Diversity and inclusion have gained traction in the business world in recent years. Businesses of all sizes and in all sectors aim to create a more inclusive and diverse workplace. But why are strategies for diversity and inclusion so important in the workplace?
What are the advantages of diversity and inclusion strategies for employers and workers alike? What methods may businesses employ to go about building a diversity and inclusion strategy? Let’s look more closely.
What Does Diversity and Inclusion Mean?
The ideas of inclusion and diversity are interrelated but different. Diversity refers to peoples’ unique distinctions, such as those related to color, ethnicity, gender, sexual orientation, age, religion, and ability.
Inclusion is fostering a climate in which everyone—regardless of differences—feels valued, respected, and included. Creating an inclusive culture entails giving everyone the same possibilities for success and welcoming and appreciating their thoughts and efforts. Together, diversity and inclusion foster a workplace environment that recognizes and respects differences and makes the most of different viewpoints and experiences to increase success, innovation, and creativity.
Why are Companies Concerned With Diversity and Inclusion?
Companies are concerned with diversity and inclusion in the workplace because when employees feel undervalued by their ideas, contributions, or overall presence, they will simply leave and find employment elsewhere.
Employees that feel they’re treated fairly look forward to going to work more, take more pride in doing a good job, and work for many more years at the same company than those that don’t.
Benefits of Diversity and Inclusion
Originality and creativity: A diverse workforce contributes different viewpoints, thoughts, and life experiences. This may result in more original ideas, unique products, and wiser choices.
Broader company culture: Increased employee satisfaction, engagement, and retention may result from a workplace that supports diversity and inclusion. Long-term retention rates for employees are higher when they feel appreciated and valued by their employers.
Better profitability: There is evidence that businesses with diverse workforces are more profitable. According to a McKinsey & Company study, businesses with gender diversity scores in the top quartile were 15% more likely to generate financial returns that were higher than the national industry averages.
Larger talent pool: By putting a strong emphasis on diversity and inclusion, companies can recruit talent from a bigger pool of applicants. As a result of this, more skill gaps are covered which also means newer and fresher ideas in the workplace.
How to Create a Diversity and Inclusion Strategy
To create a diversity and inclusion strategy, an employer sometimes has to look outside of the box.
Here are a few ways to do that:
Broaden the recruitment pool: Employers should actively look for applicants with a diverse range of experiences, perspectives, and backgrounds. This may entail directing employment postings towards underrepresented groups, participating in diversity job fairs, and providing internships to college students from various backgrounds.
Make onboarding inclusive: After being employed by a new company, it’s important that new employees feel included and welcome. Businesses can do this by designating a mentor, developing an inclusive onboarding process, and training managers and staff on cultural competency.
Consider employee resource groups: Employee resource groups (ERGs) are a fantastic tool to promote inclusion and diversity at work. These groups unite staff members with related backgrounds or interests and give them a forum for interaction and idea sharing.
Leadership: Businesses should make an effort to establish a diversified leadership team. By doing this, it’ll ensure that various viewpoints and perspectives are represented at the highest levels of the organization.
Policies: To make sure that they are inclusive and do not accidentally discriminate against particular groups, businesses should assess their policies and procedures. Policies relating to wage equity, adaptable work schedules, and accessibility may fall under this category.
Diversity training: Employees should consider providing all staff with diversity and inclusion training. This can aid in educating employees about various cultures, experiences, and opinions.
Engagement with the community: Businesses can collaborate with local groups that support underrepresented demographics. As a result, relationships can be established, and diversity and inclusion can be promoted within the larger community.
Companies that wish to create a warm, inclusive, and innovative workplace should highly consider implementing diversity and inclusion strategies. While there is a wide range of diversity and inclusion strategy examples out there, by utilizing some of these strategies, companies can create an environment where everyone feels valued, respected, and included. At the same time, they’ll be building stronger relationships with customers and communities while positioning themselves for long-term success in today’s international marketplace.
If you’re looking to promote the lives and well-being of your employees, don’t hesitate to reach out to us at Aspen HR. We’re focused on helping companies to achieve gender equality and empowerment through compensation audits and benchmarking. We’re also focused on helping companies implement sustainable development goals.