Companies that implement effective diversity, equity and inclusion (DEI) policies reap numerous advantages. From an internal business perspective, diverse teams offer fresh perspectives when problem solving and provide additional expertise when problem-solving.
However, diversity alone does not sustain itself; inclusivity must also play an integral role. Here are a few diversity equity and inclusion examples which provide a balanced picture.
1. Diversity in Leadership
Leaders are the embodiment of any company, so it’s critical that they be welcoming to diverse conversations and able to model inclusivity within the workplace. Furthermore, leaders should set DEI goals for their teams and uphold accountability measures necessary for reaching them. Having leaders with varied experiences helps leaders better comprehend barriers marginalized employees face at work and make informed decisions regarding how best to address these concerns.
McKinsey reports that leadership teams with diversity are 35% more likely to outshone those without diversity and are often more efficient in solving problems, according to their results. Furthermore, lacking diversity among leadership can send signals that higher level positions are unobtainable and discourage staff from becoming interested in the organization; creating more diversity helps build pipelines and show employees there is a path towards success at the top of a company.
Diverse leadership teams provide crucial services, from mentoring employees and sponsoring them through to encouraging multi-cultural competence at all levels of an organization. Furthermore, having diverse leadership can also foster an inclusive and equitable culture because those individuals can better relate to experiences of marginalized employees while acting as sources of inspiration and encouragement for everyone in your company.
One way in which leadership can help promote diversity is by making training accessible to all employees. Managers and leaders specifically can benefit from having training on inclusion techniques; training specifically tailored for them will allow them to serve as role models within their teams. Furthermore, it’s imperative that your organization has access to a diversity consultant who can offer guidance for leadership to stay current on industry trends.
Gaining more diversity in leadership takes time, commitment and the involvement of your entire company. In order for diversity equity and inclusion initiatives to succeed, organizations must develop a comprehensive vision with tangible goals for their diversity equity and inclusion initiatives, providing you with a framework to measure impactful efforts and assess what changes need to be made moving forward.
2. Diversity in the Boardroom
Boardroom diversity has recently garnered increased attention and discussion, with Larry Fink of BlackRock openly calling upon CEOs to diversify their boards, as well as large institutional shareholders implementing proxy voting guidelines reflecting its importance. Diversity brings new perspectives into a boardroom – essential when companies face complex, rapidly-evolving environments – helping prepare them for potential situations that arise as well as avoid unintended consequences or missed opportunities.
Diverse board members can help a company tap into new networks and business partnerships. Furthermore, many millennials are drawn to companies with strong commitments to diversity, equity and inclusion; according to one recent study, over 80% of them consider an organization’s policies on these issues when making decisions about where to work.
Research also indicates that cognitive diversity of boards can enhance their performance. Studies have demonstrated that when demographic makeup of boards becomes more diverse, more opportunities exist for “cognitive conflict.” This occurs when directors bring diverse information and views that must be debated to reach agreement and consensus – leading to informed decisions and greater overall board effectiveness.
Although women and minorities benefit from representation on public company boards, it remains difficult for women and minorities to gain adequate representation on public company boards. Minority directors make up just 10.4 percent of total board membership in Russell 3000 companies even though they represent over 18 percent of population overall. The lack of representation may be attributable to several factors including cultural perceptions regarding corporate governance and leadership styles; institutions that promote or limit diversity; as well as social barriers that prevent recruitment.
Diversity increases will take time and require an effortful, holistic strategy that includes recruiting, appointing, supporting, and creating an open communication culture within the boardroom. Furthermore, all members must pledge themselves to actively pursuing diversity as an oversight function goal with ambitious yet realistic goals in place.
3. Diversity in the Workplace
Diversifying their workplace is vital to remaining competitive and attracting top talent, and better understanding the needs of customers from diverse demographic groups who may each have specific preferences and shopping behaviors.
Diversity in the workforce encompasses various personal characteristics, such as race, ethnicity, gender, religion, sexual orientation, age and physical ability. Promoting diversity at work involves offering equal opportunities to all employees as well as building an inclusive workplace culture that embraces all types of people.
An executive team’s composition can serve as an indicator of its commitment to diversity and inclusion. When all white men lead an organization, this sends the signal that women and minorities do not belong in its workplace.
To ensure their executive team accurately represents the diversity of their company, businesses should hire more women and minorities – then ensure those employees are promoted into management positions.
An inclusive workforce may also include people of various ages, from those at their senior peak to the youngest members. Bringing people with various levels of work experience together – recent graduates to those with decades of industry knowledge – is beneficial.
Companies can foster diversity beyond simply paying employees equally by creating employee resource groups and offering diversity training programs. Such initiatives allow employees to discuss experiences and gain new perspectives from one another while helping foster an inclusive working environment.
Another aspect of diversity that often goes underappreciated is supporting individuals with religious or spiritual beliefs, particularly in countries like India or the US where there are large populations with diverse cultural identities. A diverse workplace can foster understanding and compassion toward these individuals, leading them to be more productive and happier at work.
Finally, companies should promote diversity within the workplace by emphasizing equality and accepting all kinds of people. This can be accomplished in many ways – hiring more diverse candidates or encouraging employees to take part in diversity training; flexible working arrangements may also be implemented that accommodate various lifestyles.
4. Diversity in the Community
Diversity and inclusion are vitally important in community building, including people of various racial and ethnic communities, geographic locations, religious beliefs, ability, age, sexual orientation and neurodiversity. Furthermore, taking an inclusive approach ensures marginalized groups can participate fully in all aspects of community life – from leadership positions to workforce opportunities – thus contributing to creating an equitable society in which everyone has equal chances at success and belonging.
Businesses must create workplaces that accommodate all employees regardless of identity, addressing issues of sexism, racism and other forms of discrimination head on. Employing women and minorities as leaders is one way forward, but equally essential is making sure all workers feel welcome at their work locations; companies should consider diversity equity inclusion (DEI) initiatives which create more welcoming workplaces for all members of their communities.
By normalizing pronouns to be gender neutral, a business can ensure transgender or non-binary employees feel safe in the workplace and make it more inclusive for LGBTQ+ employees who may feel underrepresented. Furthermore, cultural sensitivity should also be prioritized to avoid offensive language in the workplace.
Implementing diversity initiatives in the workplace varies, but all start with a commitment to change. Diversity-related efforts (DEI) shouldn’t just be an afterthought or contingency plan; DEI must become an integral component of every company strategy that promotes and embraces diversity for increased performance, better reputations and talent attraction.
Since recent events, business leaders have taken notice of the need to promote diversity and inclusion within their organizations. But it’s essential that they continue this dialogue by creating tangible plans with lasting effects for sustainable success.