Are you inclusive?
Diversity and inclusion are two incredibly important components of any successful workplace.
Why?
Well…They are essential for fostering a culture that values differences and enables individuals to feel comfortable, respected, and heard. And as we have seen from previous examples, culture is the bedrock of creating a high-performance team.
Diversity refers to the representation of different races, genders, ages, nationalities, religions, and cultures, while inclusion is the act of creating an environment where individuals feel welcomed, accepted, and included, regardless of their differences. In this article, we will discuss the importance of diversity and inclusion in the workplace, and the benefits they bring to businesses, employees, and society as a whole.
First and foremost, diversity and inclusion create a more positive work environment. When people feel included and valued, they are more likely to enjoy coming to work and are more productive. A study conducted by Deloitte found that companies with inclusive cultures are twice as likely to meet or exceed financial targets and three times as likely to be high-performing organizations [1]. Additionally, a report by McKinsey & Company found that companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians [2].
Diversity and inclusion also foster innovation and creativity. When people with different backgrounds and experiences come together, they bring unique perspectives and ideas that can lead to innovative solutions and approaches. A report by the Boston Consulting Group found that diverse teams are more innovative and generate 19% more revenue than less diverse teams [3].
Furthermore, diversity and inclusion can improve customer satisfaction and loyalty. A study conducted by Accenture found that customers are more loyal to companies that reflect their diversity and demonstrate inclusive behaviors. In fact, 29% of customers will switch to a competitor if they feel that a company is not diverse or inclusive [4].
Moreover, promoting diversity and inclusion is the right thing to do. It is a matter of social justice and equity, and it aligns with the values of many employees and customers. According to a study by Glassdoor, 67% of job seekers consider diversity and inclusion an important factor when considering job offers [5].
In conclusion, diversity and inclusion are crucial for creating a positive work environment, driving innovation and creativity, enhancing customer satisfaction and loyalty, and promoting social justice and equity. Companies that embrace diversity and inclusion will not only reap financial benefits but will also be able to attract and retain top talent, and make a positive impact on society as a whole. It is important to note that promoting diversity and inclusion is an ongoing process that requires commitment and action from everyone in the organization.
References:
Deloitte. (2017). Diversity and Inclusion: The Reality Gap.
McKinsey & Company. (2018). Delivering through Diversity.
Boston Consulting Group. (2018). How Diverse Leadership Teams Boost Innovation.
Accenture. (2019). Getting to Equal 2019.
Glassdoor. (2014). Diversity Matters: The Value of Employee Diversity in the Workplace.