Diversity, equity, and inclusion (DEI) plays an integral role for businesses, both in people operations and overall business successes. Two-thirds of job seekers list diversity as a decision-making factor for employment opportunities. ZipRecruiter co-founder and CEO explained that when 90% of the workforce values an organization’s mission to create a diverse workplace, it signals to employers that implement DEI programs can compete at a higher level for top talent. From company performance and brand reputation to employee retention, employee engagement, and company core values, investing in DEI impacts more than just the people who play an integral role in your business’s successes.
In celebration of Black History Month, we’ve provided a timeline of Black history, including monumental names, events, and passed legislation to reflect on the journey to equality, the accomplishments of the community, and how integrating DEI in the workplace can positively influence your business.
DEI in the workplace strongly impacts the communities, industries, and customers for which you serve. Here, we provide you the role of DEI in the workplace and insights to boost DEI in the workplace.
Timeline of Black History
Role of Diversity, Equity, and Inclusion in the Workplace
Diversity, equity, and inclusion in the workplace impact more than just employees. It can affect overall company performance, brand reputation, and core values.
- Company performance: A recent study predicts that 75% of businesses that integrate a diversity and inclusion committee or council will surpass revenue goals through 2022. Additionally, the same study showed that teams who were gender diverse exceeded less inclusive teams by 50%. Many studies have shown that companies with diverse decision-making teams achieve higher revenue goals.
- Employee retention and engagement: Employers should be aware of generational gaps and demands across their employee base. For example, a majority of younger generations (under the age of 44) are from minority groups, and 50% of current employees demand their employers take a more proactive effort to increase diversity in the workplace.
- Brand reputation: Diversity and inclusion influences more than just the employees you recruit and internal staff, but can also impact a prospective client’s perception of your brand. In a 2017 article published by The International Journal of Business, Marketing and Decision Science, diversity of sales representatives can impact a customer’s decision to purchase.
- Company core values: Diversity and inclusion cannot be a one-time fix – it requires consistent training, adopting a systematic approach, and ingraining it into the core values of the company.
Diversity, equity, and inclusion takes time to refine for your specific company and culture. Revamping or revising diversity and inclusion provisions in the company’s employee handbook to developing a diversity and inclusion committee/council, as well as addressing and implementing sensitivity in the workplace training requires, help both leaders and employees. Navigating DEI can be complex, so entrust a human resources expert like VensureHR who can assist you in strengthening your DEI in the workplace.