Diversity and Inclusion, if properly understood and implemented, can be something that brings benefits to every workplace. It transforms the business into a creative abode while reflecting the latest demographic trends. According to a standard survey by McKinsey and Company, enterprises and businesses with a more diverse workforce have achieved a 35% higher financial return than their industry median. In addition, it is proven that D & I brings transforming advantages such as increased employee retention, better recruitment, higher profits, increased loyalty, lower training costs, and heightened innovation.
Diversity and inclusion are two essential and interlocking elements which together help drive the functioning of successful organisations. If the employee profile is diverse, but the opinions and perspectives of all employees are not being heard, the benefit is reduced. Here are a few reasons to know why companies with successful diversity and inclusion strategies are highly successful.
- Offers a competitive edge
Businesses that embrace diversity have been shown to gain market share along with greater engagement by employees and enhanced capacity for innovation.
- High financial performance
Improved financial performance flows almost inevitably from the competitive edge offered by a diverse and included workforce. According to a global survey by PwC, more than 80% of the companies who have fully embraced diversity and inclusion consulting have indicated that they received an impressive boost to their bottom line .
- Promotes innovation and creativity
There is no doubt that the homogeneous workforces are more susceptible to group-think. Diversity and inclusion organisations leverage a plurality of perspectives. Differing approaches to problems means that data can be assessed from new directions; the nature of the problem can be given new perspectives and novel solutions can be found. Constructive and critical debate is a sure way to foster creativity.
Unquestionably, a diverse range of backgrounds, industry experiences, and talents will allow a business to exercise better flexibility, especially when it comes to addressing dynamic market trends.
- Reduced employee turnover
Research has shown that many prospective employees actively seek out employers that value diversity and inclusion. All employees want to feel that they are valued and respected. It empowers them to work better, more efficiently and to feel that they are contributing to an organisation which values them for their individuality and their difference.
In conclusion, the importance of inclusion and diversity cannot be ever over-stated as it impacts the business positively while securing a competitive advantage, and increasing human capital.
Does the leadership of your organisation understand the real meaning of diversity and inclusion? Do they understand how better it creates opportunities for better decision -making Embarking on a program to improve diversity and inclusion brings a multitude of benefits. A suitable program that takes your employees performance and business to the next level. It is much more than being politically correct – it is often the pathway to becoming more agile, more innovative and more profitable.