You’re always looking for new ways to innovate and grow your business. Diversity, equity, and inclusion (DEI) is a part of that growth. Workplace inclusion has made leaps and bounds in the past sixty years but there’s always room for more growth; according to a McKinsey study in 2019, ethnic minorities made up 13% of executive teams in the US and UK. In Canada, only 1% of corporate leaders in Canada’s largest companies are Black. DEI is necessary, right, and there’s a business case for it as well. Read on to learn more about the benefits of DEI in the workplace.
The 5 Benefits of DEI in the Workplace: A Business Case
Here are 5 benefits of DEI in the workplace including why implementing DEI will improve your business.
1. DEI Is the Right Thing to Do
We live in a diverse society and our workplace should reflect the world we live in. Period. Furthermore, the world should be an equitable and inclusive place, even though we all know that isn’t always the case. But again, what better way to create an inclusive and equitable world than by starting in the workplace.
2. DEI Creates Workforce Innovation
When your workforce reflects the diverse world we live in, it also welcomes a wider breadth of diverse experiences and perspectives. New and varied perspectives help your workplace become more adaptable, flexible, and improve problem solving capabilities. When work teams were composed of three or more diverse employees, performance improved by 87% and decisions were made twice as fast, according to a survey conducted by a decision intelligence platform, Cloverpop.
3. DEI Generates Higher Revenue
More diverse companies report 19% higher revenue and businesses in the top quartile of diversity have a 25% higher likelihood of being profitable, according to the Harvard Business Review. Gartner predicts that 75% of companies with DEI in their management teams will surpass their revenue goals.
4. DEI Gives Employers Access to a Larger Labour Pool
It’s simple math. When employers are more open to demographically diverse hires, they open themselves up to a larger labour pool. Sometimes it helps to simply state in job postings that applications from Black, Indigenous, and people of colour (BIPOC) are welcomed.
5. DEI Improves Employee Retention
Workplaces with DEI practices build happier work environments. DEI helps employers retain happy employees who are 9.8 times more likely to look forward to work or 6.3 times more likely to take pride in their work.
Want to Learn More About the Benefits of DEI in the Workplace?
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