“Companies with higher-than-average diversity had 19% higher innovation revenues.”-Harvard Business Review
Statistics such as the above has made diversity, equality and inclusivity (DEI), a big deal for business owners and organizations all over the world. Business owners and even organizations looking to partner with others are keen on reviewing the DEI policy of companies or businesses they intend to deal with before concluding a business deal.
Following the above, in the business world today, there is a renewed emphasis on the need for companies and business enterprises to develop appropriate policy documents to reflect their position on racial justice, equality and general inclusivity in the workplace. This is in the light of recent global clamor for diversity, equality and inclusivity (DEI).
There is a strong business case for developing relevant DEI policies following the benefits and opportunities that it portends, some of which are highlighted as follows:
Developing appropriate diversity and inclusion policies is a good representation of a company or organization. It portrays a high quality and distinction in the organization’s ability to maximize productivity, innovation, and employee loyalty while still meeting the growing needs of their clients or customers. As such, focusing on diversity is not just the right thing to do; it is actually good for your business.
Darren Kimball of Get Five is of the view that diversity of gender, race, nationality, creed, sexuality and anything else shows to everyone that your business or organization has a rich representation of what the world looks like, your customer base and whomever it caters to. It also means a wealth of ideas and input you may not have thought of.
According to a McKinsey report, companies in the top quarter for racial and ethnic diversity are 35% more likely to surpass peers, while those in the same bracket for gender diversity are 15% more likely to do the same.
Claire Schmidt of All Voices is of the opinion that, DEI efforts are incredibly important for retention. Highly inclusive companies are more likely to hit their financial target goals by up to 120%, so there are very strong business reasons for prioritizing DEI.
Diverse companies are likely to perform better financially. DEI policies are a competitive differentiator that tilts the market share towards companies that are diverse and inclusive in their policies.
Prioritizing DEI in the work-place has the effect of making employees feel respected, safe and protected while carrying out their duties within the work environment.
This in turn results in loyalty towards the organization and increased productivity at work. Employees generally thrive and are able to bring their best selves to work when the environment is diverse, promote equality and inclusivity in its policies.
On the whole, in other to benefit from any efforts at ensuring diversity, equality and inclusivity in the work-place, there is a need for all employees to understand the policies. This is important, so that they can be on the same page with the organization and key into its vision of having a workplace that feels comfortable for everyone. What better way to achieve this, than developing essential work-place policy documents and conducting relevant trainings that highlights company’s expectations viz a viz the rights and duties of employees?
The Thinkzilla Consulting team is positioned to design the following key DEI documents and more to suit your organization’s efforts at prioritizing DEI:
If you are interested in creating a more diverse, equitable, and inclusive work-place environment or you are looking at developing policies relevant to your company’s DEI efforts, then Thinkzilla’s DEI workplace consulting team in Scottsdale, Atlanta, and Houston will design and implement internal training programs that are suited to your DEI plans. Click here to learn more about Thinkzilla’s DEI workplace consulting, workforce diversity recruiting, and development programs in Scottsdale and across the US.