Why diversity and inclusion in the workplace is essential
The modern workforce is made up of people with different origins, experiences, and viewpoints. Nonetheless, many businesses have yet to fully embrace the benefits of diversity and inclusion (D&I). However, research consistently reveals that diversity and inclusion are more than a feel-good endeavour; they are a strategic need for firms pursuing success.
According to Deloitte research, organisations with high diversity are 30% more profitable than competitors. They have also seen a positive impact on employee engagement, innovation, and overall business performance.
Before Heading into Reasons, let us Understand What is meant by Diversity and Inclusion
What does diversity mean in the workplace?
Diversity is the practice or quality of including or involving people from a range of different social and ethnic backgrounds and of different genders, sexual orientations, etc.
What does inclusion mean in the workplace?
Inclusion is the practice or policy of providing equal access to opportunities and resources for people who might otherwise be excluded or marginalised. Inclusivity promotes and sustains a sense of belonging; it values and practices respect for disparate talents, beliefs, backgrounds, and ways of living.
What do diversity and inclusion mean in the workplace?
Diversity and inclusion (D&I) is about celebrating the full spectrum of human differences and creating a culture of belonging in organisations and countries. They are interconnected concepts that make up a group of people and create an environment that allows them to work together as equally valued contributors.
Reasons why diversity and inclusion in the workplace are essential
1) Fostering Innovation and Creativity
When employees are surrounded by individuals with different backgrounds, experiences, and perspectives, they are exposed to a wealth of ideas and creativity. This diversity fosters innovation and collaboration, as employees can draw upon each other’s strengths and unique insights.
A study by McKinsey found that companies with diverse executive teams are 33% more likely to outperform their peers on profitability. This correlation underscores the fact that diverse teams bring varied perspectives, ideas, and approaches to problem-solving, leading to more innovative solutions and products.
2) Meeting the Needs of a Diverse Customer Base
In a globalised marketplace, diversity and inclusion are not just internal priorities but also critical for meeting the needs of a diverse customer base. Companies that reflect the diversity of their customers are better positioned to understand their preferences and deliver products and services that resonate with them. A report by Forbes indicated that 56% of consumers are more likely to buy from companies that demonstrate diversity and inclusion.
3) Enhancing Employee Engagement and Satisfaction
Employees who feel that their unique backgrounds and perspectives are valued are more engaged, motivated, and committed to the organisation’s success. They like coming to work, are proud of their efforts, and remain with the organisation for extended periods. The study conducted by Deloitte in 2022, also shows that women who work under a gender equality leader are more likely to stay with the same organisation for more than five years.
Additionally, a report by Glassdoor also highlighted that 67% of job seekers consider diversity an important factor when considering companies and job offers.
How do you make your organisation inclusive?
According to BCG research, there is a direct correlation between inclusiveness and happiness on the job. Inclusive work cultures celebrate differences and commit to making the environment safe and welcoming for everyone. You can do that by
- Your top leadership communicating the importance of inclusivity and how bias is unacceptable
- By developing training programmes to make your people aware of behaviours that foster inclusivity,
- Put policies and programmes in place and form a D&I committee to track progress and fix accountability
- Provide training to key managerial staff
- Designate D&I champions in the organisation
- Promote inclusivity in your internal and external communication.
How can SpeakIn help to further this initiative?
SpeakIn is Asia’s largest digital platform for professional learning and the continent’s largest consortium of thought leaders. We can be your allies in your journey towards building a diverse and inclusive organisation with happier, higher-performing teams.
Our D&I keynote speakers, coaches, and mentors can train your managers and help you move the D&I needle in your organisation. They draw on their own experiences and use empirical evidence to show the difference D&I can make for your company.
We can help you put together a symposium or a conference on D&I, or we can find you the best speakers who can help you build a healthy business by embedding the precepts of diversity and inclusion.
Diversity and inclusion speakers you can invite?
Here are some top diversity and inclusion speakers, coaches, and mentors who draw on their experiences and use empirical evidence to show the difference D&I can make to your company.
1. Naina Lal Kidwai, Former Country Head, HSBC
2. Barkha Dutt, Award-Winning Television Journalist, Founder, Mojo Story
3. Shweta Shalini, Spokesperson, Bharatiya Janata Party
4. Mimi Nicklin, Bestselling Author, Thought Leader
5. Devdutt Patnaik, Bestselling Author and Speaker
Conclusion
By embracing diversity and inclusion, organisations can drive innovation, improve employee satisfaction, and better connect with their customer base. Businesses must understand that diversity and inclusion are essential building blocks for long-term success and sustainability in the modern workplace, not merely trendy catchphrases.
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