Making the Case for Diversity, Equity & Inclusion

As change agents, sometimes we become so focused on implementing DEI practices in organizations, that we may neglect to highlight the positive benefits inclusion offers.

And there are many!

Before and during diversity, equity and inclusion training, making note of the positive benefits linking diversity and positive organizational performance can be a decisive incentive for folks to keep on going when the going gets tough!

We all know our jobs as change agents aren’t easy.

But when presented with research linking diversity with profitability and other proven benefits, it can be the impetus an organization needs to make a firm commitment to infuse DEI at every level.

 

“Inclusion is not a matter of political correctness. It is a key to growth.”

-Jesse Jackson

 

Diverse Organizations: The Future of The Marketplace

By 2065, immigrants are predicted to account for 88% of the population growth in the U.S., according to a Pew study:

“The big picture is that immigration has been the major demographic factor driving growth and change in the U.S. population over the last 50 years.” 

Because of this, progressive organizations will need to prioritize workplace diversity and embrace inclusion in order to remain competitive. Realistically, how could an organization successfully provide products and services to groups of people it does not even understand?

Companies that embraced diverse perspectives over a homogenous workforce enjoyed the rewards. A McKinsey and Company study found that:

 

-Organizations with gender diversity were 15 percent more likely
to financially outperform competitors.

-Companies with an ethnically diverse staff were 35 percent more likely to outperform rivals.

 

Forbes “Fostering Innovation Through a Diverse Workforce” revealed the benefits of an inclusive workforce. The report, based on a survey of 321 executives at a variety of major global corporations, revealed that:

 

–Companies that encouraged workplace diversity were more innovative.

– Innovation led to the creation of new products, services and business processes.

-A diverse collective of people with differing backgrounds and cultures promotes a unique and energized working environment, which in turn leads to dynamic products and services.

 

Diversity in the Workplace: Why We Must Be In It For The Long Haul

While we are dedicated to our work as change agents, we need to remember that we have to be in it for the long haul. Why?

Because we’ve still got a long way to go. Yes, we’ve made many accomplishments.

 

The stats presented in an insightful HR Daily Advisor article aptly called “3 Stats About D&I In the Workplace That You Must Know” highlight the work that still needs to be done:

• 41% of managers claim they don’t have time to implement diversity initiatives
• 20% of companies don’t have women leaders
• Nearly 50% don’t have people of color on their leadership teams

 

Workers want to see diversity and work in inclusive organizations:

• 67% of job applicants value diversity
• 57% of employees believe employers should do more to promote diversity

 

It’s easy for a company to offer excuses to forego DEI by offering up the worn out, “It’s always been done this way” mantra.

But if organizations want to remain competitive now and in the future, they must infuse DEI at every level of the organization.

 

Reaping the Benefits of Inclusion Practices

A study by McKinsey and Company, a world-wide management consulting firm, linked top-team ethnic and cultural diversity with profitability. Among many benefits, their study revealed:

 

-In 2017, companies with the most ethnically diverse executive teams were 33% more likely to outperform their peers on profitability, which is on par with the 35% outperformance reported in 2014.

-Not being diverse has negative consequences: As in past findings, companies in the fourth quartile on both gender and ethnic diversity are more likely to underperform their industry peers on profitability, by 29% in the 2017 research.

 

For more results of this insightful, detailed study, visit:

https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity

 

DEI in Every Workplace: A Positive Goal for The Future

Many studies on diversity in the workplace are revealing similar findings. In general, companies that embrace diversity and truly create inclusive organizations enjoy:

• Higher profits
• Increased innovation
• Decreased rates of employee turnover
• Higher levels of productivity & employee satisfaction
• Development of new products & services
• Greater flexibility in an ever-changing global economy

For companies and other organizations, it’s a win-win solution to the new, always-competitive global economy.

 

“We all should know that diversity makes for a rich tapestry, and we must understand that all the threads of the tapestry are equal in value no matter what their color.”

-Maya Angelou

 

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