!

What do you think are the impacts, if any, of not valuing DEI?

About Scott Span, MSOD, CSM: is CEO at Tolero Solutions. His focus is – people.  He is a Leadership Coach & People Strategist, Communications and Change Management. He supports leaders, teams, and individuals to survive and thrive through personal and professional change and transition. He supports organizations to engage and retain talent and wow customers, achieving success through people, creating places where people enjoy working and customers enjoy doing business.

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*All Rights Reserved. Reproduction, publication, and all other use of any and all of this content is prohibited without authorized consent of Tolero Solutions and the author.

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*All Rights Reserved. Reproduction, publication, and all other use of any and all of this content is prohibited without authorized consent of Tolero Solutions and the author.