In a recent study conducted by the Society for Human Resource Management (SHRM), it was revealed that around 57% of the recruiters believe that the talent acquisition strategies that they had implemented were designed to bring in more candidates from diverse backgrounds.
Diversity, equality, and inclusion involve the vision, mission, and efforts of a company to promote a diverse, equal, and inclusive workplace and achieve considerable business advantage. As far as the HR department is concerned, the issues related to Diversity, Equality, and Inclusion (DEI) have become one of the top-most priorities.
In order to have diverse workplaces, companies should accept, appreciate, and respect their employees hailing from backgrounds that are different in terms of gender, age, religion, ethnicity, sexual orientation, disability, and origin.
Inclusion refers to the organizational efforts of welcoming all employees and making them feel part of the company. Equality deals with the company’s ability to make sure that all employees receive equal opportunity and are treated equally.
What are the benefits of DEI?
- It accelerates the business expansion and improves the financial performance of a company. Research conducted by McKinsey showed that organizations that had more diversity, outperformed companies that did not have a diverse workforce.
- It sparks creativity and boosts innovation within an organization.
- Companies that practice these three concepts grow up to be more reputable and socially responsible.
- It opens avenues for bettering the process of decision making since the voice of all employees from every organizational level are taken into account.
- In a Deloitte conducted research, about 67% of job aspirants consider diversity as an important criterion while taking up job offers.
- A diverse and inclusive workplace with equality leads to enhanced knowledge of various business areas. Employers of such workplaces encourage the sharing of knowledge.
- Employees tend to enjoy and become more engaged in their work in a workplace that acknowledges their existence, gives them equal scope, and welcomes their participation.
- Companies that encourage the DEI concept, normally have lower attrition rates. In an ideal workplace, employees feel satisfied and tend to continue with the same employer.
- In a study conducted by Salesforce, it was seen that employees who feel more heard and valued at their workplaces, are almost 5 times more likely to feel encouraged and empowered to give their best performance.
- The same study mentioned that employees who state that their companies offer equal opportunities to all are almost 4 times more likely to state that they are proud to be working for their companies.
While working in a company, each employee tries to introduce his or her perspectives, believes, thoughts and ideas, thereby, helping the employer get better views on different business opportunities and challenges.
In today’s world, it is of utmost importance for employers to acknowledge the differences among their employees, establish equality, and include employees from all levels in the business process. Diverse, inclusive companies that promote equality in their workspaces reap the best results, be it in terms of employee satisfaction, overall business, or social reputation.