The workplace environment is evolving. Diversity is essential, technology is pervasive, and the distinction between personal and professional life is becoming blurred. Consider how important workplace diversity, equity, and inclusion (DEI) has become to our way of life. Society as a whole has a once-in-a-generation opportunity to rethink the nature of work.
DEI goes beyond laws, or employee counts. Those companies that acknowledge each individual’s needs, viewpoints, and capabilities, equitable employers outperform their competitors. As a result, people who work in diverse and inclusive environments show more loyalty and trust. In fact, according to Emeritus, a 59% increase in innovation occurs in companies with inclusive cultures and policies. Organizations are 62.6% more likely to see growth in profitability and productivity.
The definition of diversity is to have equal representation of people from different backgrounds, genders, races, ages, ethnicities, sexual orientations, countries, cultures, religions, and educations.
Some leaders underestimate the power of diversity in the workplace. They don’t realize that you get so much more value when ensuring varied voices, experiences, and opinions are heard. Take gender, for instance, a McKinsey Global Institute article recently estimated that closing the gender gap adds $12 trillion to the global economy by 2025. Studies prove that gender parity means an 11% improvement in the annual GDP 3 years from now. Moreover, in a full-potential scenario, it reports up to a $28 trillion increase in which women’s roles are equal to those of men.
Equity is the idea that everyone has an equal opportunity to advance their careers and thrive within an organization.
Two out of three candidates seek companies that have a diverse workforce and companies that provide equal opportunities to employees, according to Glassdoor. Whether some may think it is only important for underrepresented groups to have equity in the workplace, the study suggests that more and more people consider it before accepting a job. Indeed, removing obstacles that limit participation is one small effort that impacts hugely on the working culture. More current employees will appreciate it and doing so enhances your reputation with potential new hires.
Inclusion is appreciating and respecting the viewpoints and ideas of workers, regardless of their background, gender, race, age, ethnicity, origin, sexual orientation, culture, religion, or education.
According to Josh Bersin’s study, inclusive companies are 1.7 times more likely to be innovative. Innovation is everything these days, especially in view of the structural challenges associated with low productivity, poverty, war, and low investment in the status quo. Moreover, in today’s Great Resignation overview, CEOs and executive teams realize the importance of workplace culture for retention and revenue.
After analyzing how important it is to value DEI in the workplace, here are the following actions you can take to enhance the working culture:
Create a workplace that fully works
Reimagine talent management systems. How? Identify unconscious prejudices and remove them, and design a workplace that relies solely on aptitude and expertise. To remove barriers, companies should continually examine their systems from recruiting to exit formalities, to promotions, and to training. By doing so, you are able to target the issue at its root and remove the barrier. Additionally, stopping your employees from feeling that you should be doing more.
Give people what they need
In order to improve and thrive, employees need a little push. An empowered staff with the appropriate tools is more content and proactive. Develop a culture that fosters health, encourages adaptation, and improves skills, from leadership to innovative problem-solving.
Encourage leaders to personalize scaled efforts for diversity, equity, and inclusion in the workplace by developing a questioning mindset and empathy for employee experience. A Deloitte research study shows that inclusive teams outperform their peers by 80% in team-based assessments. Leadership is beginning to understand the relevance that this topic represents in the workplace further reinforcing the need across the organization. Finally, get involved and plan with them.
Though a cornerstone of its success, the importance of DEI goes well beyond cultivating acceptance. We have come to realize that an explosion of productivity, innovation, and ideas is released when you have a diverse and inclusive workplace. And for every good idea that is yielded, implementation is right around the corner.
Founded in 2002, Phaxis is now one of the country’s leading recruitment firms. Specializing in technology, accounting & financial services recruitment, travel healthcare, healthcare, as well as office, legal, and marketing staffing. Phaxis partners with highly qualified talent and top employers to create rewarding career opportunities that result in long-term success for candidates and employers. Visit us at www.phaxis.com