What does a community that practices inclusivity and diversity do? First, it encourages everyone to speak up and share their ideas without fear of judgment. Since members of this community know how to care for each other, they nurture a culture of accepting people who embrace who they are. They are open to welcoming anyone in this circle of mutual respect.
Imagine this community in YOUR workforce—a place where employees are glad to be part of all company activities. Imagine feeling seen as your authentic self at work. In turn, your company doesn’t have to keep hiring because the best employees want to stay..
Yet, building a thriving, diverse workforce is easier said than done. Employers must not only “check the boxes” of inclusivity. It’s more than hiring more women or people of color. Creating a diverse company means understanding what DEI (diversity, equity, and inclusivity) truly is, so it’s best to look deeper into it.
This article aims to help you learn more about a diversity-driven culture and assess if your organization can be considered one.
Related reading: Nine Ways to Empower Your Team Every Day
A Diverse Workplace Attracts and Retains Top Talent.
According to Jung Ho Choi, Assistant Principal at Stanford Graduate School, job seekers will give up $1,000 in their job offer to be in an inclusive company. To test the idea, they sent applicants two types of job descriptions, one with the usual wording and the other with mentions of DEI initiatives. The latter received more responses from potential candidates.
The same research also revealed the significance of attracting entry-level applicants. Younger professionals showed concern about whether a company is inclusive or not. Working in an environment that sees DEI as a business imperative rather than a “nice to have” is essential to them. It gives a clear picture of the companies’ mission, vision and values.
Related reading: New Grads Are Always in Demand. Here’s What They Want Out of Work
Through DEI, you can also keep your best employees. An inclusive culture invests in individual strengths and promotes a sense of community despite differing views. This culture is where employees feel safe to speak up and be heard. When company leaders see their employees as equals, workers won’t look elsewhere for someone to listen to them.
Trust that once you’ve established an environment that is both diverse and inclusive, the benefits will start to manifest. Workers are better engaged as they become challenged with diverse opinions, thus improving their problem-solving skills. Creativity is at an all-time high because ideas come from minds with different influences.
Diversity Helps Improve Your Profitability.
One of workforce diversity’s valuable advantages is the promise of increased profit. On average, companies that increased the share of their female partners by 10 percent also enjoyed more profit by 10 percent. Customers and investors also appreciate this culture. Since they also have different backgrounds, they’d rather approach companies that embrace diversity.
Investors are also looking into an organization’s Environmental, Social, and Corporate Governance, or ESG. One of ESG’s thrusts is how an organization upholds its community and responds to climate change and pay gaps.
Investors also know that customers have become more aware of DEI’s importance. With this in mind, it’s only natural that they partner with corporations that walk the talk about diversity. If there is proof that your company values DEI initiatives, you have made a setup for a good profit and better customer relations.
A Diverse Workforce Contributes to Better Business Optics.
Business optics is all about the public’s perception of your company. These include fellow companies, customers, potential hires, and even the government. Business optics are all about perception, not reality. How the public perceives your company is what matters nowadays, and they equate it with your brand.
Take Uber, for example. Their problems stemming from gender discrimination were an employment and public relations nightmare. H&M also had to learn about diversity the hard way with the recent backlash over its promotional material. Had they built a diverse workforce to assess their content, collaborators and many of their customers would have stayed with them.
On the flip side, let’s take a look at these companies that understand how to promote inclusivity:
- Bank of America. Employees of color taking up upper management roles have increased from 32 percent in 2015 to 39 percent in 2020. The bank scored 73 out of 100 on the Black Dollar Index, which rates top corporations according to how they practice racial equity.
- UPS. With 92 out of 100, they are the highest-scoring company in the Black Dollar Index. They have 44 percent of people of color who are employed as non-manager staff (2019 company data), and 43 percent of people of color are in management positions.
- Johnson and Johnson. J&J is proud of its global diversity and inclusion vision to maximize the global community’s power to be inclusive. You can check out their DEI initiatives page, where they share recognitions for their efforts, such as the Forbes 2021 Best Employer for Diversity. They’ve received this award for three straight years.
- Hilton. Ninety-seven percent of surveyed workers agree that Hilton is an excellent place of work compared to a common US-based company. While Hilton stays true to its brand of luxury accommodations, Fortune ranks this corporation as the number 1 company for women.
Related reading: Women in Tech Are Women of Impact
All in all, there are many advantages to having diverse talent in your company. These benefits also impact how the public sees your brand and how you’ll attract great hires, investors, and clients. If you need help enhancing your hiring process to create a diverse and inclusive workforce, consider collaborating with a staffing partner who understands inclusive talent acquisition.
LET FOCUS PEOPLE LEAD YOU IN BUILDING AN INCLUSIVE WORKPLACE.
As a women-led company, Focus People advocates diversity and inclusivity. Creating meaningful opportunities through powerful relationships is one of the many ways we focus on people’s success. We understand the value of equal opportunity for all, and we champion a workforce based on skill and professionalism. Cooperating with Focus People in building diverse teams is one step toward a well-realized DEI.
We know how diversity and inclusivity can help your path to success, which is also our focus for YOU. Contact Focus People today.