Equality, Diversity & Inclusion in the workplace
Diversity and inclusion are used interchangeably when discussing equality in the workplace, but what do they really mean? Diversity is about the representation of different groups, while inclusion focuses on how well the presence, perspective, and contributions of different groups of people are integrated or valued in a work environment.
Diversity, inclusion, and equality are integral in business today, and they can have a huge impact on your company in the short and long term. Let’s look at the benefits of having a diverse and inclusive workplace.
1. Greater innovation and creativity
One of the biggest benefits of having a team of people of different backgrounds, skills, and experiences is greater innovation. According to the https://hbr.org/2018/01/how-and-where-diversity-drives-financial-performance Harvard Business Review, high diversity companies have 19% higher innovation revenues. Therefore, consider hiring a more diverse workforce if you are trying to think outside the box and develop new revolutionary products or campaigns.
2. Higher revenue growth
According to a study by https://hbr.org/2018/01/how-and-where-diversity-drives-financial-performance McKinsey & Company, companies that practise gender diversity in executive teams performed better than their counterparts by over 20%. Another https://hbr.org/2018/01/how-and-where-diversity-drives-financial-performance study showed that racially diverse workplaces have the largest revenue growth.
The connection between increased profitability and diversity and inclusion is attributed to better decision-making thanks to inclusive leadership, higher workforce engagement, and better customer insights.
3. Happier customers
A https://www.bcg.com/publications/2021/building-an-inclusive-culture-leads-to-happier-healthier-workers study on the correlation between inclusiveness and happiness on the job reported that 81% of employees who work in an inclusive culture were also happy in their job. Inclusivity in the workplace is a critical element of well-being that allows employees to perform to their full potential, no matter their identity, background, or circumstances. When employees feel valued and appreciated at work, they trust you more, further improving employee retention.
4. Increased productivity
A diverse and inclusive team can increase productivity in business. This is because a diverse team provides a range of skills and experiences, allowing them to work well together. Through the exchange of ideas, tasks can be completed more efficiently and in a shorter period.
Companies that refuse to embrace diversity and inclusivity risk losing money and employees in today’s disruptive business climate. We hope the benefits mentioned above encourage you to promote equality in your company.