Why is Diversity and Inclusion a Wise Investment?

diversity and inclusion
When planning for Diversity and Inclusion, most HR professionals know that at the core of every successful organization there is a wide array of diverse and talented individuals. Yes, there is no doubt that great people can make an ordinary business, extraordinary.  Even in businesses where technology and automation have replaced most people, the old adage “when a company’s workplace culture thrives, so will its business.” is hard to ignore.  

To accomplish a thriving culture, many organizations turn to programs that foster diversity,  inclusion, trust and integrity. Yet diversity and inclusion objectives still remains a challenge for many organizations. Even the world’s most successful companies, such as Google, appear to have a difficult time achieving a balance that appeases all.  The important thing is to keep trying.

Diversity and inclusion should be an ongoing endeavor. It’s a long term process that needs to be continually customized as your workforce changes and grows.

Google’s new Vice President of Diversity, Integrity & Governance; Danielle Brown; issued a statement that sums it up best. Brown said,  “Diversity and inclusion are a fundamental part of our values and the culture we continue to cultivate. We are unequivocal in our belief that diversity and inclusion are critical to our success as a company, and we’ll continue to stand for that and be committed to it for the long haul.”

And, just like Google, those of you struggling with Diversity and Inclusion should remember that a diverse team of talent will help you build a strong and sustainable business as well as give you a strong competitive edge. For example, an analysis conducted by McKinsey shows that gender diverse companies are 15% more likely to outperform other companies; and ethnically diverse companies are 35% more likely to outperform.

Organizations that show employees that they are committed and supportive of diversity have employees that feel included. This inclusion results in better business performance, Employees that are more responsive to change as well as teams that collaborate more effectively.

The Benefits of Diversity and Inclusion

A more diverse team has shown to be more creative, have more flexible ideas, and has the ability to solve problems in multiple ways. Not to mention the ability to serve a wider group of diverse clients. Most ideas stem from personal experience. The diverse experiences of your workforce will allow you better understand the biases, goals and needs of your consumers.

And the benefits don’t stop there. A study, published in the Harvard Business Review, found that firms that embrace diversity are 45 percent more likely to report market growth over the previous year and 70% more likely to capture new markets.

There’s no doubt that a great place to work, fosters an environment of fairness, trust, respect and better communication. Businesses that are people-centric value the goals and ambitions of their employees.They create relationships with their people, and invest time in getting to know makes their people tick.

What’s Next?

If diversity and inclusion is part of your mandate, The SHRM Diversity and Inclusion Conference from October 23 to October 25, 2017 will provide a plethora of knowledge and advice and we will be there for our newest tool of creating a diverse workforce.

If you are unable to attend, stay tuned for future blog posts with recommended steps, or call and speak to our Director of Diversity & Inclusion, Bill Shackelford, shares his thoughts about how you can build high performing teams through diversity efforts.

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