Diversity, equity, inclusion, and belonging are so important in today’s workplaces. Yet many businesses are still to strategically and significantly address these factors and are missing out on the benefits.
According to Bersin by Deloitte Talent Management Dimensions of Impact, 2015, diverse companies enjoy 2.3 times higher cash flow per employee, are 1.8 times more likely to be change-ready, and 1.7 times more likely to be innovation leaders in their market.
A diverse workplace is one that incorporates people with different backgrounds and life experiences, and a range of different demographics, such as culture, ethnicity, age, sexual orientation, gender identity, religion, etc. But diversity on its own is not enough.
A company needs to implement inclusion strategies to encourage a culture of belonging. When employees feel valued for who they are and what they bring to their workplace, they feel safe, respected, empowered, celebrated, and able to contribute to their full potential. The company in turn benefits from increased team performance, better decision-making, and team collaboration Deloitte Review, The diversity and inclusion revolution, 2018.
Achieving a diverse, equal, and inclusive workplace that fosters belonging requires focusing on these things at the hiring stage, during performance management, succession planning, leadership development, and ongoing learning. The leadership team needs to support diversity, accommodate employees, represent diversity in leadership positions, and have a commitment to ongoing diversity training.
How does your business stack up?