In today's corporate world, Diversity, Equity, and Inclusion (or DEI) is more than a buzzword— it is an essential part of your company's mission. To help propel your company to success, here is a list of 5 surprising facts about DEI strategy.
1) DEI helps you attract the best employees
If you want to get the best talent in the door, it is imperative to understand how millennials view your organization. Candidates are looking for a company that matches their values and speaks to them on a personal level, effectively swaying their decision to accept or reject an offer based on their perception of an organization’s commitment to diversity. You can create an inclusive environment by supporting local events that resonate with diverse communities, providing training on cultural competency and the importance of diversity, and creating employee resource groups.
2) DEI improves workplace culture
Workplace culture is rooted in employee satisfaction—companies who offer more opportunities for development have been shown to have happier employees and less turnover. Your approach to diversity in the workplace helps define your company culture, as well as what type of talent you will hire.
3) A diverse workforce can help your company reach new markets
Teams made up of people from different backgrounds are more likely to develop new ideas for reaching broader audiences. For example, if your marketing team includes people from different backgrounds, they may be able to identify new markets or even develop products or services specifically designed for those markets.
4) Successful DEI strategies start at the top
Executive buy-in is one of the most important factors in whether an initiative succeeds. The more that executives are personally committed to their companies' diversity efforts, the more likely employees will agree that those efforts are effective. That means that senior managers not only need to back up their words with actions—they need to lead by example and practice what they preach.
5) Diversity is More than Just Your Numbers
Including a diverse workforce is not only about having a good ratio of people across race and gender; it also extends to how employees identify on the spectrum between introvert and extrovert, how they deal with different types of stressors, how they approach problem-solving, and so much more. To truly know whether or not you're creating an inclusive workplace, ask yourself: do my employees feel like they can contribute in ways that draw on all of their unique skills? Are my employees valued for being themselves? If the answer is yes, then you're well on your way to truly leading a safe and inclusive workplace.
Companies with more diverse workforces experienced higher profitability and a better ability to retain clients. However, it's not just about hiring more people from different backgrounds—it's about creating a culture of inclusion and equity within your workplace. It's great that your company has a DEI strategy in place, but that's just the beginning.
Do you believe your company’s DEI strategy needs assessing? Contact Aspirant to join the waitlist to take our new DEIBA readiness assessment coming out soon!
Aspirant partners with business leaders to implement practical solutions to their most critical strategic, technological, and talent-related challenges. Our collaborative teams apply industry and functional expertise to help clients achieve sustainable results. We also strive to make a meaningful impact in the community by raising awareness of domestic violence and supporting victims through our Connection of Hope program.