Companies that embrace diversity and inclusion see an increased diversity and engagement within their workforce, which results in longer employee stays with inclusive organizations, lowering turnover costs and saving on training expenses.
Diversity, equity and inclusion are values that foster more accessible workplaces for people regardless of race, physical ability, gender identity, religion or sexual orientation.
Diversity
Diversity refers to the presence of different and multiple characteristics that define people as individuals and collective identities, including race, gender, age, religion, culture, ethnicity citizenship marital status education life career paths socioeconomic status communication styles disability (dis)ability language dialect and sexual orientation. People also express diversity through beliefs values lifestyle interests.
Diversity and inclusion strives to ensure everyone has equal opportunity for success in school, work, and life. Institutions must examine and address any barriers preventing people from realizing their full potential; such barriers may stem from oppression or privilege and occur on both a systemic or individual basis.
Diversity, equity and inclusion may often seem like separate concepts; however they’re connected and interdependent. For instance, efforts made by organizations to foster an inclusive workplace can help to improve hiring practices more equitably – which ultimately provides employees with more equal opportunities for advancement.
As organizations strive to improve their equity, their efforts can reduce the risk of discrimination in its hiring and promotion policies, making the company more culturally sensitive and supportive of its employees.
Effective diversity, equity, and inclusion (DEI) strategies are integral for any business’s success. Employees prefer working for employers who accept them with open arms; companies who neglect DEI may find it more challenging to attract and retain talent.
DEI initiatives involve numerous activities, but its primary goal should be helping individuals feel welcome and valued in their workplace environment. This may be accomplished with training workshops, mentorship programs or any other initiatives designed to foster diversity and inclusion.
To create an atmosphere that fosters inclusion and welcome within a business, its leaders must reflect this attitude. If not, employees may view their workplace as indifferent to their needs and trust may erode away quickly. Therefore, it is crucial for leaders to show an explicit commitment to DEI initiatives and evaluate them regularly for effectiveness.
Equity
Your company probably has heard the terms “diversity” and “inclusion” often; perhaps less familiar are terms like equity and belonging. While these principles might sound less appealing at first glance, they’re equally essential in setting your company up for success – they ensure all employees feel like they belong within your work culture.
Equity refers to the equitable distribution of resources and opportunities, while equality refers to everyone being provided equal access regardless of circumstance. Equity attempts to rectify our society by providing more opportunities for those most in need.
Equity manifests itself in various forms at companies. From supporting a local non-profit to offering flexible hours for working parents or making sure employees with children can utilize benefits offered, equity can take many forms.
An organization’s focus on equity can be measured through various means, including employee surveys and diversity reports. But these measures only scratch the surface when it comes to measuring an organization’s true level of inclusion and belonging; to get an accurate view, direct dialogue with employees is the way forward.
Diversity, equity, inclusion and belonging initiatives not only increase employee retention rates and boost morale but can help your business save money on recruitment and training costs. According to PolicyLink’s estimates, setting racial equity goals can save companies as much as $2 billion by drawing Black consumers’ spending towards products that support Black communities or others that have traditionally been ignored by corporate culture. Ultimately these efforts can create long-term economic and social value – which is why all organizations must advance efforts toward building more diverse and inclusive societies.
Inclusion
Diversity, equity and inclusion are interwoven concepts that work to foster an environment of respect and fairness in the workplace. Initiatives promoting these three concepts aim to ensure equal access, opportunity and employment of underrepresented groups such as age ranges, races ethnicities genders disabilities religious beliefs sexual orientation socioeconomic status etc.
Inclusion refers to all the characteristics that distinguish an individual, and recognizes their value as individuals. It includes how each person expresses his or her diversity – including race, gender, age cognitive ability religion culture – through expression. Being inclusive at work is key in creating diversity – it ensures everyone feels welcome and accepted within an organisation’s environment.
One way of measuring inclusion in an organization is to consider the number of employees from various backgrounds in its workforce. ERGs (employee resource groups), which provide volunteer support groups that promote diversity and inclusion within an organization. It may also be possible to assess an organization’s culture – the overall tone and behavior of its people at work which can be assessed through how employees interact among themselves as well as with outsiders – which could provide another measure.
Diversity and inclusion go hand-in-hand. Companies utilizing diverse workforces benefit greatly from having different perspectives and skillsets represented, but if workplace environments aren’t welcoming enough for employees to thrive. If diversity efforts fail miserably, tokenism or assimilation could result in undesirable consequences – two outcomes of diversity that go beyond mere lip service.
Establishing a dedicated team to drive diversity and inclusion initiatives within an organization is crucial. This team should include passionate members who are willing to accept this responsibility, with representatives from diverse business functions, geographies and functions represented on it. The most successful teams strive for balanced representation from across multiple functions and geographies.
Diversity and inclusion are often referred to as the three pillars of social justice. These principles aim to reduce economic inequities on marginalized communities through shifting policies, practices and power dynamics.
Culture
Organizational culture refers to the values, beliefs and ways people act within an organization. A business that relies on having a positive work culture that supports diversity equity and inclusion will experience increased success and grow revenue faster. A diverse workforce brings fresh ideas, perspectives and experiences which help solve problems while creating innovative products and services which increase revenue growth. A study by Boston Consulting Group revealed that companies with above-average levels of diversity among their leadership teams had 19 percentage points higher innovation revenues compared with companies with below average diversity levels in leadership teams.
Diversity refers to differences between people that span multiple factors such as race, gender, age, disability, socioeconomic status, religion, education, sex and ethnicity. Diversity also encompasses differences in personality traits, mental and physical abilities, cultural background national origin language. Recognizing and celebrating these distinctions are vital in creating a culturally inclusive society.
Inclusion refers to creating an environment in which all individuals feel valued and supported regardless of their identity or background. Inclusion involves making people aware of how their actions may affect others and encouraging participation in activities designed to build a diverse community. It takes a more comprehensive approach than equality which only considers inputs while treating all groups equally.
To foster inclusion, employees must be able to trust that their efforts will be respected and valued, which means making sure all employees, particularly those from marginalized groups, feel comfortable voicing their thoughts at work – particularly regarding issues like sexual harassment, racism or discrimination in the workplace.
Key to creating a positive culture is creating and publishing an accessible diversity statement, outlining your company’s values, commitment to combatting discrimination and measures of progress. Publishing this document on your website or employee handbook helps employees know exactly what is expected from their employer.
Companies can promote an inclusive workplace culture by creating support systems for employees. Such support systems may include Employee Resource Groups – employee-led initiatives that provide resources and assistance for underrepresented groups – and training employees on recognizing and responding to microaggressions – small actions which have the power to negatively affect an individual’s self-esteem.