The Importance of Diversity, Equity, And Inclusion in Today’s Corporate Workplace
Within your workplace, you’ve likely heard of the term DEI, but what do diversity, equity, and inclusion mean? Moreover, what’s the difference between these terms? In this blog post, we tackle these questions, while explaining the importance of DEI and answering why companies must embrace DEI in our workplace.
What is Diversity, Equity, and Inclusion?
While there is a general lack of awareness in DEI, a simple definition of what each one means can solve this problem. Below is a quick breakdown of each category
Diversity refers to the differences between the people inside and outside of a company. It also covers the acceptance and understanding between these differences, which may include:
However, the list isn’t limited to the examples above and can be expanded. It’s also important to consider the different perceptions that people have when it comes to the term diversity.
This term may also bear a different meaning from one company to another, but in general, it refers to being impartial and fair with everyone. Moreover, it talks about providing equal advancement and opportunity for everyone in the company, from the hiring process to their compensation.
An inclusive workplace will typically be supportive, collaborative, and respectful of everyone in the company. Inclusion is important in all organizations to encourage the contribution and participation of all employees.
Why Companies Should Embrace DEI
A company that’s dedicated to DEI not only aims to preserve diversity, equity, and inclusion but can also get a competitive advantage when it comes to both work and business. Here are just a few reasons why our business would benefit from building DEI programs:
It Helps Companies to Grow
Research shows that companies with a DEI mindset can create inclusive and diverse work environments that are both more creative and adaptable. A report by BCG confirms that companies with a wide range of diversity have a higher innovation revenue of up to 45%. Moreover, 66% of executives agree that DEI is a huge contributor to financial performance.
It Attracts the Best Talents
A company’s commitment to DEI can build up over time, where many can develop a kind of reputation that helps to attract and keep the best talent. However, this doesn’t surprise us, since 67% of individuals looking for a job consider diversity as a driving factor. In short, people are looking for inclusive, equitable, and diverse organizations.
Discrimination Loses More than it Gains
Apart from the ethical and moral consequences of being discriminatory against a particular individual at work, you don’t just send a negative message about your organization. Enabling discrimination can have severe consequences; you don’t just lose an employee, but you also lose money. An estimate by the Center for American Progress details that businesses lose $64 billion annually due to workplace discrimination.